Jack Johnson, a defenseman of the Columbus Blue Jackets, has filed for bankruptcy on Oct. 7. Johnson has earned over $18 million during his nine-year NHL career aside from the $5 million he will be paid during the 2014-15 season by his team.
A new team of financial advisers and lawyer has recently surrounded Jack Johnson as he signed his financial surrender. The Columbus Dispatch reported in the bankruptcy filing, Johnson claimed his assets of less than $50,000 and debts of over $10 million. However, sources said the debt is around $15 million.
"I'd say I picked the wrong people who led me down the wrong path," 27-year-old Jack Johnson said. "I've got people in place who are going to fix everything now. It's something I should have done a long time ago."
In 2008, Johnson separated ways with agent Pat Brisson. And with no agent and little familiarity of financial matters, he turned over control of his money to his parents. However, NBC Sports reported sources close to Jack Johnson said his own parents, Jack Sr. and Tina Johnson, are among the "wrong people" who had led him financially bankrupt.
Because of signing a power of attorney that granted his mother full control of his finances, Jack Johnson has reportedly been sued at least three times for more than $6 million for defaulting, as his name was plastered on the loans taken out by his parents. Jack Johnson is now bankrupt after his parents spent his fortune without his knowledge while enjoying a lavish lifestyle.
This year, Columbus Blue Jackets defenseman Jack Johnson is set to make $5 million, but because of his costly financial decisions, he won't see a penny of it and will leave him bankrupt instead. The Washington Post said his parents were to blame however, former University of Michigan basketball player Maurice Taylor and recently elected U.S. Congressman Rodney L. Blum were also involved.
Jack Johnson has cut off his ties with his family, though he has not taken legal actions against them. USA Today Sports reported Johnson is trying to reestablish his way out of the mess generated. In late January, his bankruptcy hearing is booked to take place in Los Angeles.
Meanwhile, Blue Jackets President John Davidson knew about Jack Johnson's bankrupt condition. He also said the team is with him until the ugly mess is over.
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