View single post by lobo316
 Posted: Sun Nov 13th, 2016 03:06 am
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lobo316



Joined: Sun Oct 14th, 2007
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Columbus Blue Jackets defenseman Jack Johnson settled with six of his eight creditors in bankruptcy court Friday, according to Aaron Portzline of Columbus Dispatch.

The agreement will reportedly see Johnson liquidate two homes and a Ferrari, and forfeit nearly all of his earnings over this season and next - a total of $10 million minus a sum of $246,000 per season for "living expenses." As one creditor noted, according to Portzline, the deal will make Johnson "the lowest-paid player in the NHL for the next two seasons."

After his seven-year, $30.5-million contract expires at the end of the 2017-18 season, he'll be allowed to keep $277,050.50 of any contract he signs until his debts are paid off.

The two remaining creditors - owed a combined $2 million - have still not reached an agreement with Johnson.

The 29-year-old applied for bankruptcy protection two years ago after learning that his parents, Jack Sr. and Tina, who had control of his finances, took out nearly 20 high-interest loans in his name, and defaulted on some - all allegedly without Johnson's knowledge.

According to Portzline, his debts were believed to total $10 million when he first filed for bankruptcy protection, while others close to him suggest that number may be higher.