Evander Kane contract termination/ bankruptcy omnithread

[LeHab]

Speaking of gambling issues would he be in trouble with the NHL if it was found out that he bet on his own team?

Gambling on any NHL game whether the player is involved or not is prohibited.

From SPC:

2. Gambling on any NHL Game is prohibited.

 

[hockeyguy0022]

Must have been one hell of a good time. We all die with nothing.... so I mean...? Would I rather die making regular Joe money my whole life and chipping away wage slaving..... or would I rather mistakenly spend the best years of my life living it up.....

You can always go back to a regular ass job like the rest of us... in-fact it doesn't seem to be optional.

At least spend it on toys and women, forget gambling.

 

[AustonMarner]

I foresee some sort of celebrity boxing or mma fighting in Evander Kane's future

 

[LeHab]

Yeah true. It takes some self reflection though to realize one is needed. Many people dont get that self reflection until later in life.

I would guess society as a whole,, the percentage of people in their 20s who understand finances well is much lower than we think. Unless you actively seek it out, have parents who know these things, or a university class, it's usually not well known.

I know my high school didnt offer finance classes. I sought it out myself only because of self interest and seeing what money problems did to other family members.

Gaining basic personal financial knowledge is one the best investment anyone can make.

I foresee some sort of celebrity boxing or mma fighting in Evander Kane's future

I wonder if a boxing fight outside of hockey would be acceptable from an NHL SPC insurance point of view. Something tells me Jake Paul will have to wait a little.

 

[Jumptheshark]

The outstanding balance of his contract is an asset and should be listed.

It is not a simple thing to void a contract like some have suggested

 

[Butch 19]

How does someone do that? Was his agent Bernie Madoff?

Jack Johnson's mom

 

[LeHab]

The outstanding balance of his contract is an asset and should be listed.

It is not a simple thing to void a contract like some have suggested

While the contract is guaranteed, Kane still has to actually play to earn it. With this filling seems he is attempting to renegotiate terms of the loan to wipe part of debt and/or payment terms. I'm sure contract was used as collateral for those big loans but now he is hinting into possibilities of not playing as leverage. Essentially "If you claw too much of my salary, I will have no incentive to play and you get nothing".

 

[Jumptheshark]

While the contract is guaranteed, Kane still has to actually play to earn it. With this filling seems he is attempting to renegotiate terms of the loan to wipe part of debt and/or payment terms. I'm sure contract was used as collateral for those big loans but now he is hinting into possibilities of not playing as leverage. Essentially "If you claw too much of my salary, I will have no incentive to play and you get nothing".

His forth coming salary is fair game. The loans he received were based upon that contract

 

[gstommylee]

While the contract is guaranteed, Kane still has to actually play to earn it. With this filling seems he is attempting to renegotiate terms of the loan to wipe part of debt and/or payment terms. I'm sure contract was used as collateral for those big loans but now he is hinting into possibilities of not playing as leverage. Essentially "If you claw too much of my salary, I will have no incentive to play and you get nothing".

That leverage idea also depends on the judge approving it. The judge can easily that attempt to renegotiate out the window.

 

[LeHab]

That leverage idea also depends on the judge approving it. The judge can easily that attempt to renegotiate out the window.

The actual quote is a little less threatening but I believe is intendent to send this type of message:

“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.”

Interestingly, as pointed in the article, statement was filled past Covid opt-out window. Of course he can decide to stay at home at any time and get suspended without pay.

 

[Acesolid]

So, is he playing tonight?

I... kinda picked him in my NHL pool before he went bankrupt, and need to kmow if I should swap him out!

 

[Cas]

So, is he playing tonight?

I... kinda picked him in my NHL pool before he went bankrupt, and need to kmow if I should swap him out!

Kane is playing tonight and for the rest of the season, barring injury.

 

[mouser]

The actual quote is a little less threatening but I believe is intendent to send this type of message:



Interestingly, as pointed in the article, statement was filled past Covid opt-out window. Of course he can decide to stay at home at any time and get suspended without pay.

Bankruptcy judges generally do not like those sorts of approaches in court.

“Yes, your honor, I have a high paying job, but I could quit that job at any time.”

 

[Gnashville]

For a person making that kind of money. How in the world can someone be 28m in debt?

Broke - ESPN Films: 30 for 30
It happens to a lot of Pro Athletes.

 

[LadyStanley]

While the contract is guaranteed, Kane still has to actually play to earn it. With this filling seems he is attempting to renegotiate terms of the loan to wipe part of debt and/or payment terms. I'm sure contract was used as collateral for those big loans but now he is hinting into possibilities of not playing as leverage. Essentially "If you claw too much of my salary, I will have no incentive to play and you get nothing".

Filed for chapter 7 (liquidation) not chapter 13 (renegotiation of debt). So I'm not exactly sure what the option(s) of resolution is/are.

 

[Bowski]

Broke - ESPN Films: 30 for 30
It happens to a lot of Pro Athletes.

Another one...
Report: Adrian Peterson ordered to pay $8.3 million after defaulting on loan

 

[lawrence]

So, is he playing tonight?

I... kinda picked him in my NHL pool before he went bankrupt, and need to kmow if I should swap him out!

he's allowed to play! People who file for bankruptcy are allowed to work, lol.

so basically if i'm not mistaken he's not allowed to have any property under his name. the debt can reach a statue of limitation down the road however it will reflect poorly on his credit score and if he wants to buy a house or take a loan down the road, he will need to resolve that in order to proceed. In other words, he wont be able to buy house if that loan is not settled or payed off.

I think his best bet right now is to save up as as possible, and try to settle the 26 million like pay 70% of it in a lump some, by the time his contract ends I think he will still have 2 million in his pocket if he's not recklessly spending it.

 

[LeHab]

Filed for chapter 7 (liquidation) not chapter 13 (renegotiation of debt). So I'm not exactly sure what the option(s) of resolution is/are.

AINAL but it sounds like he could negotiate a reaffirmation agreement under chapter 7 to protect some assets instead of full discharge with a fresh start:

Reaffirmation agreement - Wikipedia
Reaffirming Secured Debt in Chapter 7 Bankruptcy

Although looks like he would have to be current on payments which does not seem to be the case.

So, is he playing tonight?

I... kinda picked him in my NHL pool before he went bankrupt, and need to kmow if I should swap him out!

3 pts last night, hope you kept him.

 

[mouser]

The actual quote is a little less threatening but I believe is intendent to send this type of message:



Interestingly, as pointed in the article, statement was filled past Covid opt-out window. Of course he can decide to stay at home at any time and get suspended without pay.

There's a clause in 2020-21 agreement that players can opt out after the deadline if they have an immediate family member sharing a household who is "at substantially heightened risk of severe illness by contracting COVID-19". That's why he mentioned his newborn and possibly older family members sharing a household in the bankruptcy filing.

Such a opt-out request is subject to medical review and appeals.

Edit: should probably add assuming such an opt out is approved that would not void his contract. So the court filing shouldn't be phrased in a way that his contract is at risk by opting out.

 

[Acesolid]

AINAL but it sounds like he could negotiate a reaffirmation agreement under chapter 7 to protect some assets instead of full discharge with a fresh start:

Reaffirmation agreement - Wikipedia
Reaffirming Secured Debt in Chapter 7 Bankruptcy

Although looks like he would have to be current on payments which does not seem to be the case.



3 pts last night, hope you kept him.

I did! Thank goodness!

 

[Wolf357]

I can honestly say I am no fan of E.Kane but I hope he gets his s— together... Issues in Winnipeg, issues in Buffalo...his chance to get it together in Sam Jose seems to have now vanished.
He definitely seems to have issues that need to be resolved.

 

[adsfan]

Broke - ESPN Films: 30 for 30
It happens to a lot of Pro Athletes.

I have heard that 50% of NBA players are broke within 5 years of retiring.

Kareem Abdul-Jabbar had to keep playing because his financial advisor stole millions from him.

Many pro athletes invest in the start up businesses of friends, relatives and neighbors to help boost the economy of the areas where they grew up. While this is a noble idea, 80% of new restaurants go out of business within 5 years.

 

[gstommylee]

I have heard that 50% of NBA players are broke within 5 years of retiring.

Kareem Abdul-Jabbar had to keep playing because his financial advisor stole millions from him.

Many pro athletes invest in the start up businesses of friends, relatives and neighbors to help boost the economy of the areas where they grew up. While this is a noble idea, 80% of new restaurants go out of business within 5 years.

former NBA player Vin Baker ran into money issues post career

 

[Gnashville]

I have heard that 50% of NBA players are broke within 5 years of retiring.

Kareem Abdul-Jabbar had to keep playing because his financial advisor stole millions from him.

Many pro athletes invest in the start up businesses of friends, relatives and neighbors to help boost the economy of the areas where they grew up. While this is a noble idea, 80% of new restaurants go out of business within 5 years.

If you watch that documentary on ESPN, you will find that athletes go broke for several different reasons. Some are stupid and blow $25,000 one night in a strip club (someone really did that), others are conned with bad investments. They also get tons of women that sue them for paternity, some have 7 or 8 kids with different women they have to take care of. Most honestly are trying to help their families which leech off of them. As one player said “your family hears you just signed a $53 million contract, so 50 family members call wanting a million dollars each then get mad when you don’t give it to them, what they don’t realize is that the contract is for 7 years with a ton of taxes”.

Kane’s issues seem to be both from stupidity (remember he got banned from a club in Buffalo) and family (look how many live with him). Ultimately the people that make it without going bankrupt have to set their families up in successful business and avoid the stupid behavior.

 

[adsfan]

If you watch that documentary on ESPN, you will find that athletes go broke for several different reasons. Some are stupid and blow $25,000 one night in a strip club (someone really did that), others are conned with bad investments. They also get tons of women that sue them for paternity, some have 7 or 8 kids with different women they have to take care of. Most honestly are trying to help their families which leech off of them. As one player said “your family hears you just signed a $53 million contract, so 50 family members call wanting a million dollars each then get mad when you don’t give it to them, what they don’t realize is that the contract is for 7 years with a ton of taxes”.

Kane’s issues seem to be both from stupidity (remember he got banned from a club in Buffalo) and family (look how many live with him). Ultimately the people that make it without going bankrupt have to set their families up in successful business and avoid the stupid behavior.

I did see it when it came out. I am in a group of people who binge watch 30 for 30 around Christmas. Not this year. We usually see a few episodes, eat a meal and watch a few more. That episode and "The U" are two that I can recall in some detail because they are disturbing.

Latrell Sprewell is from Milwaukee. He had a giant yacht. From Wikipedia because I don't follow the NBA and haven't for many years. Spree is his own worst enemy. He has 3 kids.

On October 31, 2004, the Minnesota Timberwolves offered Sprewell a three-year, $21 million contract extension, substantially less than what his then-current contract paid him. Claiming to feel insulted by the offer he publicly expressed outrage, declaring, "I have a family to feed." He declined the extension and the Timberwolves offered him nothing more. Having once more drawn the ire of fans and sports media, Sprewell had the worst season of his career in the final year of his contract. In the summer of 2005, the Denver Nuggets, Cleveland Cavaliers and Houston Rockets all expressed interest in signing Sprewell, but none ended up signing him.

Edit: Junior Bridgeman owns several Wendy's around Milwaukee. He has done very well after his Bucks career. I won a free lunch via a business card in a fishbowl contest several years ago. He sent me a letter thanking me for my patronage as well as the free lunch coupon. His is a success story that should get more attention in the media, but somebody living their life right isn't a news story.