NHL star in bankruptcy after his parents lose his $30million fortune

Discussion in 'The Howard Stern Show' started by SomerSky, Nov 21, 2014.

  1. SomerSky

    SomerSky Obsessed with what I hate Banned User

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    I would just have to kill them....
    • NHL star Jack Johnson made his parents his financial advisers in 2008, and signed over control of his money to his mother in 2011
    • The parents of the Columbus Blue Jackets defenseman then spent his money on cars, travel and a new loan
    • Johnson's parents also took out non-conventional loans, and defaulted on them
    • The loans included one for $2million, with an interest rate of 12 percent, and one for $3 million, with an interest rate of 24 percent
    • Now, Johnson is bankrupt and still owes $10million or more to debtors


    In 2011,Johnson signed a power of attorney that granted his mother full control of his finances shortly before signing a $30.5million contract with the Kings.
    That is when things started to go horribly wrong.
    According to The Columbus Dispatch, Tina Johnson, Jack's mother, borrowed at least $15 million in her son’s name against his future earnings.
    What's more, she borrowed from nonconventional lenders and defaulted on the loans.
    The loans included one from Iowa Congressman Rodney L. Blum for $2million, with an interest rate of 12 percent, and one from Pro Player Funding for $3 million, with an interest rate of 24 percent.
    Now, Jack has been sued repeatedly for $6million in loan repayments after his parents splurged on cars, a home in Manhattan Beach, California, along with $800,00 in upgrades, and travel.
    He has also been forced to declare bankruptcy.
    'Jack would ask [his parents] questions: "What’s this? What are these guys calling about?",' a source told the paper.
    'And they would tell him not to worry about it, just worry about playing hockey.'
    Now all Jack can claim is assets 'less then $50,000' and 'debts greater than $10million.'
     
  2. blindbella

    blindbella Well-Known Member

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    What a bunch of douchebags.
    That is seriously fucked up.
     
  3. Blur

    Blur Alumnus

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    Too. Many. Concussions.
     
  4. AllAboutHim Ed

    AllAboutHim Ed #mypurpose VIP

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    Thanksgiving's going to be a blast this year.
     
  5. skylarbrie

    skylarbrie VIP Extreme Gold

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    white people
     
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  6. greyt

    greyt Well-Known Member

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    why the fuck would you sign over all your money to anyone?
     
  7. Mulletude

    Mulletude I'm Big In The Hate Club, Ya Know VIP

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    This guy's parents got their investment advice from Gary Coleman's folks. Or was it Maccaulay Caulkin's?
     
  8. crazypreacher

    crazypreacher Hey yo Gold

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    Jocks that struggle with anything that involves thought and have been in jr. hockey since age 14.
     
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  9. Pooh bear

    Pooh bear Well-Known Member VIP

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    Can't trust anyone nowadays....
     
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  10. AllAboutHim Ed

    AllAboutHim Ed #mypurpose VIP

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    Trust me.
     
  11. Pooh bear

    Pooh bear Well-Known Member VIP

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    :woowoo:
     
  12. AmishGirl

    AmishGirl Well-Known Member VIP

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    What kind of a parent does this to their own child? :banghead: (yeah, I know the answer - Gary Coleman, etc - but I just can't wrap my head around it....)
     
  13. Kool

    Kool Well-Known Member

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    :roll:
    that'll show him....be a fckn man and take care of your finances douchebag.
     
  14. SomerSky

    SomerSky Obsessed with what I hate Banned User

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    I know, his mother says "just worry about playing hockey" ......you horrid bitch....I hope they wind up homeless...
     
  15. Pooh bear

    Pooh bear Well-Known Member VIP

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    Most athletes/celebs don't handle their own money. And these were his parents for chrissakes!
     
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  16. Mr. Potato Head

    Mr. Potato Head ~Would Like to Play~ Gold

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    It's Schmoopy Bizarro World. :wtf:
     
  17. AmishGirl

    AmishGirl Well-Known Member VIP

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    And you know - whatever "punishment" you could mete out to them - would it even matter? The money's gone and the damage is done - out of money, out of family ... I can't even imagine what he's going through.
     
  18. Kool

    Kool Well-Known Member

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    exactly most go to a bonfide financial company, the parents couldn't have been regular loving parents.
     
  19. Hugh Blowmont

    Hugh Blowmont Just be funny

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    Looks like his mom needs to start sucking dick..
     
  20. Mook

    Mook Well-Known Member

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    I read they bought a 2 million dollar house in Manhattan Beach, and told their son they got the money from an inheritance.... :chair: