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Jack Johnson Files For Bankruptcy After Numerous Financial Issues

from Aaron Portzline of the Columbus Dispatch,

On the morning of Oct. 7, two days before the Blue Jackets opened the 2014-15 season, Jack Johnson left his Ferrari parked in the garage of his Dublin apartment and drove his BMW to a federal courthouse Downtown to file for bankruptcy.

Johnson has earned more than $18 million during his nine-year NHL career, not including the $5 million he will be paid this season by the Blue Jackets.

Almost all of the money is gone, and some of his future earnings have already been promised — which is why Johnson, surrounded by a new team of financial advisers and an attorney, signed his financial surrender.

The scene was nearly four years in the making, after a string of risky loans at high interest rates; defaults on those loans, resulting in huge fees and even higher interest rates; and three lawsuits against Johnson, two of which have been settled and one that’s pending.

“I’d say I picked the wrong people who led me down the wrong path,” Johnson, a 27-year-old defenseman, told The Dispatch last week. “I’ve got people in place who are going to fix everything now. It’s something I should have done a long time ago.”...

But sources close to Johnson have told The Dispatch that his own parents — Jack Sr. and Tina Johnson — are among the “wrong people” who, as Johnson put it, led him astray financially.

read on

Filed in: NHL Teams, Columbus Blue Jackets, | KK Hockey | Permalink
  Tags: jack+johnson

Comments

PDXWing's avatar

It is absolutely infuriating that his parents took advantage of him. It’s easy to forget that these players are just kids and many of them trust their parents implicitly, since they were instrumental in helping them become an NHL player. What a shame. I hope his career is long enough to recoup and save for the future.

Posted by PDXWing on 11/20/14 at 10:41 AM ET

awould's avatar

What I don’t understand is how he can declare BK to do away with loans that were borrowed against future salary, which he will still collect.

Clearly the guy’s parent’s screwed him big time. But still, he’s a grown ass man. How could he let this go on so long? He’s surrounded by other young, rich athletes who presumably have their stuff under control. What I mean is, he’s had access to the right people all along but just did nothing?

Guess it’s nice he still has a Ferrari.

Posted by awould on 11/20/14 at 11:04 AM ET

redxblack's avatar

This is what bankruptcy is for. It’s to restructure debt and to allow for a clean(ish) slate. He’s been in a financial spiral due to circumstances he didn’t control, but he’s getting in front of it. I don’t know why Portzline felt it necessary to remind us that Johnson has two luxury cars except to maybe get us to sympathize with the creditors. Given that he works for the Columbus Dirtpatch, that angle doesn’t surprise me.

Posted by redxblack from Akron Ohio on 11/20/14 at 11:46 AM ET

pautna's avatar

Funny how a hard core conservative like him is now running to the government for help with bankruptcy protection. What a hypocrite. He’s an idiot and obviously so are his parents, but some of us Kings fans have known this for a while now.

Posted by pautna on 11/20/14 at 12:06 PM ET

w2j2's avatar

From a distant perspective, it was obvious, while JJ played for Michigan, that his father was living vicariously off his son’s talent.  They were certainly not like the Staal family, farming in Canada.

Posted by w2j2 on 11/20/14 at 12:18 PM ET

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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

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