Evander Kane File For Bankruptcy

[Claimjumper]

$27 million in debt at age 29! One of the most arrogant overrated players in the league! Even NFL and NBA players have the wherewithal to make it through their careers without sinking to bankruptcy.

Sharks forward Evander Kane reportedly filed for Chapter 7 bankruptcy in a petition in federal bankruptcy court in San Jose on Saturday, listing nearly $27 million in debt.

The Athletic's Daniel Kaplan reported Monday that Kane is facing six active "lawsuits, court actions and administrative proceedings with lenders," including a lawsuit -- first reported by San Jose Hockey Now's Sheng Peng on Saturday -- filed last week by Centennial Bank in federal court in Florida seeking $8.3 million from Kane and the Sharks.

Kane, according to Kaplan, listed liabilities of $26.8 million and assets of $10.2 million in the filing. He listed seven dependents living with him, ranging from his six-month-old daughter to his 77-year-old grandmother, $1.5 million in gambling losses over the last 12 months and a $1.88 million valuation of a counterclaim against Rachel Keuchele. Keuchele alleged battery in a lawsuit filed in Eerie County Supreme Court in New York

According to the filing, Kane's monthly income is minus-$91.131.13. Kaplan reported that Kane's filing warned his creditors that he could opt out of the season.

Debtor may terminate his contract and he may opt out of the season, as allowed under current rules, because of health concerns given the recent birth of his first child,” the bankruptcy petition said. “Should he terminate his contract or opt out at a point in the season, Debtor will not receive his salary.”

Kane, 29, didn't opt out of the NHL season prior to the Christmas Eve deadline. He has practiced at the Sharks' training camp in Scottsdale, Ariz.

RELATED: Sharks assign first-round pick Merkley, six others to Barracuda
The Sharks signed Kane to a seven-year, $49 million contract in 2018. Kane, according to Cap Friendly, earned $3 million in signing bonuses and will earn $3 million in base salary. That's the lowest base salary of any year of his contract, and Kane must pay 20 percent in escrow on that salary as a result of the collective bargaining agreement the NHL and the NHL Players Association signed last summer.

Kane's filing, according to Kaplan, included a portion mentioning that "even if all scheduled games are played, his salary will be adjusted based upon the reduced number of games." That contradicts reporting last month from Sportsnet's Elliotte Friedman about the NHL and NHLPA agreeing on a 56-game season. Friedman reported Dec. 18 that salaries wouldn't be prorated.

https://sports.yahoo.com/report-sharks-evander-kane-27-020646798.html

 

[Bucky]

27 mil in debt. Special kind of stupid.

 

[white is right]

I don't even think if every adult that he supported got a job it would make the minimum payments on his debt.

He's supposedly a cousin of failed heavyweight contender Kirk Johnson, if I didn't know any better I would think he was a punchy ex boxer...

 

[Phall]

Fascinating account, and of course not particularly uncommon for (black) athletes and celebrities. Not being a hockey fan, I wasn't familiar with Evander Kane and understood that the NHL only has a handful of black players at any time, who are naturally over-promoted and overhyped.

From what I can gather from the Yahoo article and its linked local news stories, this guy took out a "payday loan" with Centennial Bank against his 7-year contract to get $4 million cash up front, which turned into about $9 million in "liabilities" (interest and unpaid fees) when he stopped making his monthly payments. I am just guessing that the NHL collective bargaining agreement sets a structure for things like salary dispersement schedules, and this "business investment advance" was an easy way to subvert those rules.

Bear in mind that the bank is not a victim here in black and white terms (heh). Their underwriting team made a calculated decision to extend the money, and their exorbitant interest rates and fees reflect the likelihood of default.

Other points of interest: one of Kane's "assets" is a $1.8 million valuation of a "counter-judgment" against a white woman who previously sued him for raping her in a hotel room in 2016. Without rolling up my sleeves on that story, I'll make the guess that this is imaginary money that won't ever exist. The seven dependents co-habitating with Kane are a novelty, but are likely presented more for sympathy than an elaboration on any legal obligations. While Centennial Bank was the first lender to 'call in' their debts, we can be sure that countless other places (jewelry stores, auto dealerships, mortgage lenders) extended the same type of fast-gratification-now style of financing. The $1.5 million in gambling debts is incredible... this was half of his previous year's salary before taxes!

The threat of Kane sitting out the season is a clever bit of legal maneuvering. He can withdraw for covid concerns and put his arrangements with the NHL on hold through the league's new accommodations. This works great for debt negotiation, as his newly current salary of zero gets projected outward on the actuarial calendar. In the end, some of his debtors will be fighting for slices of pie that do not include his 2022 salary and beyond - a clever ploy to secure more favorable concessions. I still imagine he's a long way away from being rich again.

---

The NIL rights (name and image licensing) for college athletes is the new reform coming down the pipeline. This will allow players to sign autographs, do commercials, promote products on social media, etc, profiting on their popularity without drawing a salary for their sport. It seems inevitable at this point, especially with the woke directive to pay poor young blacks instead of rich old whites (the coaches, school admins, broadcast execs, etc). The fallout from this monumental change will be tremendous.

Take cheerleaders for instance: they are not classified as varsity athletes, so they are not bound by collegiate amateurism. The girls get sent free makeup, and they post about how much they love the brand on their instagram pages, even getting a few hundred bucks from the company for their endorsement. The school isn't involved, the cheerleaders are rewarded for their popularity, their participation and competitions proceed as normal. No big deal.

Now imagine that scenario for football and basketball. Dial the age range back to at least 15, since that's about when professional scouting services kick in. There's no solid estimate of how much money is currently paid to kids under the table. Instead of those dubious loaner cars from the booster's dealership, those can be legally secured with a room-brightening smile posted on a tweet. Maybe even a few hundred thousand dollars for the trouble. Realistically, how long until the first offer of a lump sum pledged against future payments is made?

Evander Kane's anecdote spells out the trajectory clearly. There will be banks, but also agencies (sports agents, talent agents, financial managers, etc) and loan sharks (jewellers, payday loans, gambling books, etc) coming out of the woodwork to "help" these kids out. If the professional leagues with all their mandatory financial literacy classes, union-approved contract regulations, and certified money managers can't prevent the Kanes, Latrell Sprewells, and Terrell Owenses of the world, we know what is certain to happen when the floodgates open.

Something else to be certain of: it will all be whitey's fault!

 

[Tannehill17]

Who was his agent? Bernie Madoff? Speaking of gambling issues would he be in trouble with the NHL if it was found out that he bet on his own team? I would have to think he would be banned and his contract voided. That's an absolute no-no in all professional sports leagues.

 

[Don Wassall]

If anyone's going to respond to this story, do so without ranting and raving about "mudsharks." Kane is the issue, no matter who he happens to be married to.

Evander Kane’s pregnant wife says NHL star tanked games for gambling profit

https://nypost.com/2021/08/01/evander-kane-tanked-games-for-gambling-profit-wife/

 

[Leonardfan]

I wonder if the NHL will aggresively pursue these allegations. I certainly hope so. This would be worse than what Pete Rose was accused of doing which got him banned from baseball for life.

 

[Extra Point]

I predict this story will be buried by the MSM.

 

[Tannehill17]

I wonder if the NHL will aggresively pursue these allegations. I certainly hope so. This would be worse than what Pete Rose was accused of doing which got him banned from baseball for life.

Yeah, this is beyond anything Pete Rose ever did. Now we're talking Shoeless Joe Jackson/Black Sox territory. This doesn't look good for Kane.

 

[Phall]

Weird how my enemy of my enemy's enemies' enemy is somehow my friend now. Now I love Evander Kane. I hope the NHL isn't focusing on his fake vaxx card because he's black while letting the fake vaxx cards of white players frolic in the meadow. That would be a violation of his civil rights and warrant fifty months in the courtroom, with endless options for renewal! Free Evander Kane!

Sharks waive Evander Kane after breaking the AHL's COVID-19 protocols in the last of several slip-ups

San Jose intends to terminate Kane's contract, but his agent and the NHLPA said they'd file a grievance if the team attempts to do so
Evander Kane's tumultuous run with the San Jose Sharks is over. The Sharks placed Kane on unconditional waivers Saturday with the intent to terminate the rest of his seven-year, $49 million deal.

San Jose said it made the decision because Kane breached the NHL standard player contract and the AHL's COVID-19 protocols. Kane joined the Sharks' AHL team, the Barracuda, late November after serving a 21-game suspension for submitting a fake vaccine card to the NHL.

The 30-year-old Kane played only five games with the Barracuda before entering COVID-19 protocols on Dec. 22.

While San Jose hopes to terminate Kane's contract, it won't do so without a fight. The NHLPA announced Saturday night it would "challenge any such action by filing a grievance." Kane's agent, Dan Milstein, reiterated the association's stance.

San Jose's decision to waive Kane comes after months of controversy surrounding the once highly-touted winger. In July, Anna Kane – Evander Kane's estranged wife – accused her husband of betting on NHL games and "throwing (his own) games with bookies to win money" in an Instagram post. The NHL investigated Anna Kane's accusations but found no evidence to support them.

NHL gambling wasn't the only illicit act Anna Kane accused her husband of. She also claimed Evander Kane physically and sexually abused her during their marriage, causing her to file a restraining order against him in a Santa Clara court last September.

Evander Kane, however, claimed Anna Kane was violent with him prior to her filing and was granted a temporary restraining order of his own. The timing of Anna Kane's filing caused Evander Kane's lawyers to describe the move as "retaliatory."

The NHL announced it couldn't verify Anna Kane's domestic abuse allegations on Oct. 18.

Kane will finish his Sharks career with 212 games played and 166 points (87 goals, 79 assists). He joined the team in 2017-18 after spending his first nine NHL seasons with the Winnipeg Jets and Buffalo Sabres.

With San Jose terminating the remainder of his contract, Kane is set to lose roughly $22.9 million from his original seven-year, $49 million deal. It's not an ideal time for Kane to lose that income, as he reportedly filed for Chapter 7 bankruptcy in California last January after incurring $26.8 million in debt.

According to The Athletic's Daniel Kaplan, Kane lost $1.5 million to gambling the month of his bankruptcy filing. Days before Kane filed for bankruptcy, Centennial Bank sued Kane for $8.3 million in Florida federal court over gambling debts.

 

[Amren.com]

$27 million in debt at age 29! One of the most arrogant overrated players in the league! Even NFL and NBA players have the wherewithal to make it through their careers without sinking to bankruptcy.


https://sports.yahoo.com/report-sharks-evander-kane-27-020646798.html

Good grief. What a ******* idiot.

 

[NikoDuke]

One should compare how the media have covered Evander Kane vs. How they covered Tony DeAngelo. They pushed DeAngelo out of league for a year for far, far less than what Kane has done.