Confirmed with Link: JACK JOHNSON BOUGHT OUT

[Speaking Moistly]

For sure... GMs can be awfully dumb sometimes. I suppose I wouldn't be shocked to hear there was interest from one or two teams. But I just can't bring myself to fully buy this idea that there was a bidding war or something that necessitated THAT contract. Then again I also said it would take at least another season or two (along with a GM and coach replacement) for anything to happen regarding JJ so what do I know.

Also I don't wanna go too far down this rabbit hole because who cares, now... but I gotta wonder how tradeable JJ was LAST year when the world was "normal?" They even managed to up his value a bit. I wonder if there was an attempt? Maybe he really is that toxic of an asset, even before COVID and the financial fallout/preparations drove the final nail.

I doubt there was a bidding war that forced JR to sign him to that deal. I think there must have some competition to sign him but JR took it to 11 instantly to get his man. The entire signing still makes me wonder what exactly went down, though. Where the f*** did “I know why he was scratched and it wasn’t because of his play” come from? Bullshitting, someone lying, a bad source, their expert analysis of his play?


If the Kessel + JJ for Zucker + Rask was right, they could have flipped him for another bad contract. I think that was his value. Now it makes more sense to buy these contracts out.

 

[Oddbob]

Congratulations Pens fans! Today, I know the joy of losing a boat anchor and it is indeed SWEET! One more to go for us, you guys wouldn't want Nielsen would ya, he is the NHL all time shootout goal leader?

 

[Sidney the Kidney]

If I recall he had other options too, but chose Penguins.

Damn it, Sid.

 

[Slick Arnold]

Yeah his parents are f***ing . JJ isn't a bad person. JJ is a bad player. But the stuff his parents did is despicable and I get maybe Sid and JR tried to do him a solid and hoped he could turn it around. But he didn't. It wasn't a good choice.

JJ does not have clean hands in all of this.

He attempted to have his bankruptcy converted to a Chapter 7 which is a straight liquidation of current assets. In this desired scenario his creditors would have received virtually nothing. He and his counsel were eviscerated for this in a lengthy, written order by Judge Hoffman, including 40 some pages regarding the Debtor's bad faith.

Ultimately Johnson reached a settlement with most of his Creditors. He was put on a budget and had to pledge 90% of the final 4 years of his contract with the Jackets to his Creditors. They wound up getting ~35% of their money back. The Pens contract truly bailed him out. Prior to that being signed he was penniless and living on a fixed budget.

The 5-year deal from the Pens set him up for life and oddly enough triggered an additional recovery for Creditors of 10% for the first 3 years. Johnson therefore kept 90% of years 1-3 and all of 4-5 (less buyout lol).

I've understood this contract as a favor from Sid to Johnson from day one. The timing and amounts are just too serendipitous.

 

[Tacitus Kilgore]

Johnson will probably retire from hockey soon and will find a six figure job in hockey ops with some team somewhere. Hell im sure he could even join a CHL teams coaching staff if he can't find an NHL gig. He's not ugly either, if he wants he could angle for a spot on NHL network but he probably doesn't have the charisma

 

[BlindWillyMcHurt]

Wow... great breakdown. That really does add some nuance to it.

I really, really hate to come around on at least part of that contract being charity. Because as much as I appreciate the kindness towards a person in need it's just... such a dingbat move. But man it sure seems that was a part of it.

 

[HandshakeLine]

May we all find as good of a friend as Sidney Crosby at some point in our lives.

Also just still laughing that the big galoot got himself bought out.

 

[BlindWillyMcHurt]

Maybe we all find as good of a friend as Sidney Crosby at some point in our lives.

Also just still laughing that the big galoot got himself bought out.

For real man... what a dude. Seriously.

Uh... Crosby, I mean.

 

[Speaking Moistly]

Johnson will probably retire from hockey soon and will find a six figure job in hockey ops with some team somewhere. Hell im sure he could even join a CHL teams coaching staff if he can't find an NHL gig. He's not ugly either, if he wants he could angle for a spot on NHL network but he probably doesn't have the charisma

Nah, I expect him to cling to the hockey paycheques as long as it’s worth it. If he can’t find an NHL deal he’ll be in Europe or be a high paid vet in the AHL. That breakdown of what he’s keeping minus taxes and his agent makes me think it’s more likely. I thought he was keeping all of this contract but that breakdown says he didn’t get all of the first two years and gets 2/3 for the remaining.

 

[Pens x]

Johnson will probably retire from hockey soon and will find a six figure job in hockey ops with some team somewhere. Hell im sure he could even join a CHL teams coaching staff if he can't find an NHL gig. He's not ugly either, if he wants he could angle for a spot on NHL network but he probably doesn't have the charisma

You have way too much faith in Jack Johnson.

 

[Tacitus Kilgore]

Nah, I expect him to cling to the hockey paycheques as long as it’s worth it. If he can’t find an NHL deal he’ll be in Europe or be a high paid vet in the AHL. That breakdown of what he’s keeping minus taxes and his agent makes me think it’s more likely. I thought he was keeping all of this contract but that breakdown says he didn’t get all of the first two years and gets 2/3 for the remaining.

I'm not so sure he will be able to play in the AHL next year. maybe I heard wrong but wasn't there talk about cancelling the whole upcoming minor league seasons? Many euro leagues are doing that too. The pandemic will make it hard for a fringe guy like him to find work in the hockey world imo. Especially with all the unsigned FA and un qualified RFAs going into next season. However the next next season isn't out of question I suppose

 

[Speaking Moistly]

I'm not so sure he will be able to play in the AHL next year, maybe i heard wrong but wasn't there talk about cancelling the whole upcoming minor league seasons. Many euro leagues are doing that too. The pandemic will make it hard for a fringe guy like him to find work in the hockey world imo. Especially with all the unsigned FA and un qualified RFAs going into next season. However the next next season isn't out of question i suppose

True, and I think fringe guys like him will push out worse players in other leagues that will make space for them. There will be seasons after the next one and he’s only 33. JR did make a big to do about his health, how well he takes care of himself and that he’d at least play out this contract.

 

[mpp9]

Somewhat reassuring that I wasn't insane about what I was seeing on the ice.

He was so bad, a team that never buys out anyone, had to buy him out.

 

[Malkinstheman]

Anahiem and Detroit were both interested in JJ and supposedly offered him more money.

I don't think this has anything with Sid playing GM. JR is just an idiot.

 

[Jacob]

Johnson I recall had some stipulations from his bankruptcy about how much he could earn per year before he had to forfeit wages over to banks or whoever. I think it was around 3.5 million.

 

[Tom Hanks]

Anahiem and Detroit were both interested in JJ and supposedly offered him more money.

I don't think this has anything with Sid playing GM. JR is just an idiot.

Sometimes it’s better to be lucky than good.

 

[Honour Over Glory]

JJ does not have clean hands in all of this.

He attempted to have his bankruptcy converted to a Chapter 7 which is a straight liquidation of current assets. In this desired scenario his creditors would have received virtually nothing. He and his counsel were eviscerated for this in a lengthy, written order by Judge Hoffman, including 40 some pages regarding the Debtor's bad faith.

Ultimately Johnson reached a settlement with most of his Creditors. He was put on a budget and had to pledge 90% of the final 4 years of his contract with the Jackets to his Creditors. They wound up getting ~35% of their money back. The Pens contract truly bailed him out. Prior to that being signed he was penniless and living on a fixed budget.

The 5-year deal from the Pens set him up for life and oddly enough triggered an additional recovery for Creditors of 10% for the first 3 years. Johnson therefore kept 90% of years 1-3 and all of 4-5 (less buyout lol).

I've understood this contract as a favor from Sid to Johnson from day one. The timing and amounts are just too serendipitous.

The last bit.

100 f***ing percent. It's what I've always felt. Sid getting the team to look into it and the team thinking he could rebound and the cap hit was low enough to move him if he wasn't absolutely putrid.

 

[Honour Over Glory]

I really hope JJ makes good on his threat promise to return to 'Lumbus after he retires.




....he is retiring right?

 

[Slick Arnold]

Johnson I recall had some stipulations from his bankruptcy about how much he could earn per year before he had to forfeit wages over to banks or whoever. I think it was around 3.5 million.

If his future contract after CBUS exceeded $4.5MM, he had to contribute 10% for the first 3 years to his creditors. <- Pitt contract triggered this and really was a win for everyone.

Prior to this, basically the last 4 years in CBUS, he was required to be on a very strict budget to the tune of $150k/year (without looking it up). The rest of the money went into an escrow and funded the 35% that his creditors received.

 

[Slick Arnold]

The last bit.

100 f***ing percent. It's what I've always felt. Sid getting the team to look into it and the team thinking he could rebound and the cap hit was low enough to move him if he wasn't absolutely putrid.

And fwiw, getting bought out would have screwed up his 10% contribution to his creditors and may have played a role in why they didn’t do it last year. This is pure speculation, because doing it now isn’t particularly convenient either. He’s now had two years at the 90% of the $3.5 so he has some cash in his pocket.

 

[Speaking Moistly]

If his future contract after CBUS exceeded $4.5MM, he had to contribute 10% for the first 3 years to his creditors. <- Pitt contract triggered this and really was a win for everyone.

Prior to this, basically the last 4 years in CBUS, he was required to be on a very strict budget to the tune of $150k/year (without looking it up). The rest of the money went into an escrow and funded the 35% that his creditors received.

$246k/year according to this
Report: Jack Johnson reaches bankruptcy settlement - Sportsnet.ca

 

[The Great Mighty Poo]

I really hope JJ makes good on his threat promise to return to 'Lumbus after he retires.




....he is retiring right?

 

[HandshakeLine]

It sucks that JJ's parents are some of the worst parents of all time, but I'm kind of laughing here about the idea of a player having to survive on a strict $256k a year budget like it's some sort of hardship.

 

[BlindWillyMcHurt]

It sucks that JJ's parents are some of the worst parents of all time, but I'm kind of laughing here about the idea of a player having to survive on a strict $256k a year budget like it's some sort of hardship.

No yacht inside another yacht for you this year, mister!

 

[HandshakeLine]

I guess there goes the summer mansion.