OT: Jack Johnson is bankrupt.

[Deader2818]

And his parents are at fault

Blind-sided: Blue Jackets? Jack Johnson is bankrupt; who led him there is biggest shocker | BlueJackets Xtra

I can say that none of us kings fans are likely shocked to hear this

 

[oxnardkingsfan]

Pretty surprising to me. I just have trouble understanding how parents could do something like that to their own child. I know it happens all the time but it's still hard for me to comprehend.

Ox

 

[ChiefsDdgersLakersKings24]

I kinda feel for him. What kind of parents screw over their own child like that? Talk about terrible people.

 

[CaptHowdy00]

Wow I feel bad for him. I would sue the parents to gain some of the money back.

 

[Kings4OT]

He should do a head fake after bankruptcy court, maybe it will be the first time it worked






Sucks his parents did this but he is 27 and should have figured it out. Maybe im cynical but I trust nobody even myself

 

[oxnardkingsfan]

Wow I feel bad for him. I would sue the parents to gain some of the money back.

The problem with that is that they most likely have less left than he has. All they did was run up a bunch of debts based on his future earnings that they can't repay due to the high-interest loans they undertook. Really stupid mistakes.

Ox

 

[Stunner_At_Staples_Kings]

http://sports.yahoo.com/blogs/nhl-p...arents--loans-against-contract-154348457.html

 

[Stunner_At_Staples_Kings]

This sounds like negligence more than malice. Lost in this shuffle is the fact that JMFJ has cut ties and contact with his parents, which is really unfortunate. Not blaming him, but that situation just stinks.

Sounds like the parents were probably influenced from early on (article even says they met a lot of these guys while JMFJ was at Michigan) and just kept the same "advisers" that they had already known. The agents and lenders are straight evil and it really is sad that these predatory loans are able to be issued in the first place. 24% loan on $1.56mil. Madness by all parties involved.

I was in finance for a about 6 years and the whole business is evil.

As you guys mentioned above, JMFJ's earning potential is still high, so hope he gets it together and ends up okay.

 

[PuckinUgly57]

I think he is one hell of a dumbass hockey player, I had no idea he could be so stupid off the ice either.

I feel bad for him, but there is a reason they say don't get your family involved with your finances. Jack Sr. seems like a narcissistic asshole and Momma Jack seems like a greedy gold digger. Obviously traditional loans were not available to the Johnsons (credit? who knows) but 24% is not only r*pe from the lender side but extremely short sighted from the person taking the loan too.

Sucks he had to lose his parents over this but hopefully he understands now the importance of your own unbiased financial team.