Popular Post Chronic.Canuck Posted January 12, 2021 Popular Post Share Posted January 12, 2021 http://theathletic.com/news/evander-kane-bankruptcy-sharks/oFdq2gVHYP5J "San Jose Sharks winger Evander Kane has filed for Chapter 7 bankruptcy for liabilities of $26.8 million, The Athletic’s Daniel Kaplan reports. A note in the petition filed to federal bankruptcy court in San Jose says that Kane, 29, may opt out of the season “because of health concerns given the recent birth of his first child.” If Kane chooses this route, he would not be paid for this season. The petition cites details such as payment of $1.5 million to cover gambling losses, a $1.88 million counterclaim to a battery charge from 2016 and up to seven dependents living with him. Kane also explains in his note how a condensed NHL schedule due to the coronavirus pandemic will affect his earnings. Kane, the No. 4 overall pick in the 2009 NHL Draft, signed a seven-year, $49 million contract in 2018. He has earned $52.9 million in his 11-year career." This is absolutely insane. It's been known he had a gambling problem for a while but this is next level. 1 5 Link to comment Share on other sites More sharing options...
Popular Post Ghostsof1915 Posted January 12, 2021 Popular Post Share Posted January 12, 2021 Yet people gripe about Jake. 8 1 2 Link to comment Share on other sites More sharing options...
Popular Post Pettershon Posted January 12, 2021 Popular Post Share Posted January 12, 2021 1 1 13 1 Link to comment Share on other sites More sharing options...
Popular Post Shekky Posted January 12, 2021 Popular Post Share Posted January 12, 2021 wow I've always said if there is one thing that needs to be taught in high school is finance course just to give kids an idea of how to save money and invest. 1 7 1 Link to comment Share on other sites More sharing options...
naslund.is.king Posted January 12, 2021 Share Posted January 12, 2021 2 Link to comment Share on other sites More sharing options...
the grinder Posted January 12, 2021 Share Posted January 12, 2021 the high roller is a lowballer now 2 Link to comment Share on other sites More sharing options...
AriGold2.0 Posted January 12, 2021 Share Posted January 12, 2021 The lengthy list of athletes who squandered millions of dollars only to file for bankruptcy has a new member, San Jose Sharks left winger Evander Kane. Despite signing a seven-year, $49 million contract extension in 2018, Kane filed for Chapter 7 in the federal bankruptcy court in the California city of his team. The filling detailed liabilities of $26.8 million and assets — largely three homes — of $10.2 million. And the filing included a note that warns he may not even play this year. “Debtor may terminate his contract and he may opt out of the season, as allowed under current rules, because of health concerns given the recent birth of his first child,” the bankruptcy petition said. “Should he terminate his contract or opt out at a point in the season, Debtor will not receive his salary.” The NHL opt-out deadline for the COVID-19-shortened season, which starts this week, was Dec. 24, and the bankruptcy petition is dated Jan. 9. Kane’s lawyer, Stephen Finestone, did not immediately reply for comment to clarify how Kane, who has been practicing with his team, could still opt out. The complaint listed nine lawsuits, court actions, and administrative proceedings with lenders, six of which are active. The largest is with Centennial Bank, which filed a lawsuit last week against Kane and the Sharks seeking $8.3 million. “The Team is complacent in the Borrower’s breach of the Security Agreement, and either refuses or is unwilling to directly deposit the Pledged Payments into the Designated Account as required under the Security Agreement,” Centennial charged in its complaint. The team declined to comment. Athletes filing for bankruptcy is an unfortunate trend in professional sports. High-profile names include Mike Tyson, Evander Holyfield, Michael Vick, Vince Young, Warren Sapp, Antoine Walker, Kenny Anderson, Lenny Dykstra; and in the NHL Darren McCarty, Jack Johnson and Bryan Trottier. Many athletes are overwhelmed with newfound wealth, investing in businesses and funding friends and family. They quickly plow through their earnings (Kane in his petition lists his income as negative $91.131.13 a month). It’s unclear how the 29-year-old Kane, who has earned $52.9 million in team pay during his 11-year career, according to capfriendly.com, lost his money, but there are a few clues in the petition. Last year, The Cosmopolitan of Las Vegas settled a lawsuit against Kane for unpaid gambling bills. According to the Chapter 7 petition, in the last 12 months, he lost $1.5 million gambling. The petition also listed seven dependents, all as living with him: his 6-month-old daughter, his sister, 27, his uncle, 54, his mother, 55, another uncle, 59, his father, 60, and his grandmother, 77. What could lead to $26.8 million of debt was not spelled out in the petition for Chapter 7, a process which protects individuals or companies from creditors and provides for liquidation of certain assets to pay debts. Kane listed 47 creditors, ranging from a host of individuals to banks like Centennial and Scotiabank, to his former agency Newport. The petition also disclosed he has a claim against Sure Sports, the loan broker that arranged the Centennial credit. “Claims against Leon McKenzie and Sure Sports LLC related to business advice and obtaining loans for Debtor,” the petition noted, referring to the CEO of the loan broker. “This includes violation of the Florida Broker’s Act, Deceptive and Unfair Trade Practice, Fraud, Breach of Fiduciary Duty.” Sure Sports is listed in the petition as having an American Arbitration Association proceeding against Kane, and as a creditor for $1.2 million. McKenzie did not reply for comment. The petition also shows he is valuing at $1.88 million a counterclaim against Rachel Keuchele, a woman who in 2016 sued him alleging battery. The case still is live in Erie County Supreme Court in New York, and he countersued her in 2018. In his note to the bankruptcy petition where he warned he might opt out, Kane painted a grim picture for his creditors of his earnings this year. “A typical season includes 82 regular season games,” according to the document. “The current season has 56 games scheduled and Debtor understands that even if all scheduled games are played, his salary will be adjusted based upon the reduced number of games. To the extent some of the games do not go forward because of the pandemic (or any other reason), Debtor’s salary will be further reduced. Moreover, Debtor understands that under the current collective bargaining agreement between the players’ union and the owners, 20% of his salary will be withheld and will be released to the owners under the ‘profit sharing’ structure of the agreement due to the anticipated significant reduction in revenues across the league.” Link to comment Share on other sites More sharing options...
Phil_314 Posted January 12, 2021 Share Posted January 12, 2021 Yikes... not to mention how state and Federal tax in California amounts to around 50% of his gross salary... so each year he brings home around $3.4 million... then he's got this albatross in his personal life to deal with... 1 2 Link to comment Share on other sites More sharing options...
morgo Posted January 12, 2021 Share Posted January 12, 2021 2 1 Link to comment Share on other sites More sharing options...
Squamfan Posted January 12, 2021 Share Posted January 12, 2021 didn't he get sued by a casino 1 Link to comment Share on other sites More sharing options...
drummer4now Posted January 12, 2021 Share Posted January 12, 2021 (edited) 10 minutes ago, Pettershon said: I was just going to post this lol.. IMO he had it coming.. he was pretending to be something he was not. I mean most rappers (excluding 50 cent etc..) and boxers (excluding Mike Tyson) can afford living a lifestyle like that. Edited January 12, 2021 by drummer4now 1 Link to comment Share on other sites More sharing options...
Nuxfanabroad Posted January 12, 2021 Share Posted January 12, 2021 A fool & his $... were lucky meeting up in the first place! Link to comment Share on other sites More sharing options...
Gurn Posted January 12, 2021 Share Posted January 12, 2021 Ouch. Evander, it's not too late to do a little research on money matters. 1 1 1 Link to comment Share on other sites More sharing options...
Squamfan Posted January 12, 2021 Share Posted January 12, 2021 19 minutes ago, Shekky said: wow I've always said if there is one thing that needs to be taught in high school is finance course just to give kids an idea of how to save money and invest. you don't need a class just don't spend it on dumb stuff like diamond teeth. normal people don't do that they they go through the same schooling. 1 Link to comment Share on other sites More sharing options...
drummer4now Posted January 12, 2021 Share Posted January 12, 2021 1 hour ago, Squamfan said: removed by mod Please don't compare race in this matter it has nothing to do with it.. just bad personal decisions. Link to comment Share on other sites More sharing options...
Squamfan Posted January 12, 2021 Share Posted January 12, 2021 http://www.espn.com/30for30/film/_/page/broke Link to comment Share on other sites More sharing options...
Popular Post Gurn Posted January 12, 2021 Popular Post Share Posted January 12, 2021 1 hour ago, Squamfan said: removed by mod I saw a show that had a racist white guy as a character, thus all white guys are racist. Am I doing this right? 2 3 Link to comment Share on other sites More sharing options...
-AJ- Posted January 12, 2021 Share Posted January 12, 2021 Should read about Doug Harvey. An even bigger star who had similar problems, though that was back before NHL salaries are as crazy as today. Just goes to show the value of smart financial sense. I honestly hope he gets some help to deal with his gambling addiction and help him learn some financial responsibility. Link to comment Share on other sites More sharing options...
Shekky Posted January 12, 2021 Share Posted January 12, 2021 4 minutes ago, Squamfan said: you don't need a class just don't spend it on dumb stuff like diamond teeth. normal people don't do that they they go through the same schooling. not everyone has a parent who can or is able to teach these things to there children. 4 Link to comment Share on other sites More sharing options...
Squamfan Posted January 12, 2021 Share Posted January 12, 2021 Just now, gurn said: I saw a show that had a racist white guy as a character, thus all white guys are racist. Am I doing this right? it actually was narrated and presented by a black journalist Link to comment Share on other sites More sharing options...
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