The Dispatch released its report this morning, after beginning its earlier this spring. Some of the details are truly heartbreaking.
Tina Johnson borrowed at least $15 million in her son’s name against his future earnings, sources told The Dispatch, taking out a series of high-interest loans — perhaps as many as 18 — from nonconventional lenders that resulted in a series of defaults.
Johnson’s parents didn’t just borrow money from their son. The report alleges the couple also took advantage in a litany of other ways.
Johnson’s parents allegedly each bought a car, spent more than $800,000 on upgrades to the Manhattan Beach property and traveled, often to see him play NHL games for the Kings and Blue Jackets.
The most telling quote comes from a source who recounted a dialogue between Johnson and his parents, when he confronted them about debt collectors calling in regard to defaulted loans.
“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’m not sure why he owes a red cent. Wouldn’t he have had to authorize his parents to borrow money in his name against his future earnings? I can’t just go to the bank and borrow against a family member’s future earnings without their permission.
Seems like he should be able to work out a repayment plan!
Jack Johnson is getting paid $5 million by the Columbus Blue Jackets this year. The 27-year-old defenseman has amassed over $18 million in a nine-year career, and signed a seven-year, $30.5 million deal signed with the Los Angeles Kings back in 2011.
I’m not sure why he owes a red cent. Wouldn’t he have had to authorize his parents to borrow money in his name against his future earnings? I can’t just go to the bank and borrow against a family member’s future earnings without their permission.
Well said… There is something wrong with this story. Either the player has given consent, or he hasn’t… If he has, this story is bogus, as he was complicint in the arrangements… If they didn’t have his consent, then the lender has no right to his future earnings…
How do his parents borrow money against his future earnings so that it makes him responsible for their debts? Is this something they did when he was a minor? Still not seeing how that would make him responsible?
How do his parents borrow money against his future earnings so that it makes him responsible for their debts? Is this something they did when he was a minor? Still not seeing how that would make him responsible?
I’ve decided to take out some minor loans, guaranteed by the future earnings of all LR posters. Don’t worry guys,…they’re really just insignificant loans,…a couple of million here or there. I’m sure you won’t have any issues, but if you do, you can direct any bill collectors to my new place on a beach in South America.
How do his parents borrow money against his future earnings so that it makes him responsible for their debts? Is this something they did when he was a minor? Still not seeing how that would make him responsible?
I don’t understand how the parents can take the loan out without his signature unless they have a POA.
I’m not sure why he owes a red cent. Wouldn’t he have had to authorize his parents to borrow money in his name against his future earnings? I can’t just go to the bank and borrow against a family member’s future earnings without their permission.
In 2008, Johnson parted ways with agent Pat Brisson, who represents some of the National Hockey League’s biggest stars, including Sidney Crosby, Patrick Kane and Jonathan Toews.
With no agent and little knowledge of how the financial world works, Johnson turned over control of his money to his parents.
I’m not sure why he owes a red cent. Wouldn’t he have had to authorize his parents to borrow money in his name against his future earnings? I can’t just go to the bank and borrow against a family member’s future earnings without their permission.
I think it was the nonconventional lenders that makes you wonder who they were borrowing money from part.
I’m not sure why he owes a red cent. Wouldn’t he have had to authorize his parents to borrow money in his name against his future earnings? I can’t just go to the bank and borrow against a family member’s future earnings without their permission.
In 2008, Johnson parted ways with agent Pat Brisson, who represents some of the National Hockey League’s biggest stars, including Sidney Crosby, Patrick Kane and Jonathan Toews.
With no agent and little knowledge of how the financial world works, Johnson turned over control of his money to his parents.
And this guy didn’t grow up in some inner city crack-infested ghetto, right? If I had millions I’d think I’d invest a little bit of time or hire competent people to understand how the “financial world works”.
On the morning of Oct. 7, two days before the Blue Jackets opened the 2014-15 season, Jack Johnson left his Ferrari parked in the garage of his Dublin apartment and drove his BMW to a federal courthouse Downtown to file for bankruptcy.
I think he should have to pay just for being a dumb dumb. Plus I will never get to drive a Ferrari and that is just wrong…maybe I can get the Ferrari at auction!
I’m not sure why he owes a red cent. Wouldn’t he have had to authorize his parents to borrow money in his name against his future earnings? I can’t just go to the bank and borrow against a family member’s future earnings without their permission.
In 2008, Johnson parted ways with agent Pat Brisson, who represents some of the National Hockey League’s biggest stars, including Sidney Crosby, Patrick Kane and Jonathan Toews.
With no agent and little knowledge of how the financial world works, Johnson turned over control of his money to his parents.
I’m not sure why he owes a red cent. Wouldn’t he have had to authorize his parents to borrow money in his name against his future earnings? I can’t just go to the bank and borrow against a family member’s future earnings without their permission.
In 2008, Johnson parted ways with agent Pat Brisson, who represents some of the National Hockey League’s biggest stars, including Sidney Crosby, Patrick Kane and Jonathan Toews.
With no agent and little knowledge of how the financial world works, Johnson turned over control of his money to his parents.
The imagery of sound money management is one of the biggest vapors in the world due to abuse of leverage. We had no idea one of the guys on my street owed the IRS for 10 years of Federal income taxes until he was forced out of his home for going tits up on his primary, HELOC and HOA. Public records then showed 3 credit card defaults for over 70k. He and his wife drove off in over 150k worth of SUV’s too. I still can’t figure out how he kept him membership to the Nicklaus course here. Head scratcher.
Beyond the money which he will probably get past at some point the real tragedy is the wreckage of his family. At least in my life money means nothing to me at the cost of the ones I love.
This is an awful story, the link from the Columbus Dispatch that someone posted in the thread does a great job of diving deeper into it. His mom allegedly gave him only the signature page of the POA agreement without telling him what exactly he was signing, and they also told him the house they bought in Manhattan Beach was paid for with an inheritance from a distant relative rather than with his own money. The interest rates alone on some of those loans (24%!) is mind boggling.
What a tough season for the Blue Jackets between this and Nathan Horton and the other injuries after almost knocking off the Penguins in the playoffs this past spring.
This is an awful story, the link from the Columbus Dispatch that someone posted in the thread does a great job of diving deeper into it. His mom allegedly gave him only the signature page of the POA agreement without telling him what exactly he was signing, and they also told him the house they bought in Manhattan Beach was paid for with an inheritance from a distant relative rather than with his own money. The interest rates alone on some of those loans (24%!) is mind boggling.
What a tough season for the Blue Jackets between this and Nathan Horton and the other injuries after almost knocking off the Penguins in the playoffs this past spring.
At the end of the day as an adult he has to own it and take responsibility, but you’d figure the last people to screw you over would be your parents.
