[News] Evander Kane, $26.8 million in debt, files for bankruptcy

[CaptainCrunch]

I would expect that if he is taking the year off, this is the end for him. He comes across as plutonium in the dressing room and in his personal issues, and NHL front offices probably don't want that kind of baggage.


Even if he does come back the leash on him will be really short, and I have my doubts that he can live in that environment.

[Locke]

Originally Posted by ResAlien

Gross. What kind of scumbag tries to take care of his family? Zero sympathy.

Okay...but that doesnt add up.

If he only lost ~$1.5M gambling, and hes taking care of his family....where did the rest of the money go?

Hes got ~$60M in career earnings? Give or take? Cut that in half for fees and taxes, how is he ~$27M in debt?

I'm not getting into all of the sideshow madness, but frankly, when you post photos bragging about how much money you make its pretty easy to dismiss you when you file for Bankruptcy.

[squiggs96]

Originally Posted by CaptainCrunch

I would expect that if he is taking the year off, this is the end for him. He comes across as plutonium in the dressing room and in his personal issues, and NHL front offices probably don't want that kind of baggage.

He is playing this season.

[PepsiFree]

Originally Posted by Derek Sutton

On the filing, Kane listed liabilities at $26.8 million with assets of $10.2 million. While The Athletic notes that the sources of Kane's losses are not clear, the petition indicates that he has lost $1.5 million in gambling over the last year. The Cosmopolitan of Las Vegas also settled a lawsuit against Kane for unpaid gambling bills last year.

In his home, Kane lists seven dependents living with him, including a 6-month-old daughter, 27-year-old sister, mother, father, two uncles and his grandmother.

https://www.usatoday.com/story/sport...on/6636250002/

Though a contributing factor, gambling issues appear to be only part of the problem. A promise to take care of his family, or perhaps having a family full of leaches certainly is not helping. His past of ice behavior has not made him a sympathetic figure.

Could be a big problem, perhaps. That gambling loss accounts for nearly 40% of his entire take-home salary over the past year. If that's a one-off issue, maybe not a big deal. If that's a regular thing, or even a better year than in some previous, that indicates a huge problem.

That aside, it's always kind of fascinating/horrifying to see ultra-wealthy individuals still live beyond their means or find themselves unable to live comfortably with their wealth. I imagine winning a million dollars and essentially being set for life through maintaining a job and investing wisely, being able to do almost any reasonable thing I'd want to do. Someone takes home millions of dollars every year after tax, and they go bankrupt. It's insane.

[squiggs96]

Originally Posted by Locke

Okay...but that doesnt add up.

If he only lost ~$1.5M gambling, and hes taking care of his family....where did the rest of the money go?

Hes got ~$60M in career earnings? Give or take? Cut that in half for fees and taxes, how is he ~$27M in debt?

I'm not getting into all of the sideshow madness, but frankly, when you post photos bragging about how much money you make its pretty easy to dismiss you when you file for Bankruptcy.

He owes over $8.3 MM to Centennial Bank in Arkansas for various, failed business and investment opportunities. The bank is seeking his wages be garnished. Allegedly the bank was being paid from his wages directly, but Kane asked for this process to be stopped a year ago, and hasn't made payments since then.

[Enoch Root]

Hard to imagine it all came from gambling, as it would be hard to continue to get credit on your accounts if you have fallen behind by more than a million.

When you're talking 10 digits, the easiest way to do that is bad investments.

And while I hate to speculate, when someone gets into that kind of trouble, you have to wonder about drugs.

[Derek Sutton]

Originally Posted by PepsiFree

Could be a big problem, perhaps. That gambling loss accounts for nearly 40% of his entire take-home salary over the past year. If that's a one-off issue, maybe not a big deal. If that's a regular thing, or even a better year than in some previous, that indicates a huge problem.

That aside, it's always kind of fascinating/horrifying to see ultra-wealthy individuals still live beyond their means or find themselves unable to live comfortably with their wealth. I imagine winning a million dollars and essentially being set for life through maintaining a job and investing wisely, being able to do almost any reasonable thing I'd want to do. Someone takes home millions of dollars every year after tax, and they go bankrupt. It's insane.

Originally Posted by squiggs96

He owes over $8.3 MM to Centennial Bank in Arkansas for various, failed business and investment opportunities. The bank is seeking his wages be garnished. Allegedly the bank was being paid from his wages directly, but Kane asked for this process to be stopped a year ago, and hasn't made payments since then.

*40% of his Pre garnished take home.
https://www.law360.com/articles/1342...loan-bank-says

[Enoch Root]

* sorry, I meant 8 digits, not 10

[Matata]

I'm trying to think of an explanation on how he lost all his money that doesn't involve cocaine and it's really difficult.

[Monahammer]

Originally Posted by BloodFetish

I didn't get that from CF's post at all. I interpreted his comment as saying sometimes people see what they want to see.

No, this is in fact the exact problematic statement.

I feel like it's largely just getting passed over here, but this is a perfect example of how we as a society might inadvertently treat people of colour differently. Someone pointing that out isn't because they want to see it. Red made the same comment about my exception to Banana phone being referenced in this thread.

Just because you don't think you were being racist by doing something does not absolve that action as inherently racist. Intent actually doesn't matter.

[Johnny Makarov]

Originally Posted by dino7c

Probably put 20M on the Steelers

Bet the football Giants to win the division.

[btimbit]

Aside from the banana phone comment (which yeah, intent or not that's a little on the nose) I don't really see anything based on race, I'd expect most of the same comments to be found in any Theo thread, or if Avery lost his money.

Kane is a dickhead, that's what people are commenting on.

[Calgary4LIfe]

Originally Posted by Wastedyouth

I find this to be such a silly response.

"Never point out undertones of racism, or potential bias, because that means its YOU that are racist"

This type of sentiment is what makes people scared to speak out at times.

Again, I just want to reiterate. I never accused anyone directly of racism. I said I was getting a feeling of bias and racism in some comments in the the thread. And people started to get defensive. That is alright. That is what happens when you talk about these things. Warranted or not.

I have no problem defending my comments. And I have no problem accepting that anyone had no intention of doing it, consciously or subconsciously. It's the conversation that matters.

In my opinion.

What the hell are you going on about?


You keep insinuating that people find the humour in this situation because Kane is black, even though they have gone out of their way to explain it to you.


This is a ridiculous stance to take, and to claim that I am racist - even subconsciously - is a completely asinine take.


Let me explain it for you again:


Kane posts pics of 'money phone' (and others) flaunting his wealth. Suddenly he is declaring bankruptcy. I am racist.


Can you not see how idiotic AND offensive that logic is?


Just a ridiculous take on my post, and a ridiculous attack on me personally.


This would be just as funny if it happened to Commodore, as Commodore posed with his money bed.



The conversation does matter, but accusing people of being racist when they are CLEARLY not (at least not from the posts that they have made) is counter-productive to this conversation. So stop being a dunce here, and painting people as racist for no good reason. There are plenty of examples when this conversation is warranted - the world at large and in the hockey community - but this is not one of them. Kane being black does not add or detract from the humour in this situation. The humour is in the irony of the story.

[CSharp]

You'd think that going to good team that the Sharks had with good leadership would change a guy like Kane around. If he was smart and down to earth, he wouldn't be in a mess. He was given so many chances to start fresh in every club he's played for. Some people are too stupid and arrogant for their own good. He can't really blame anyone but himself for shooting his own foot.

[Wastedyouth]

Originally Posted by Calgary4LIfe

What the hell are you going on about?


You keep insinuating that people find the humour in this situation because Kane is black, even though they have gone out of their way to explain it to you.


This is a ridiculous stance to take, and to claim that I am racist - even subconsciously - is a completely asinine take.


Let me explain it for you again:


Kane posts pics of 'money phone' (and others) flaunting his wealth. Suddenly he is declaring bankruptcy. I am racist.


Can you not see how idiotic AND offensive that logic is?


Just a ridiculous take on my post, and a ridiculous attack on me personally.


This would be just as funny if it happened to Commodore, as Commodore posed with his money bed.



The conversation does matter, but accusing people of being racist when they are CLEARLY not (at least not from the posts that they have made) is counter-productive to this conversation. So stop being a dunce here, and painting people as racist for no good reason. There are plenty of examples when this conversation is warranted - the world at large and in the hockey community - but this is not one of them. Kane being black does not add or detract from the humour in this situation. The humour is in the irony of the story.

I haven't accused anyone of racism.

[Jay Random]

Originally Posted by Wastedyouth

I haven't accused anyone of racism.

No, you've accused EVERYONE of racism.

[Derek Sutton]

Originally Posted by CSharp

You'd think that going to good team that the Sharks had with good leadership would change a guy like Kane around. If he was smart and down to earth, he wouldn't be in a mess. He was given so many chances to start fresh in every club he's played for. Some people are too stupid and arrogant for their own good. He can't really blame anyone but himself for shooting his own foot.

If gambling is his biggest issue, Joe Thornton wouldn't be the best leader to have around. A lot of Setoguchi's problems were abetted by Big Joe, and TJ Galliardi's stories on Spittin Chiclets of the Sharks post season trips were nearly sickening in terms of the party, gambling, money spent etc...(this would have been before Kane's time with the Sharts however).

[Wastedyouth]

Originally Posted by Jay Random

No, you've accused EVERYONE of racism.

Incorrect

[squiggs96]

Originally Posted by Matata

I'm trying to think of an explanation on how he lost all his money that doesn't involve cocaine and it's really difficult.

I haven't read the Chapter 7 filing, but I did find the $8.3 MM he owes Centennial Bank. Here's my guess on the rest.

• $8.3 MM - Centennial Bank
• $8.0 MM - Mortgage on his 3 homes. He has $10.2 MM in assets
• $2.5 MM - Gambling debts
• $3.0 MM - Other loans from banks
• $5.0 MM - Guarantees on friends and families business/debts

The last one might even be higher and it wouldn't necessarily be cash he has spent. Many athletes are approached by family, friends, and people hanging on to them to help out with a business. The bank advances funds to Kane's buddy for a car wash/strip club/vitamin supplement store/etc., with a guarantee from Kane. The business fails and the bank calls the loan. Kane is now on the hook for it. He could have also guaranteed or been a co-signor a loan when his brother/cousin/nephew/buddy wanted a new car. They default on the payment, repo the car, and go after Kane for the difference. I am guessing there are many athletes that end up in that position.

The above are educated guesses and estimates. I am in no way making a comment about whether is smart with his money or not, but I think it's pretty easy to get to a $26.8 MM figure. If you go to different banks and don't disclose the amount of your personal guarantees, you can have a ton of credit extended to you if you have a 7 year, $49 MM contract. It's not like banks are advancing $8.3MM to a guy making $15 per hour. The more money you make, the more opportunities you'll have to get into large debt. It definitely sounds like he's made bad choices, but the figure doesn't seem as absurd as some are making it out to be. Maybe it's just the same hyperbole that people were exclaiming when they thought Derek Ryan had played his last game as a Calgary Flame.

[Rick M.]

Originally Posted by Matata

I'm trying to think of an explanation on how he lost all his money that doesn't involve cocaine and it's really difficult.

Betting on the Oilers?