http://bluejacketsxtra.dispatch.com/cont...sided.html
With no agent and little knowledge of how the financial world works, Johnson turned over control of his money to his parents.
In 2011, in the weeks leading up to Johnson’s first big contract — a seven-year, $30.5 million deal signed with the Los Angeles Kings, under which he now plays for the Blue Jackets — Johnson signed a power of attorney that granted his mother full control of his finances.
Tina Johnson borrowed at least $15 million in her son’s name against his future earnings, sources told The Dispatch, taking out a series of high-interest loans — perhaps as many as 18 — from nonconventional lenders that resulted in a series of defaults.
The tangled web is one that The Dispatch has been investigating since the spring, and — according to court documents, NHL sources and sources with knowledge of the situation — involves a U.S. congressman from Iowa, the son of an oil baron in Texas and a former University of Michigan basketball star.
Because Johnson’s name is on the loans, he has been sued at least three times for more than $6 million for defaulting, as in the case of the mortgage on a house in Manhattan Beach, Calif. In court documents, Johnson says his parents bought the house with his money but without his knowledge.
Johnson’s parents allegedly each bought a car, spent more than $800,000 on upgrades to the Manhattan Beach property and traveled, often to see him play NHL games for the Kings and Blue Jackets.
“Jack would ask (his parents) questions: ‘What’s this? What are these guys calling about?’ ” a source said. “And they would tell him not to worry about it, just worry about playing hockey.
So much wrong with this story...just so much wrong.
With no agent and little knowledge of how the financial world works, Johnson turned over control of his money to his parents.
In 2011, in the weeks leading up to Johnson’s first big contract — a seven-year, $30.5 million deal signed with the Los Angeles Kings, under which he now plays for the Blue Jackets — Johnson signed a power of attorney that granted his mother full control of his finances.
Tina Johnson borrowed at least $15 million in her son’s name against his future earnings, sources told The Dispatch, taking out a series of high-interest loans — perhaps as many as 18 — from nonconventional lenders that resulted in a series of defaults.
The tangled web is one that The Dispatch has been investigating since the spring, and — according to court documents, NHL sources and sources with knowledge of the situation — involves a U.S. congressman from Iowa, the son of an oil baron in Texas and a former University of Michigan basketball star.
Because Johnson’s name is on the loans, he has been sued at least three times for more than $6 million for defaulting, as in the case of the mortgage on a house in Manhattan Beach, Calif. In court documents, Johnson says his parents bought the house with his money but without his knowledge.
Johnson’s parents allegedly each bought a car, spent more than $800,000 on upgrades to the Manhattan Beach property and traveled, often to see him play NHL games for the Kings and Blue Jackets.
“Jack would ask (his parents) questions: ‘What’s this? What are these guys calling about?’ ” a source said. “And they would tell him not to worry about it, just worry about playing hockey.
So much wrong with this story...just so much wrong.
