Say What?? Pro Hockey player blames parents for bankrupcy

[tucker6]

Amazing story about Jack Johnson of the Columbus team.

http://espn.go.com/nhl/story/_/id/11...portedly-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.

[onefast99]

Originally Posted by tucker6

Amazing story about Jack Johnson of the Columbus team.

http://espn.go.com/nhl/story/_/id/11...portedly-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.

There are still a lot of hard money lenders out there today. I'm sure the home loan was done in the name of an LLC to avoid any predatory lending laws while the personal loan is unsecured and for some rate isn't an issue!

[woodtoo]

Hope he stays healthy and plays another 10 years.

[Tall One]

Similar to Bernie Kosar's family situation. They put him in the poor house.

Anyone remember the ESPN 30 for 30 they did on pro athletes and losing their millions? One of the best ones they did...almost makes you sick listening too how they burned through all their money..

[onefast99]

Originally Posted by Tall One

Similar to Bernie Kosar's family situation. They put him in the poor house.

Anyone remember the ESPN 30 for 30 they did on pro athletes and losing their millions? One of the best ones they did...almost makes you sick listening too how they burned through all their money..

Jabar lost a fortune he trusted a financial advisor who had no training but was referred to him by other other NBA players.