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

[NorCalFlamesRangers]

Couldn’t have happened to a better guy, or a better franchise! What an absolute dumpster fire! Can’t wait to see Reaves’ chirps!

 

[Bonin21]

Advice to everyone including apparently professional hockey players: gambling isn't worth it.

 

[holy]

People here hate Kane a little too much lmao.

 

[Red Piller]

Advice to everyone including apparently professional hockey players: gambling isn't worth it.

yeah it is

 

[NYR94]

A gambling addiction is a serious issue. I hope he gets the help he needs.

 

[brendan smith]

Whats the over / under on Kane not playing this year?

Is he the underdog against an entire Team of Banking Lawyers?

 

[Twoods1623]

It makes sense now why he wanted to box one of the Paul brothers now. Quick cash grab.

 

[MadLuke]

THREE 10.2mil homes? 6 adult dependants? Even making questionable money decisions shouldn't make you bankrupt with that much income unless family/close friends are taking advantage of him.

If all is debt was because he had 3 10.2 mil home he would be more than OK, could just sell all of them and be done with it.

From what I understand he has 26 millions in debt and 10 millions in asset (mostly from having 3 house), thus 16 million in net debt (when you do not consider what is left on is contract has money)

I think is remaining contract is quite more than is debt, making the bankruptcy move looking like a way to get out of debt (and/or reach a deal) when it would not be absolutely necessary, if he would otherwise sell most of is 10 millions in asset to pay it and use all of is remaining contract to reimburse what is left. Probably why he is putting threat of stopping to play to force their hands, when you have more debt than asset, it can become interesting to give all your asset to your creditor in exchange to expunge all of your debt, but if you have giant money coming in like an Hockey player it is hard to imagine that a judge would not force you to give some to them, menacing a break/early retirement put pressure to accept a deal without that future revenue.

The planned salary remaining
2020-2021: $ 6 M
2021-2022: $ 7 M
2022-2023: $ 7 M
2023-2024: $ 6 M
2024-2025: $ 6 M
= 32 millions, say 50% going away in taxes/agency, 16M left.

If he live on "only" 1 million during that time frame and continue to play after this contract he could clean is debt, but that is something you would try to get away from if you can, because you will need to work for a living after your Hockey career for sure.

Warning: I know about nothing in general about bankruptcy, athlete net payday or this in particular.

 

[sabresEH]

19 NHL Stars Who Lost Everything: Where Are They Now? (apparently Brashear's working in the maritime provinces at a Tim Hortons... some homeless, some got duped...)

That doesn’t seem like the best article
Seeing as how Brashear didn’t end up on the 19 names listed I think that picture of Brashear is from him helping out a friend who owned a local Tim hortons or something like that. He’s not working full time at Tim’s.

 

[explore]

19 NHL Stars Who Lost Everything: Where Are They Now? (apparently Brashear's working in the maritime provinces at a Tim Hortons... some homeless, some got duped...)

This is a terrible article and not worth reading. Almost 100% of the athletes they listed as having lost "everything" didn't lose everything according to the article itself. That article is 100% clickbait

 

[MrHeiskanen]

Complete tool, now we know why he was begging and begging to get knocked out by Jake Paul because he needed the money. He was begging like a homeless guy on Twitter.

 

[93LEAFS]

How do you go bankrupt while being cash positive to the extent he is, unless he's part of complex investments that required cash calls. I'm never surprised by athletes going bankrupt once they are out of the league. But, to go bankrupt while still earning 7m a year is astonishing outside of him being a victim of massive fraud.

I forgot which ex-player called out Derek Fisher for peddling these pay-day loans to young NBA players. When you are making 7m a year, you should never have to borrow money from a pay-day loan structured company.

 

[SI90]

Very sad.

irony

 

[BrannigansLaw]

Reading this thread, you’d think some are actually happy that he’s bankrupt. This is why I stick to the Leafs board lol

 

[tntkid]

The MC Hammer of hockey.
Lofl

 

[Pens x]

The modern day Romeo and Juliet love story from last year:

Woman suing NHL star Evander Kane over '$3 million abortion promise' agrees to reveal her identity | Daily Mail Online

Cliff notes: a woman sued him for reneging on a $3 million payment for her to have her third abortion.

Clearly, the guy has some issues. f*** his parents and family for being pieces of garbage exploiting his issues.

 

[Rabid Ranger]

Rather than wads of cash, what will he use for a phone now? Kraft Dinner Box?

Too rich. Ramen pack.

 

[DropTheGloves]

It's pretty sad that this is how you respond to a reasonable civil conversation.

What do you want me to say? You refuse to live in reality and instead occupy a world in your head where someone being consistently sued for breaking financial commitments is 1) normal 2) not indicative of an underlying problem with money.

Come back to earth and maybe someone will actually talk to instead of clowning on you.

 

[AngelDuck]

The lack of basic education with regard to personal finance is honestly just really sad.

But at that income level it really takes a special talent to blow it

 

[Devonator]

How can he have amassed such debt at such a young age?? This is incredible.

 

[AngelDuck]

If he truly is in that much debt even after selling his properties, then he obviously isn’t just in debt due to the houses and “investments”. This dude has serious spending and baby mama issues.

Honestly it’s insurmountable for him probably if those numbers are true

 

[Naych_PHX]

This is just sad. How?

 

[snowkiddin]

Can you hear that? It’s the world’s tiniest violin playing.

 

[MBH]

I always like Evander Kane.
Yeah, ego. But the dude is pretty well spoken for a hockey player and has real charisma.
If he played for my team, I'd be a bit perturbed he's not more productive. He's got the size, skating and skill to be a 40-goal guy.

Lots of young athletes don't know how to manage their money. He needs a trustworthy financial guy with a backbone.

 

[DistantThunderRep]

I can’t speak to his financial history/habits, but I knew Evander Kane growing up (bunch of friends played rep soccer with him for years) and he was always a bit “out there”. Very arrogant and hot headed, and his parents seemed to push him hard, but that could probably be said for many pro athletes.

Same, grew up with him around in hockey. he was always a dick, big head, arrogant, rubbed everyone who came in contact with him the wrong way. He never knew accountability growing up, I've seen him and heard of some messed up stuff he did back in the day. None of this is surprising to me at all.