tucker6
11-20-2014, 12:54 PM
Amazing story about Jack Johnson of the Columbus team.
http://espn.go.com/nhl/story/_/id/11908361/columbus-blue-jackets-d-jack-johnson-files-bankruptcy-parents-reportedly-blame
"According to the Dispatch story, before Johnson signed his seven-year, $30.5 million deal in 2011, he granted power of attorney to his mother, Tina Johnson, that gave her full control of his finances."
"Jack Johnson claims that Tina Johnson and his father Jack Sr. bought a house in Manhattan Beach, California, with his money but without the player's knowledge, according to the report. In addition, Johnson's parents borrowed $15 million against their son's future earnings. Many of the loans carried high interest rates, according to the Dispatch. The mortgage on the house carried a 12 percent rate, while a loan for $3 million was at 24 percent, leading to huge fees and, ultimately, default."
How in Hades does a house loan go for 12% these days, and a personal loan go for 24%. The parents did him serious wrong. WOW.
http://espn.go.com/nhl/story/_/id/11908361/columbus-blue-jackets-d-jack-johnson-files-bankruptcy-parents-reportedly-blame
"According to the Dispatch story, before Johnson signed his seven-year, $30.5 million deal in 2011, he granted power of attorney to his mother, Tina Johnson, that gave her full control of his finances."
"Jack Johnson claims that Tina Johnson and his father Jack Sr. bought a house in Manhattan Beach, California, with his money but without the player's knowledge, according to the report. In addition, Johnson's parents borrowed $15 million against their son's future earnings. Many of the loans carried high interest rates, according to the Dispatch. The mortgage on the house carried a 12 percent rate, while a loan for $3 million was at 24 percent, leading to huge fees and, ultimately, default."
How in Hades does a house loan go for 12% these days, and a personal loan go for 24%. The parents did him serious wrong. WOW.