Sharks’ Evander Kane files for bankruptcy with $26.8 million of debt (upd: may void contract)

[Fatass]

In his interview on Bar Stool Interviews he said he owned.... 3 properties. (interviewEd....While playing in Buffalo)
1) Condo in Vegas 60 Th floor Cosmopolitan
2) Home in Vancouver
3) Home in Los Angeles That he had just bought.

why buy in Buffalo .... right probably just rented
The Bankruptcy statement said he had assets of 10 million in 3 homes.

1 st step would be liquidating these homes and bringing his debt down from 27 mill down to 17 mill.

He has $26 million owed to him on the next 4 years on his contract ( not including this year as his bankruptcy is worked through the courts).

After 20 % ( escrow and fees) over the 4 years that equals 21 million. After taxes in California that’s 10-11 million net.

In court papers earlier in this thread... it says he had the San Jose Sharks stop his automatic bank loan repayments in October 2019..... at the start of the 2019-20 season.

This just shows that he has been planning this bankruptcy for the last 2 years.

He has been probably hiding his assets in his wife’s and dependants names and calculating the best way on defrauding his debtors.

Do not have any sympathy for him.

He has told everyone from day 1 “He is a gangster wannabe “ This is a calculated robbery/heist pulled off by this self named “gangster “! He is legally using the courts and bankruptcy law to have received $ 10 million plus dollars he was not entitled to.

He is running out on his bills and obligations....... just like he did in Winnipeg when he used to dine and dash on Restaurant's and Bars .... it’s just a lot bigger scale.

So in your view Kane sounds like he’s pretty darned smart financially if he’s figuring all this out?

 

[I Hate Philadelphia]

Yup, I cannot stand him. He might be the most dislike-able (if that's a word) player in the league. Dude is a clown, how the hell do you end up 27M in debt, in the middle of your NHL career..Like how is it possible that every single HFboards poster is in a better spot financially than him.

That one HF poster who is $28mil in debt sheds a tear as he reads this.

 

[backhandsauce]

Ryan Reaves going to have fun with this one....

 

[robertocarlos]

He's sick in the head. If he was in a wheelchair you'd feel sorry for him.

 

[dubplatepressure]

I don't know if anyone pointed it out, but I read The Athletic article this morning and it says that he's filed for Chapter 7 bankruptcy, meaning he's past the re-organization/re-structuring stage and is in the liquidation stage.

Yes someone pointed this out and explained it about 10 comments earlier...

 

[explore]

I used to joke about that too until I educated myself on what actually happened there. What that woman went through was horrible.

Yeah, that lady got serious burns because the coffee was way hotter than it was supposed to be

Yes someone pointed this out and explained it about 10 comments earlier...

Ah, my bad

 

[Lonny Bohonos]

How is “being in the black” when discussing finances racist?

It was a joke.

 

[Calderon]

Also given how off the hook's Kane's been off the ice isn't there a substantial chance SJ is going to buy him out? How much of the remaining $32M would he be getting in that case? I guess his production on the ice isn't too shabby but the personality in the past and now at great adversity I'm guessing it just doesn't bode too well.

Good call on the rehab thing btw, NHL is hard on substance abuse and justifiably so but one could argue as far as addictions go, gambling addiction is the worst and thus NHL should really have a role in it. Gambling addiction is, however, way easier to hide than substance addictions and that's why it's more prone to go under NHL's radar.

Dependent, the term used multiple times ITT, is it a legal term in the sense that Kane is legally obligated to uphold the livelihood of all those people?

Anyone? I just find it incredulous he'd have it setup in a way where he must legally support multiple grown-ass people.

 

[Fatass]

Ryan Reaves going to have fun with this one....

Is Reaves the kind of guy that will kick a guy who’s down?

 

[Cardiac Jerks]

He's sick in the head. If he was in a wheelchair you'd feel sorry for him.

In your scenario where Kane is in a wheelchair instead of having a gambling addiction is he also still an asshole?

 

[notsocommonsense]

In your scenario where Kane is in a wheelchair instead of having a gambling addiction is he also still an asshole?

lol, well said . . I’ll reserve pity for those worthy of it

 

[AvroArrow]

He's sick in the head. If he was in a wheelchair you'd feel sorry for him.

No, he's just a dumb, arrogant, a-hole. I was in a wheelchair for many years as a kid, please don't compare that to someone being a complete POS.

 

[Fatass]

Also given how off the hook's Kane's been off the ice isn't there a substantial chance SJ is going to buy him out? How much of the remaining $32M would he be getting in that case? I guess his production on the ice isn't too shabby but the personality in the past and now at great adversity I'm guessing it just doesn't bode too well.

Good call on the rehab thing btw, NHL is hard on substance abuse and justifiably so but one could argue as far as addictions go, gambling addiction is the worst and thus NHL should really have a role in it. Gambling addiction is, however, way easier to hide than substance addictions and that's why it's more prone to go under NHL's radar.


Anyone? I just find it incredulous he'd have it setup in a way where he must legally support multiple grown-ass people.

Can an NHL team terminate a player’s contract who is proven to have very serious gambling debts? Isn’t there a concern with that player being coerced by his debtors to harm the brand of both the team and the league?

 

[hitman9172]

I mean Vancouver is rife with gangs. The more notious ones ignoring HA and Chinese international gangs all seem to come from well off or at least solidly middle class. The Bacon Brothers and many of the Indo Canadian gangs as well.

Definitely. Talked to an organized crime expert in the RCMP a few years ago and he said the prevalence of middle and upper-middle class gang members in Vancouver is an oddity. Along with the willingness to engage in violence for perceived slights and ego instead of pure economic gain. He blamed it partly on culture and lax judicial oversight, and partly on Vancouver’s location as a port city adjacent to the US border, making it a prime destination for drugs flowing between Asia and the US.

 

[TeddyBare]

Is this publicly known or are you “in the loop”?

The bankruptcy filing says they are 100% dependants

they are listed

 

[LGBlues]

What I have seen minus any gossip is an offensive star who broke his hand sticking up for a teammate and never ever asked a less skilled teammate to do his fighting for him. He has been robbed of normal penalty calls by officials. If he has a gambling problem that is too bad - any addiction is.

 

[Lemontree]

I wonder how much of the Hockey Diversity Alliance demands of NHL pledging $100M over 10 years to help battle systematic racism, would have found its way into Kane's pocket.

No paper trail of course, would have been totally on the "up and up".

 

[North Cole]

Sharks would be scumbags to aid in this by agreeing to terminate then re-sign. Ideal situation is he terminates then no one in the league will even consider signing him.

I have trouble seeing him be able to terminate his contract to get out from under this unless his plan is retirement and never being an NHL hockey player again, depends how the collateral is worded in his contract, but banks aren't stupid, that's a huge and obvious loophole - the collateral is likely worded in such a way and that would use a "contract while employed as a player in the NHL" - rather than this one contract paid by the sharks. So what if he got traded and the contract is no longer between him and the Sharks? The bank just loses collateral? No way.

There's no way he gets to walk away for a year, then come back with a new $30 million contract and not have his wages garnished. Jack Johnson got blown up over things he didn't even sign to lenders charging crazy rates (basically sharked), and still had a huge settlement. Kane is rightfully f***** here, these threats seem pretty empty.

Get them down to 50-65 cents on the dollar, give up your three houses. Pay them 10 mil over the next three years, and still keep millions.

 

[InfinityIggy]

I am as big a Kane 'hater' as there is. If he has a gambling addiction though I really hope he gets the help he needs. It can destroy lives just as easily as substance abuse and other vices.

 

[Sky04]

I used to joke about that too until I educated myself on what actually happened there. What that woman went through was horrible.

The more you know, I just read up on it since it's such a big meme in Canada- the media titles and stereotype around the case really spins it as a money grab. My favorite part is "working class woman" was actually 79 years old

 

[GreatSaveEssensa]

I guess now he will getting pics taken of him holding big stacks of IOU’s to his ear.

 

[brentashton]

He's come into a restaurant that I work in a few times over the years. Always a nice to me and all the other staff. Its been brought up that he's supporting multiple family members and while that might not be the smartest thing, you've got to see that as him trying to help others. I get that he isn't everyone's cup of tea and might not be the most mature guy in the world but I don't understand why so many people hate him.

Support my family members versus shower them with financial riches beyond your wildest imagination, and obviously beyond his means, are two very different things.

Support 6 family members for 10 years each even at 100,oooUSD each, which would give anyone a fairly comfortable standard of living would be 6Mil. That’s a far ways off 27MIL. Suffice to say he and his entourage have pissed away a kings ransom, we can assume, unwisely.

 

[Fulham]

This guy would go to the Roxy and drop like 50K on a Tuesday night. This does not surprise me at all.

 

[robertocarlos]

In your scenario where Kane is in a wheelchair instead of having a gambling addiction is he also still an asshole?

I forgot about that part.

 

[Lazlo Hollyfeld]

I wonder how much of the Hockey Diversity Alliance demands of NHL pledging $100M over 10 years to help battle systematic racism, would have found its way into Kane's pocket.

No paper trail of course, would have been totally on the "up and up".

People slam Kane for playing the race card but it's pretty obvious with posts like this one (and previous ones that were deleted) that there is a racial element to some people's hatred of Kane. He wouldn't just "shut up and play."