Evander Kane is bankrupt

[miles]

i dont wish this on anybody. hopefully this will help him out of his holes so he can turn it around

 

 

[Shootica]

5 hours ago, I-90 W said:

Reports that he may walk away from his SJ contract and declare bankruptcy. He is citing health concerns due to the birth of his child; have no idea what that means.

Think the only play he has is bankruptcy, other than buckling down and paying his debts.

Though it doesn't sound like he is going to be doing that.  

I'm no bankruptcy lawyer, but with his earnings potential I'd imagine he'd get more of the 'income goes directly towards paying debts' type bankruptcy than the 'fresh start' bankruptcy.  But maybe I'm wrong there.

Echoing what others have said, I hope he figures out his issues and gets himself back on track.

[Curt]

29 minutes ago, Let's Go B-Lo said:

Not if he already borrowed against it

Yeah, I later saw that he is $26.5M or something I debt.  Not good.

[aristocrat]

i hope he kicks all those dependends out besides wife and kids and just invests every penny that starts coming in.  assuming a large part of those debts have to be homes right? real estate investments hopefully?

[Ducky]

How do those pics of him holding all that cash look now???

The Jets and then the Sabres got better immediately the second they traded him.

Goof.

[inkman]

2 minutes ago, aristocrat said:

i hope he kicks all those dependends out besides wife and kids and just invests every penny that starts coming in.  assuming a large part of those debts have to be homes right? real estate investments hopefully?

How the NHLPA doesn’t mandate a financial advisor to every player is beyond me.  Most of these kids leave home as teenagers and never get a decent education.   Maybe it was available to him and he chose to ignore it.  

[GASabresIUFAN]

If you want to see how this plays out, look up how Jack Johnson got his debts settled.  The worst part about the Johnson story was that he trusted his terrible parents.  His father was his agent and used his POA to borrow against his son’s future earnings but the parents spent the money on themselves. 

[BuffalOhio]

No sympathy.  This is all ego and showboating.  These guys become bankrupt because of their own stupidity and blind trust in others.  

That's enough money to set up his entire family FOREVER if done right.

3 percent of 5 million is 150k; of 50 million is 1.5m.  3 percent is pretty easy to earn with the right advice, but you've still got to WATCH who's got their hands in the pie.

Learn how to live on either of those numbers - it's pretty easy to do unless you're a showboat.  

Guess who's a showboat?

 

[aristocrat]

2 hours ago, inkman said:

How the NHLPA doesn’t mandate a financial advisor to every player is beyond me.  Most of these kids leave home as teenagers and never get a decent education.   Maybe it was available to him and he chose to ignore it.  

i'm sure they've offered plenty of help. his finances should be in conservatorship for the next decade at least i'd say.  strict budget and he can live well the rest of his life. 

[LabattBlue]

Very sad story.  I hate to see an athlete who has earned tens of millions be in a dire financial crisis.  At least he is still playing, and if he can turn his life around, and get some sound financial help, maybe be in decent shape by the time he retires.  

[That Aud Smell]

3 hours ago, aristocrat said:

i hope he kicks all those dependends out besides wife and kids and just invests every penny that starts coming in.  assuming a large part of those debts have to be homes right? real estate investments hopefully?

i would not assume that his debts are associated with financing assets like homes or other real estate. if that were the case, he'd be in much better shape.

my sense is that his debt is mostly the product of financing a lifestyle he could not afford (private air travel, hush payments, gambling, $10,000 bar tabs, and such).

41 minutes ago, LabattBlue said:

Very sad story.  

Cautionary tale, sure. But "very sad"?

Edited January 12, 2021 by That Aud Smell

[That Aud Smell]

5 hours ago, Let's Go B-Lo said:

Not if he already borrowed against it

That's what did in Adrian Peterson. He took out what amounted to payday loans -- $2M cash now in consideration of payments over time of, say, $2.15M. Pretty easy to get upside down on those kinds of things, especially if the money is spent quickly and foolishly.

[Thorner]

5 hours ago, Ducky said:

How do those pics of him holding all that cash look now???

The Jets and then the Sabres got better immediately the second they traded him.

Goof.

If I had even a penny for every Winnipeger I've seen reference this since yesterday, *I'd* have a stack of cash to pose with. 

Kane will always occupy Rent Free space in the hearts and minds of the citizens of this great city. 

Edited January 12, 2021 by Thorny

[Ducky]

1 hour ago, Thorny said:

If I had even a penny for every Winnipeger I've seen reference this since yesterday, *I'd* have a stack of cash to pose with. 

Kane will always occupy Rent Free space in the hearts and minds of the citizens of this great city. 

First, I'm not a Winnipegger and 2nd, there's probably a reason for them mentioning that *****'s pics.

[Thorner]

2 minutes ago, Ducky said:

First, I'm not a Winnipegger and 2nd, there's probably a reason for them mentioning that *****'s pics.

If you include Manitobans I'd have 2. 

[aristocrat]

5 hours ago, That Aud Smell said:

i would not assume that his debts are associated with financing assets like homes or other real estate. if that were the case, he'd be in much better shape.

my sense is that his debt is mostly the product of financing a lifestyle he could not afford (private air travel, hush payments, gambling, $10,000 bar tabs, and such).

Cautionary tale, sure. But "very sad"?

For his sake I hope al that debt is real estate. I mean I know he has a place in Vegas and I’m sure Cali and those aren’t cheap. Plus you buy a spot for the parents and next thing you’ve spent like 15 mil or more.  

[I-90 W]

Dave Ramsey talks about this happening to NFL players often and then coming to him. Finances are more of a behavioral issue than a math problem (unless in poverty that is).

[Cascade Youth]

3 hours ago, Thorny said:

If I had even a penny for every Winnipeger I've seen reference this since yesterday, *I'd* have a stack of cash to pose with. 

Kane will always occupy Rent Free space in the hearts and minds of the citizens of this great city. 

That’s gotta be a maximum possible amount of like 1,500 pennies, right?

[GASabresIUFAN]

43 minutes ago, I-90 W said:

Dave Ramsey talks about this happening to NFL players often and then coming to him. Finances are more of a behavioral issue than a math problem (unless in poverty that is).

Actually it pretty simple math.  Don't spend more then you make.  For athletes, eliminate as many hanger-ons as possible and this will limit how much flies out the door.

In Evander's case having he lists 7 dependents and 3 homes.  Considering he has a wife and a new baby, who are the other 5 people?  To much overhead.

He also has a gambling issue.  Considering that Casino's are designed to take your money, not a great way to stop the bleeding.

Evander see your future.  https://www.sportsnet.ca/hockey/nhl/report-jack-johnson-reaches-bankruptcy-settlement/

 

 

Edited January 13, 2021 by GASabresIUFAN

[Scottysabres]

What a tragic turn of events for Evander. Hope he finds a way to control his impulses.

[Weave]

Tons of judging here.  7 dependents might well be his mother, siblings, their children, his wife and child. If I remember correctly he grew up poor.  He may feel obligated to keep them out of where they came from.

The gambling, obviously, is a huge problem if you’re in the hole.  How many folks with addictions on this site?

[I-90 W]

34 minutes ago, GASabresIUFAN said:

Actually it pretty simple math.  Don't spend more then you make.  For athletes, eliminate as many hanger-ons as possible and this will limit how much flies out the door.

In Evander's case having he lists 7 dependents and 3 homes.  Considering he has a wife and a new baby, who are the other 5 people?  To much overhead.

He also has a gambling issue.  Considering that Casino's are designed to take your money, not a great way to stop the bleeding.

Evander see your future.  https://www.sportsnet.ca/hockey/nhl/report-jack-johnson-reaches-bankruptcy-settlement/

 

 

Not spending more than you make is behavioral. 

[I-90 W]

15 minutes ago, Weave said:

Tons of judging here.  7 dependents might well be his mother, siblings, their children, his wife and child. If I remember correctly he grew up poor.  He may feel obligated to keep them out of where they came from.

The gambling, obviously, is a huge problem if you’re in the hole.  How many folks with addictions on this site?

Honestly with some of the reports that are out there, stuff which no one on this thread has even mentioned, I think this discussion has been more than charitable towards him. 

[JoeSchmoe]

Who remembers the helicopter he hired to watch the Jays?

https://www.sportsnet.ca/hockey/nhl/evander-kane-toronto-blue-jays-game-helicopter-buffalo-sabres-kansas-city-royals-carlo-colaiacovo-jamie-mcginn/

 

[Andrew Amerk]

It’s been proven time and again that many people who have never had a lot of money, and suddenly have a large amount of it, blow it. There’s also your Bryan Berards who just flat out trust the wrong people and get ripped off. 
 

This includes not only athletes, but also lottery winners and people who receive a nice inheritance. 
 

Shoot, even the NHL was an inch away from giving the keys to a franchise to a Joe Blow scammer.