Jack Johnson Bankrupt

[Flash Walken]

More than two years after news of his personal financial crisis rocked the hockey world, Columbus Blue Jackets player Jack Johnson has reached a settlement in bankruptcy court with six of his eight creditors.

Johnson, 29, has liquidated two homes — one in Ann Arbor, Michigan, the other in Manhattan Beach, California — as well as a Ferrari valued at $125,000, and he will be, according to one creditor, “the lowest-paid player in the NHL for the next two seasons.”

As part of the agreement, filed by Judge John E. Hoffman Jr. in U.S. Bankruptcy Court in Columbus on Thursday, Johnson will turn over most of his $5 million annual salary from the Blue Jackets both this season and next, keeping only a negotiated sum for “living expenses.”

The two other creditors continue to seek an agreement with Johnson, or the judge may decide the outcome.

There’s no mention in court documents of Johnson’s parents, Jack Sr. and Tina, who became estranged from Johnson when he learned of his massive debts, say those close to him.

Johnson said he was unaware that his parents were using the financial power of attorney he granted them to borrow millions of dollars at astounding interest rates, often as high as 24 percent. When a loan became too much to pay — especially during the offseason, when NHL players don’t get paychecks — other loans were taken to pay it off.

“That’s ultimately an issue between Jack and his parents,” said the creditor, who spoke on condition of anonymity because he was not authorized to speak on behalf of other creditors. “At the end of the day, he gave them the power to take the loans, and his name is on the loans. They’re his responsibility.”

Johnson has declined repeatedly to discuss the matter publicly and was not available for comment Friday.

His Columbus-based attorney, Marc Kessler, and his NHL agent, Pat Brisson, did not return messages seeking comment.

The article goes on in more detail surrounding the case, pretty good read.

http://bluejacketsxtra.dispatch.com/...ettlement.html

[ComixZone]

Originally Posted by Flash Walken

The article goes on in more detail surrounding the case, pretty good read.

http://bluejacketsxtra.dispatch.com/...ettlement.html

Scumbag parents. The amount of selfishness displayed by them is astounding. I can't fathom doing this to a family member.

I feel for Jack Johnson, it has to be pretty hard to be estranged from your parents, the crippling debt is just a cherry ontop of a !@#$ sundae.

[nik-]

Hopefully he can get another contract so he can at least have a chance to retire comfortably.