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

[Geeoff]

man this thread evolved into something else entirely than what I expected.

I don't really feel comfortable commenting on the subject of the thread anymore.

[Locke]

Good luck Centennial Bank!

Why is it when our direct competitors best players are having difficulties we no longer have to play against them?

Did Centennial Bank invent COVID? Are there Pangolins in their safe??

[Geeoff]

Originally Posted by Locke

Good luck Centennial Bank!

Why is it when our direct competitors best players are having difficulties we no longer have to play against them?

Did Centennial Bank invent COVID? Are there Pangolins in their safe??

I personally think Zoom did it

[Locke]

Originally Posted by Geeoff

man this thread evolved into something else entirely than what I expected.

I don't really feel comfortable commenting on the subject of the thread anymore.

Putting all else aside...its an Elite Athlete going Bankrupt.

Nothing that hasnt happened before and wont happen again.

The only thing that makes this slightly strange is that Kane is still young and under contract and poised to earn a bunch more money.

Which is why I wonder about the legality of it all. Its just interesting. His gloating about being rich is just a bit of schadenfreude.

[Locke]

Originally Posted by Geeoff

I personally think Zoom did it

But.....thats actually not a bad conspiracy theory. I'll allow it.

[BloodFetish]

Originally Posted by Monahammer

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.

It's largely getting passed over here because most people agree the comments with regard to Kane have had nothing to do with the colour of his skin. (Banana-phone comment aside, perhaps a better approach would have been to politely, and correctly, point out that using that term in a thread involving a Black or Asian person could be easily misconstrued. Not everyone is as woke as you.)

I think there are many times where discussions around race are necessary and enlightening, but what I find ironic is that by bringing race into conversations when it's not warranted "we as a society might inadvertently treat people of colour differently".

[CaptainCrunch]

I mean I respect someone that takes care of his family. But when you have 5 million owing on loan guarantees for family businesses for example, then clearly your family is a big part of the problem.



Hey Evander I have this great idea for a ferrett grooming business, I need 5 million dollars to get it off of the ground.


I've read where some athletes have talked about having to learn to say no to family and friends and how to grow a thick skin with the "You've changed since you got rich retort". Having three houses doesn't help, and a million in a half in documented gambling debts usually makes me want to ask about un documented gambling debts.



I've hear that the NHL does a decent job with rookies in terms of teaching them about the trappings of becoming rich too fast. But shouldn't Kane's agent have done some work on making sure he had the resources to say "Stop draining my bank" or "I can't loan you money or guarantee your businesses" Or "I don't need three freaking homes"

[Cali Panthers Fan]

Originally Posted by Monahammer

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.

I don't entirely disagree with you in a general sense, but sometimes a banana is just a banana.

And yes, of course intent matters, it's just not the singular or major factor to consider.

[squiggs96]

Originally Posted by CaptainCrunch

I mean I respect someone that takes care of his family. But when you have 5 million owing on loan guarantees for family businesses for example, then clearly your family is a big part of the problem.



Hey Evander I have this great idea for a ferrett grooming business, I need 5 million dollars to get it off of the ground.


I've read where some athletes have talked about having to learn to say no to family and friends and how to grow a thick skin with the "You've changed since you got rich retort". Having three houses doesn't help, and a million in a half in documented gambling debts usually makes me want to ask about un documented gambling debts.



I've hear that the NHL does a decent job with rookies in terms of teaching them about the trappings of becoming rich too fast. But shouldn't Kane's agent have done some work on making sure he had the resources to say "Stop draining my bank" or "I can't loan you money or guarantee your businesses" Or "I don't need three freaking homes"

Many players need better agents/financial/accountants in their circle.There are way too many stories of athletes going broke because of the people they surround themselves with. It's especially tough for hockey players, since they don't make anywhere near the money that players in the other Big 4 sports make. The average NBA player made over 8.3 MM dollars last year. Only 29 NHL players will make more than that this year, with that number going down with the 75% reduction.

It must be really tough for guys who came from nothing, who finally make millions, to say no to their friends, family, and people acting like they are friends just for money. It also is required they learn to say no. Few of them learned financial management along the way since none of them are allowed to earn any money until they are a professional. Then they get $3MM and think that money is unlimited because their dad made $40,000 working at the mill and he survived. They also need to think of what happens after the career ends, because they hopefully have another 40-50 years to go.

It's a great idea to invest in some businesses, but odds are your 45 year old cousin, who has never run a business, will not be successful in his new venture for stealing air out of bike tires.

[AustinL_NHL]

Pretty big update here.

Evander Kane and the San Jose Sharks have notified bankruptcy court that they might void his contract

https://twitter.com/user/status/1369733296855293954

[jaikorven]

Interesting...I don't think creditors will not like missing out on the rest of what is owed to Kane.

[N-E-B]

Wow. That would be huge. He’s having a good season for them this year (20 points in 23 games). Obviously this isn’t hockey-related but still.

[Monahammer]

Is there precedent for a club/player agreeing to void a contract like kane's? Seems very strange...

[Hockey-and_stuff]

How does that affect his next deal if this one is voided?

I know zilch about bankruptcy. Will voiding this contract stop the Sharks from signing him again?

[I-Hate-Hulse]

I can't read that article... on what basis are they looking to void this contract?

[Derek Sutton]

Are they simply considering voiding his contract to allow him to avoid having to re pay creditors? If so that is a sleaze bag move by both the Sharks and Kane.

[sureLoss]

Originally Posted by Monahammer

Is there precedent for a club/player agreeing to void a contract like kane's? Seems very strange...

There have been numerous examples of players and teams mutually agreeing to terminate contracts. The key is that both parties have to agree to terminate the contract.

Originally Posted by Hockey-and_stuff

How does that affect his next deal if this one is voided?

I know zilch about bankruptcy. Will voiding this contract stop the Sharks from signing him again?

I don't think there is anything in the CBA that expressly forbids them from signing Kane again after terminating the contract. However one could make the case that by voiding the contract and then signing him again the Sharks are re-negotiating Kane's contract which is not allowed per the CBA. Depends on how the NHL and NHLPA will want to interpret and enforce the clause but I would bet on them not allowing it because it sets a precedent for other teams and players to renegotiate contracts.

That being said this is more than likely a negotiating tactic for settling the debts. Kane's lawyers are threatening to take away the main source for the creditors to recoup their money and trying to get them to take pennies on the dollars for what they are owed.

[dino7c]

He thought the Washington Generals were due

[Locke]

Originally Posted by sureLoss

There have been numerous examples of players and teams mutually agreeing to terminate contracts. The key is that both parties have to agree to terminate the contract.




I don't think there is anything in the CBA that expressly forbids them from signing Kane again after terminating the contract. However one could make the case that by voiding the contract and then signing him again the Sharks are re-negotiating Kane's contract which is not allowed per the CBA. Depends on how the NHL and NHLPA will want to interpret and enforce the clause.

That being said this is more than likely a negotiating tactic for settling the debts. Kane's lawyers are threatening to take away the main source for the creditors to recoup their money and trying to get them to take pennies on the dollars they are owed.

Yeah, I came to say this.

This is so, so greasy.

[heep223]

Originally Posted by Derek Sutton

Are they simply considering voiding his contract to allow him to avoid having to re pay creditors? If so that is a sleaze bag move by both the Sharks and Kane.

Not really. Lenders should have done their diligence and should have known this could be a possibility. Lenders take risk and they didn’t assess it properly obviously.