November 20, 2014
Blue Jackets’ Jack Johnson Files for Bankruptcy. Despite earning more than $20 million in his nine-year career with the Los Angeles Kings and Blue Jackets – not including the $5 million he’ll earn this season – Johnson has reportedly been in financial trouble for nearly four years.
Just prior to signing a 7-year, $30.5 million contract in 2011, and 3 years after he parted ways with his agent, Johnson signed a Power of Attorney that allegedly granted his Mom full control of his finances which sent his life going down the “wrong turn in the road”.
Johnson’s Mom reportedly took out nearly 20 high-interest loans in her son’s name, one of which most interesting: Mom borrowed $15 million in her son’s name against his future earnings. These loans resulted in a series of defaults leading to filing for bankruptcy.
Now Johnson, having cut-off ties with his family, has a fresh start on the ice to earn $5 million per season until 2017-18. Let’s hope he is careful of who he trust in the future and doesn’t take a wrong turn again..