HOCKEY STAR’S PARENTS FROM HELL

Columbus Blue Jackets defenseman is bankrupt because his parents squandered all his money and some more

In 2011, Columbus Blue Jackets star defenseman Jack Johnson singed a power of attorney which granted his mother full control of his finances. Shortly thereafter he signed a $30.5 million contract with the LA Kings, the team he was playing for at the time.

The parents then went on a spending orgy with his newly acquired riches, using his money to buy luxurious cars, an expensive home in Manhattan Beach, California, along with $800,000 in upgrades, and travel. Johnson’s mother also took out huge unconventional loans against his future earnings at interest rates of 12 and 24 percent, leaving him with less than $50,000 and debts of more than $10 million.

Jack is no longer speaking to his parents from hell.

NHL STAR FORCED TO DECLARE BANKRUPTCY AFTER ‘HIS PARENTS SECRETLY SQUANDERED HIS $30 MILLION FORTUNE ON HOMES, VACATIONS AND CARS’
The parents of Columbus Blue Jackets defenseman Jack Johnson spent all his money and also took out non-conventional loans, and defaulted on them

By Chris Spargo

Mail Online
November 21, 2014

At just 27-years-old, Jack Johnson has had a remarkable hockey career.

The Coulmbus Blue Jackets defenseman, who previously played for the Los Angeles Kings, was selected third in the 2005 NHL Entry Draft, played for Team USA in the 2010 Olympics, and has earned a staggering $23million during his career.

And now all that money, and some more, is gone - because of his parents.

After parting with his agent in 2008, Johnson, who attended University of Michigan but has little financial knowledge, turned control of his money over to his parents.

Then, in 2011,Johnson signed a power of attorney that granted his mother full control of his finances shortly before signing a $30.5million contract with the Kings.

That is when things started to go horribly wrong.

According to The Columbus Dispatch, Tina Johnson, Jack's mother, borrowed at least $15 million in her son’s name against his future earnings.

What's more, she borrowed from nonconventional lenders and defaulted on the loans.

The loans included one from Iowa Congressman Rodney L. Blum for $2million, with an interest rate of 12 percent, and one from Pro Player Funding for $3 million, with an interest rate of 24 percent.

Now, Jack has been sued repeatedly for $6million in loan repayments after his parents splurged on cars, a home in Manhattan Beach, California, along with $800,00 in upgrades, and travel.

He has also been forced to declare bankruptcy.

'Jack would ask [his parents] questions: "What’s this? What are these guys calling about?",' a source told the paper.

'And they would tell him not to worry about it, just worry about playing hockey.'

Now all Jack can claim is assets 'less then $50,000' and 'debts greater than $10million.'

His paychecks from the Blue Jackets meanwhile, who are paying him $5million this season, are garnished as soon as he receives them.

The source said he is no longer speaking to his parents.

'I’ve seen lots of instances of parents riding their kid’s coattails around,' said one NHL executive.

'I’ve never seen a case as ugly as this one, where the parents took such advantage of their kid.'

Jack, who has hired a new team of financial advisers, is taking the high road still somehow, despite this awful setback.'

'I’d say I picked the wrong people who led me down the wrong path,' he said.

'I’ve got people in place who are going to fix everything now. It’s something I should have done a long time ago.'