Jack Johnson bankruptcy

pretty sad state of affairs for the blue jackets d-man

http://bluejacketsxtra.dispatch.com/content/stories/2014/11/20/blind-sided.html?utm_medium=twitter[HTML_REMOVED]utm_source=twitterfeed

Poor guy…where did all the good people go?

Similar thing happened to Gilbert Brule (Vancouver Giants standout, drafted 6th in 2005 and North Van local). That's pretty brutal.

“Jack would ask (his parents) questions: ‘What’s this? What are these guys calling about?’??” a source said. “And they would tell him not to worry about it, just worry about playing hockey.

I guess shitty, freaky hockey parents are the same no matter what league you're playing in…

Those close to him say Johnson is pretty frugal. The Ferrari, which likely will be a casualty of the bankruptcy, was the one “extravagant” gift he bought for himself upon turning pro, a source said.

:lol:

I think some people don't understand what 'frugal' means

Buddy could have just left the money in the bank and he would still have a lot of money in the bank but ya gotta make the scene eh and that costs $$$ you look at that teammate across the dressing room he is making more millions than you and he is investing money here and there sez its all great …

I think maybe some posters didn't actually read the article. Colour me surprised.

Sounds like his parents fucked him over pretty badly. In some ways it might have been his own fault for just leaving it to them like that, but I'd expect more from my parents.

Suprised his parents ripped him off or that nobody read the artical?

Thinking it was just the usual pro athelete who just plays the game and gets ripped off by advisors I at least read half of it to just before the part where his parents are ripping him off

Its pretty horrible that his parents ripped him off that way. The fact it was his parents (as opposed to some random advisor), it seems rather normal that he trusted them with his money.
However, that doesn't change the fact that he is an adult and his financial well being is ultimately his own responsibility. Even if you trust someone to take care of an aspect of your life (finances), doesn't mean you should remain uninformed, which it appears he chose to be.
Error #1 was him giving away his power of attorney. You can have people help you without them having legal control…

or his parents were just greedy idiots that listened to what they wanted to hear from financial advisers.

Easy to judge, but realistically, there's no shortage of people who suddenly came into large $$$ and blew it all away. Nobody gets an education on how to move from being basic middle class to having millions coming in every year. Lots of entertainers, athletes and lottery winners have trod this path and come away worse off.

Maybe the parents were honestly trying to manage the money well, but sometimes greed gets in the way of better judgement. Taking $15-18 million in high interest loans against future earnings was the kiss of death IMO. That's the ultimate in counting chickens before they hatch. Losing all his earned income would be something he's young enough to bounce back from, but losing it all plus continuing to owe against future earnings is just plain dumb, and I genuinely think that some financial advisor took advantage of the parent's ignorance. There's just no way to guarantee that investment income would exceed interest on the loans (not published, but I've heard numbers in the 20-24% range).

It was only money parents do much worse they taught him or he learned a valuable lesson

edit: KenN how many people have their credit leveraged to the tits living in homes that they can't afford with a new car in the 2 car garage is JJ just doing the same thing with bigger numbers what could go wrong eh?

but you know everybody (except me) works hard so aren't we entitled god damn it?

There is a really good ESPN 30 for 30 on this sort of thing. A ton of these kids grew up blue collar and never had to deal with this sort of money. They have no idea what to do and who to trust.