Chris Simon files for Bankruptcy

[redmile04]

http://ottawacitizen.com/news/local-...-say-hes-broke

[oldschoolcalgary]

a pretty sad story that should be a cautionary tale for any player that just signed their first contract....

I loved simon during the 2004 run... really played some great hockey for us then. Its sad to see what has happened to him since.

I know that there's people that will say that he put himself into his current situation and that anyone lucky enough to have a had a solid career in the NHL should have been able to sock away enough money to be financially stable for the rest of his life...

he needs to get things figured out with his financial responsibilities as well

I still feel bad for the guy though...

[Oil Stain]

Originally Posted by oldschoolcalgary

a pretty sad story that should be a cautionary tale for any player that just signed their first contract....

I loved simon during the 2004 run... really played some great hockey for us then. Its sad to see what has happened to him since.

I know that there's people that will say that he put himself into his current situation and that anyone lucky enough to have a had a solid career in the NHL should have been able to sock away enough money to be financially stable for the rest of his life...

he needs to get things figured out with his financial responsibilities as well

I still feel bad for the guy though...

I wouldn't feel that bad for him.

The article says he hasn't even started drawing on his NHL pension yet.

Even after the bankruptcy he'll be able to draw like $70,000 Canadian per year I imagine.

Not too shabby for a retired guy.

[oldschoolcalgary]

Originally Posted by Oil Stain

I wouldn't feel that bad for him.

The article says he hasn't even started drawing on his NHL pension yet.

Even after the bankruptcy he'll be able to draw like $70,000 Canadian per year I imagine.

Not too shabby for a retired guy.

I missed that part then...

well, it seems like he should be able to get himself straightened out and hopefully figure out a fair agreement to take care of his kids

he needs to swallow his pride though and hire a legit financial planner to help him to manage things going forward

[MarkGio]

Well this explains the concussion lawsuit

[taco.vidal]

Sounds like a deadbeat dad.

[CalgaryFan1988]

Lost in all the "it was in" talk, was when Simon hit the crossbar (in Game 6 OT IIRC). So damn close. At least I think it was Simon, or Yelle. Pretty sure it was Simon lol

[Heavy Jack]

Originally Posted by CalgaryFan1988

Lost in all the "it was in" talk, was when Simon hit the crossbar (in Game 6 OT IIRC). So damn close. At least I think it was Simon, or Yelle. Pretty sure it was Simon lol

I thought it was Marcus Nilson

[RougeUnderoos]

Originally Posted by Oil Stain

Even after the bankruptcy he'll be able to draw like $70,000 Canadian per year I imagine.

If that's the number, do you know how they get to that? Is it a standard after X games played?

It's a crappy and sad story all around, but the part about him not even taking his pension so it doesn't go to pay his child support doesn't lend to a lot sympathy.

[Heavy Jack]

I think you have to play 300 NHL games in order to qualify for the pension.

Don't know if/how playoff games/appearances tie into that though

[Jiri Hrdina]

Originally Posted by Heavy Jack

I thought it was Marcus Nilson

Not a post. There was no post in overtime
Ville hit the post in game 6 ot v Vancouver
Best chance against the bolts in overtime was indeed Nilson who chipped it on net only to have Khab get his shoulder on it

[Pliddy]

According to www.investopia.com. NHL pension is $50000 US / year for players who have played 160 games in their career. There seems to be something about waiting till your 45 to draw maximum pension as well

[Northendzone]

Google tells me he made $15,200,000 $US in his hockey career.

That newspaper article says he has been trying to sell his cottage for 7 years. That must be some kind of record, but perhaps it was listed in the bargain finder or something

Blows my mind that guys like this can't find an advisor who finds them nice safe investments, and help reel them in when they get dumb with their money

[Split98]

Some will think this is unnecessarily insensitive, but what a loser Chris Simon is.

1. Making $15M is enough for any human to live VERY comfortably. You give me $15M when I turn 20, and if I never work again I still have $300,000/year to spend until I'm 70.

If I want to live it up until I'm 50, and settle in for my silver years... I can budget $1,000,000 from 50-70 and still have $50,000 a year. As a senior, who would own my home and seen the world, I'm a pretty happy guy.

That leaves me $14,000,000 to spend from 20-50 or $466,666.67/year. I could comfortably pay off a very nice house before I'm 30, I'm in the market for an Aston Martin, and I can travel anywhere I want.

I know athletes destroy $466,666.67 budgets every year, but the self-aware will admit it's gluttonous.

2. Take care of your children, you dork. For three YEARS he missed payments? I'd be shocked if he wasn't enjoying his jetski or Ferrari in the time he avoided caring for his children.

That he wants the courts to forgive him of his child support debts is unreal. This guy has a ton of nerve to selfishly spoil himself for years and give the 'poor me' story that he hasn't collected a cheque in a while.

3. He's collecting social assistance and disability cheques? As if that system wasn't strained enough, he's blown through millions and lined up for a helping hand.


Simon played for 20 years. This isn't a guy who had a long playing career ahead of him when he retired. It mentions that he hasn't worked since he was 43 but how much was he planning on earning as an NHLer in his 40s? Despite the knee injury he was on his way out anyways. Surely no one should believe that the career he had infront of him would return enough salary to relieve his debts. I'm actually shocked that he was even working in 2015.

I'm reading his situation as 'poor me', and it's gross.

[Split98]

Originally Posted by Northendzone

Google tells me he made $15,200,000 $US in his hockey career.

That newspaper article says he has been trying to sell his cottage for 7 years. That must be some kind of record, but perhaps it was listed in the bargain finder or something

Blows my mind that guys like this can't find an advisor who finds them nice safe investments, and help reel them in when they get dumb with their money

I was thinking the same thing about the cottage. All I can think of is that he treated it like crap, and it's in disrepair. Handling things like an adult doesn't seem to have been on the docket for him.

I remember reading that most agents will either serve as an advisor, or push an advisor very heavily on their clients. Only the daft (or actually financially responsible) players decline these offers.

[GGG]

This is where the PA should really step in a Garnish the Salary's of players for investments. Say any returned Escrow money goes into locked in retirement account managed by the PA. Some way to keep more money away from the players in there 20's when they are dumb.

[Dion]

I always find it quite sad when you read about pro athletes going broke and filing for bankruptcy. You gave a young athlete a boat load of money and some of them have no clue as to how to handle it.

Maybe all pro sports leagues should make it manditory that all athletes take course in financial management.

[Locke]

Originally Posted by Split98

Some will think this is unnecessarily insensitive, but what a loser Chris Simon is.

1. Making $15M is enough for any human to live VERY comfortably. You give me $15M when I turn 20, and if I never work again I still have $300,000/year to spend until I'm 70.

If I want to live it up until I'm 50, and settle in for my silver years... I can budget $1,000,000 from 50-70 and still have $50,000 a year. As a senior, who would own my home and seen the world, I'm a pretty happy guy.

That leaves me $14,000,000 to spend from 20-50 or $466,666.67/year. I could comfortably pay off a very nice house before I'm 30, I'm in the market for an Aston Martin, and I can travel anywhere I want.

I know athletes destroy $466,666.67 budgets every year, but the self-aware will admit it's gluttonous.

2. Take care of your children, you dork. For three YEARS he missed payments? I'd be shocked if he wasn't enjoying his jetski or Ferrari in the time he avoided caring for his children.

That he wants the courts to forgive him of his child support debts is unreal. This guy has a ton of nerve to selfishly spoil himself for years and give the 'poor me' story that he hasn't collected a cheque in a while.

3. He's collecting social assistance and disability cheques? As if that system wasn't strained enough, he's blown through millions and lined up for a helping hand.


Simon played for 20 years. This isn't a guy who had a long playing career ahead of him when he retired. It mentions that he hasn't worked since he was 43. How much was he planning on earning as an NHLer in his 40s? If not for the knee injury he was on his way out anyways. Surely no one should believe that the career he had infront of him would return enough salary to relieve his debts. I'm actually shocked that he was even working in 2015.

I'm reading his situation as 'poor me', and it's gross.

I'm not disagreeing on any singular point, but your math has to amended. He 'earned' $15M, he didnt get to keep it all. Start at $7.5M.

Despite the math being off, most of your assertions still hold, but aggregate earnings and 'take home' are not the same things.

[Split98]

Originally Posted by Locke

I'm not disagreeing on any singular point, but your math has to amended. He 'earned' $15M, he didnt get to keep it all. Start at $7.5M.

Despite the math being off, most of your assertions still hold, but aggregate earnings and 'take home' are not the same things.

That's a good point (as you mentioned... either way should be enough) and something I think even the Ottawa Citizen writer missed. He wrote that he "collected more than $15 million US in salary"... and I'm assuming by him using 'collected' he is also assuming that the reported salary is Chris' take-home.

Learned a lot recently about how much less players take home vs. what we see on Cap Geek.

[Oil Stain]

Originally Posted by RougeUnderoos

If that's the number, do you know how they get to that? Is it a standard after X games played?

It's a crappy and sad story all around, but the part about him not even taking his pension so it doesn't go to pay his child support doesn't lend to a lot sympathy.

It was 160 games.

I believe they changed the pension recently and its a lot better now. I'm not sure of the details.