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

[ottomaddox]

I've been a LONG-time defender of Kane, but i officially give up

Don't give up.

Perhaps this is a wake up call for him. Some people grow up and bounce back. Jagr got himself into all sorts of trouble when it came to gambling. Luckily it didn't ruin his legacy.

 

[ottomaddox]

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.

The Bacon Brothers? How do they stack up against the Van Buren Boys?

 

[larmex99]

Should have put his money in Bitcoin

1. If he did that Bitcoin would have tanked.

 

[Fatass]

Thats racist.

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

 

[Empoleon8771]

Don't give up.

Perhaps this is a wake up call for him. Some people grow up and bounce back. Jagr got himself into all sorts of trouble when it came to gambling. Luckily it didn't ruin his legacy.

Lol we've been hearing this about Kane for years. Nah, this is definitely not a wake up call for him.

 

[larmex99]

its sad how the rich can burn through money like that and yet here we (most people) are grinding it out just for the meager weekly cheque…i have no sympathy

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Recession or no recession, many NFL, NBA and Major League - 03.23.09 - SI Vault

Except most wealthy people are that way because they don’t burn through their assets by gambling and whoring. Most lottery winners are broke within 5 years because they have no experience with managing assets of that magnitude. Combine that with a gambling addiction and you have Evander Kane. I guess that I am the only poster that actually feels a bit for the guy. At his age the party is over and the fat lady is about to sing.

 

[hotpaws]

f*** me , i want to feel bad for the guy but how the hell do you go that far into debt when you make millions a year ?

 

[featherhawk]

Those two schools are like a 10 minute drive from one another.

not if your driving the speed limit, in rush hour/school start and end times its 20-30 minutes

 

[John Price]

View attachment 383453

@ucanthanzalthetruth

 

[tntkid]

The people who relish in the dude's misery are weird. Stop for a second, relax, think about the fact that what the dude does has absolutely zero impact in your life.

With the amount of bullshit this man child put our team through he deserves every comment that he gets.

 

[Crewouse]

f*** me , i want to feel bad for the guy but how the hell do you go that far into debt when you make millions a year ?

I mean I still feel for him, a big chunk of it seems to come from a gambling addiction. Not easy to overcome an addiction, probably even harder with a huge income and connections to fuel it.

People shitting on him being in the trenches for no other reason than Kane earning a lot of money seems weak af imo

Hopefully he can get help and bounce back

 

[Calderon]

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?

I have a bit of a gambling problem myself so I kinda know what it might be like for Kane but considering the money he's making and, way more importantly, what a piece of **** of a human being he is according to all accounts, I don't really have much sympathy for him. I was pretty astounded to learn the news.

 

[Jumptheshark]

He still has 26 mill owing on his current contract. The fact he has a valid contract with guaranteed money will hurt him.

Do we know which state he filed in? Believe it or not, that does matter

 

[GoJetsGo55]

Do I feel bad for the dude? Yes.

Do I really? Kinda. I defended him every time people talked about him walking out of bar/food tabs. Said there obviously has to be more to the story.

 

[joestevens29]

I'm a little surprised the NHL hadn't stepped in and forced him into rehab. Did it really have to get to this point?

Or does the NHL not care about gambling addictions? Joe Murphy's story comes up once a year, other people's stories come up as well so why isn't the NHL and the PA for that matter trying to prevent another one of it's players from going down a dark road?

 

[joestevens29]

He still has 26 mill owing on his current contract. The fact he has a valid contract with guaranteed money will hurt him.

Do we know which state he filed in? Believe it or not, that does matter

I was wondering about this. So is it better for him to have his contract voided, figure out this bankruptcy and then sign a new contract?

 

[PensPlz]

He still has 26 mill owing on his current contract. The fact he has a valid contract with guaranteed money will hurt him.

Do we know which state he filed in? Believe it or not, that does matter

Well that's the thing, Sharks can terminate his contract and Kane can opt out not playing this year to avoid having an income.

It's sleazy as f***.

 

[Rabid Ranger]

I've been a LONG-time defender of Kane, but i officially give up

Why?

 

[Fatass]

Well that's the thing, Sharks can terminate his contract and Kane can opt out not playing this year to avoid having an income.

It's sleazy as f***.

Would he be able to avoid paying his millions in gambling debts this way?

 

[PensPlz]

Would he be able to avoid paying his millions in gambling debts this way?

Depends who he owes those debts to. Legitimate lenders and establishments, yes. They will all be wiped clean in the eyes of the government. Off-the-books lenders... Not so much. Anthony Spilotro will still want his money.

Go live "your best life" for years. Rack up debt at other people's expense. Get called for it. Quit your job, declare bankruptcy, have everything wiped, and in 7 years do it all over again. Personal responsibility at it's finest.

 

[DickSmehlik]

I didn't see this coming (really, I thought it would be a year or two after he retired).

You can pencil him in for Celebrity Boxing fairly soon.

 

[Fatass]

Depends who he owes those debts to. Legitimate lenders and establishments, yes. They will all be wiped clean in the eyes of the government. Off-the-books lenders... Not so much. They will still want their money.

Go live "your best life" for years. Rack up debt at other people's expense. Get called for it. Quit your job, declare bankruptcy, have everything wiped, and in 7 years do it all over again. Personal responsibility at it's finest.

Hopefully Kane was smart enough to only gamble at legitimate places.

 

[Joe Hallenback]

Pre covid used to go to Vegas to play poker 3 to 4 times a year and he would often be in Bobby's room at the Bellagio dropping 100k or more in a session. The regs would run to the Bellagio to get in games when he was there

 

[robertmac43]

Hopefully he takes this as a wake up call and gets the right people around him for his net contract. Save first Kane, you can still come out of this with plenty of financial security.

 

[Jumptheshark]

I was wondering about this. So is it better for him to have his contract voided, figure out this bankruptcy and then sign a new contract?

Voiding the contract is the fun part. It is not as easy as that, Usually you need a reason and prove that you are unable to make money. And that is why I asked which state did he declare bankruptcy in or did he do it at the federal level? Different states have different ways of looking at bankruptcy and in some states, getting the contract voided to sign another way could be dicey, In the early 2000s several individuals and businesses declared bankruptcy, having in granted, only to have a million dollar contract waiting for them in 30 to 60 days(no pro athletes but rich normal people) and this caused many states to rejig their laws to prevent people from walking way from debt, only to walk into a very rich deal or contract a short time later.

I could be wrong, but voiding a contract just to get away from paying a debt could be illegal in a few states. My guess is the loans were given upon the basis of those contracts--so even if Kane files for bankruptsy, the Sharks could still be on line for the loans and losses.

And I will admit I need more information before saying I am right or wrong, but because he does have that contract it could be a little harder for him to file bankruptcy and sign a new contract in the NHL