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

[robertocarlos]

It seems it's not about him being black, sick in the head, or in a wheelchair. It's about him being a not so good person.

 

[NeelyWasAWarrior]

Somewhere out there Matt Cooke is laughing his butt off.

 

[LokiDog]

Pretty shocking considering the amounts of money he has made. He makes something like 25-40x what the average poster makes here each year and is 28M in debt. I get how it happens, with the lifestyle they can get wrapped up in and bad spending habits, gambling, etc. but it’s just so wholly irresponsible and indicative of a real poor thought process.

 

[slurpee addict]

"he's touched the hot stove - now he's learned his lesson..."

too soon?

 

[GirardSpinorama]

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

He has people figuring this out for him.

 

[The Hanging Jowl]

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.

Ridiculous to see someone who amassed over $50 million in career earnings so far has already blown it all away, but the snippet about him "terminating his NHL contract and not having future earnings" (terminating his contract due to the recent birth of his first child) makes me think this is a strategic bankruptcy by his lawyer to get out from under his obligations. If the court takes him at his word that he'll realistically terminate his seven-year, $49 million contract and let's him liquidate his existing assets to pay out his debtors from the proceeds, he can just re-sign afterwards and be debt free.

Sure, makes sense but who's going to sign him for anywhere near what he was making now? I'd be surprised if he can get more than an entry level deal for at least a few years.

 

[DEANYOUNGBLOOD17]

How it started....

How it's going....

Joke

Now we know why Big Buff threw his tracksuit in the cold tub of water in the Winnipeg Jet therapy room/shower.....

He was just helping Evander Kane laundry his $.......Buff is such a nice guy! Probably got the financial advise from team captain Andrew Ladd and assistant captain Blake Wheeler!

“Gangster”

 

[Royale With Cheese]

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.

There's different sides to everyone I guess. I'm glad you've had good experiences with him.

I know people who've dealt with him in Winnipeg (airport security, restaurants, etc) and they shudder when his name is mentioned. Arrogant, entitled, and supremely disrespectful are the words I've heard.

Dude has some serious bad energy around him.

 

[I Hate Philadelphia]

You don't get to spend your entire career being an asshole then say people are being "racist" when they rightfully call you an asshole. I guarantee you this topic would be filled with much different sentiments if this were Mike Grier, Joel Ward, Anson Carter, Kevin Weekes etc. etc., basically anyone who was a respected person/player instead of a piece of garbage.

 

[Nikolajs Sillers]

Evander, Money Stacks Kane

 

[Wats]

You don't get to spend your entire career being an asshole then say people are being "racist" when they rightfully call you an asshole. I guarantee you this topic would be filled with much different sentiments if this were Mike Grier, Joel Ward, Anson Carter, Kevin Weekes etc. etc., basically anyone who was a respected person/player instead of a piece of garbage.

How about Subban? He is usually lumped into a 'type' and disliked yet he has done nothing but good for every community he's been apart of...

 

[DuklaNation]

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."

Companies do due diligence for credit history of potential employee candidates for a reason.

 

[jokesondee]

How about Subban? He is usually lumped into a 'type' and disliked yet he has done nothing but good for every community he's been apart of...

Strange thing about Subban is the dislike always seems to come from his teammates. The fans and communities love him.

 

[cbcwpg]

$52.9 million in career earnings
$28.6 million in debt

You have to seriously try to lose money to have that debt to earnings ratio.

 

[Kalamazoo Wings]

How about Subban? He is usually lumped into a 'type' and disliked yet he has done nothing but good for every community he's been apart of...

Don't make this thread about something it's not. Subban wouldn't get this much shade thrown his way if it were him in this predicament. Kane made his bed where as PK has made a legacy with his generosity.

 

[DuklaNation]

The debtor has incentive to negotiate and Kane is threatening to not play in order to get a reduction in the balance owed. With 4 or 5 yrs left on his deal, that's motivation to get a deal done. Its similar to keeping a cash flow positive business running.

 

[KovalchukFistPump]

How about Subban? He is usually lumped into a 'type' and disliked yet he has done nothing but good for every community he's been apart of...

I don't think anyone calls Subban a bad guy. It's more frustration with the fact that it seems like he's putting too much effort into his social media brand and not enough into training/preventing a sharp decline in play while making one of the largest salaries for a defenseman in the league.

Kane is on a whole new level and it looks like he has deserved all the backlash against him.

 

[Dr Robot]

So i believe based on the other thread that he was using the future earnings from his contract as collateral for some of those loans. I'm not sure the legal ramifications of trying to break contact or if the contract itself is considered an asset in this case, if the debtors can go after future earnings.

 

[NinjaKick]

maybe he's a victim of his own arrogance or maybe he's just a f***ing idiot

actually... I think it's a bit of both

 

[HuskyBruinPride]

What a moron. I sincerely hope he ends up on the streets for his utter stupidity.

 

[jfhabs]

So i believe based on the other thread that he was using the future earnings from his contract as collateral for some of those loans. I'm not sure the legal ramifications of trying to break contact or if the contract itself is considered an asset in this case, if the debtors can go after future earnings.

Good point! That would be a very good reason to file for bankruptcy if they don't... if he officially used it as collateral I assume they can.

 

[njdevils1982]

$52.9 million in career earnings
$28.6 million in debt

You have to seriously try to lose money to have that debt to earnings ratio.

 

[Lemontree]

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."

What did my post have to do with race? Take a look at charities and other organizations who are created for the purpose of "helping" people or a cause. The majority have insanely high admin fees or have contracts with people who they have a personal relationship with. Why don't you tell me what you think $100M would be spent on and who's hands that money would have gone into.

 

[I Hate Philadelphia]

How about Subban? He is usually lumped into a 'type' and disliked yet he has done nothing but good for every community he's been apart of...

Don't see the comparison here at all. People hate Subban for his on ice antics but even most Bruins fans would tell you how much they like his personality / charisma etc off the ice, how good he is with media stuff etc.

 

[Lazlo Hollyfeld]

What did my post have to do with race? Take a look at charities and other organizations who are created for the purpose of "helping" people or a cause. The majority have insanely high admin fees or have contracts with people who they have a personal relationship with. Why don't you tell me what you think $100M would be spent on and who's hands that money would have gone into.

What did your post have to do with race???

In a thread about Kane declaring bankruptcy, you insinuated that the Hockey Diversity Alliance would conspire with Kane to embezzle funds from the NHL. Kane's bankruptcy has nothing to do with the Hockey Diversity Alliance. And I have no idea why you're speculating that they would illegally divert funds.

The only thing connecting Hockey Diversity Alliance to this is that Kane is black.

(Your original post below for reference)

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".