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Blue Jackets blueliner Jack Johnson files for bankruptcy, blames parents for woes
Thu, 20 Nov 2014 17:47:01 +0000
Columbus, OH, United States (4E Sports) - Columbus Blue Jackets defenseman Jack Johnson has blamed his parents for his financial troubles as he filed for Chapter 11 bankruptcy.
According to several media reports, Johnson granted his mother a power of attorney, giving her full control of his finances before he signed his seven-year, $30.5 million deal in 2011.
The defenseman claimed that Tina Johnson and his father Jack Sr. bought a house in Manhattan Beach, California, with his money but without the player's knowledge.
In addition, Johnson's parents borrowed $15 million against their son's future earnings, with many of the loans carrying high interest rates.
The mortgage on the house carried a 12 percent rate, while a loan for $3 million was at 24 percent, leading to huge fees and, ultimately, default.
According to documents filed in the United States Bankruptcy Court in the Southern District Court of Ohio, the 27-year-old Johnson has little left of the almost $18 million he has earned throughout his nine-year NHL career.
Johnson's future earnings also appear compromised because of a tremendous amount of debt incurred, with court documents showing a list of creditors with unsecured claims totaling more than $1.68 million.
In the filing, Johnson claims assets of less than $50,000 and total debts of more than $10 million.
A source claimed that Johnson has cut off all contact with his family because of the incident.
"I'd say I picked the wrong people who led me down the wrong path," Johnson told a newspaper in an interview. "I've got people in place who are going to fix everything now. It's something I should have done a long time ago."
The former first-round pick, who has seven assists in 15 games this season, has three seasons remaining on the $30.5 million deal.