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Jack Johnson files for bankruptcy


Thomas

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I still can't understand how these people that make so much money have practically none of it left.  Even if I did daily strippers and blow, I don't think I could get through $18 million in 9 years.  Although I would have a strong desire not to commit suicide, so even broke, I'd have that going for me.

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man, what an awful story. hard to see the parents just dive in to his bank account like that. deals with less than reputable people? how does that happen with parents?

 

always like jack. hope he lands on his feet. can't imagine he'll be spending much more time with his parents outside of court appearances. 

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Read this earlier. Feel bad for the dude. Power of attorney to the mother and the parents just go apeshit.

 

What stands out the most is I have absolutely no idea how they signed off on a 12% mortgage and borrowed 3m at 24%.....both are just absurd. I actually want to know how a loan officer pulled that off.

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Read this earlier. Feel bad for the dude. Power of attorney to the mother and the parents just go apeshit.

 

What stands out the most is I have absolutely no idea how they signed off on a 12% mortgage and borrowed 3m at 24%.....both are just absurd. I actually want to know how a loan officer pulled that off.

I don't think they went the conventional loan route, pretty sure it was loan sharks which is why the rates are so absurd.  

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I don't think they went the conventional loan route, pretty sure it was loan sharks which is why the rates are so absurd.  

 

I don't see why the need for that with the mortgage. It's a super jumbo and can easily qualify as a second home purchase. With the income coming in and assumed good credit due to high earnings, they should still get approved. Granted, the parents trying to get a 15m home with a contract of just over 30m and locking up 50% of his net worth is beyond moronic. It may be over a super jumbo, but seems 5-6% too high.

 

The 3m at 24% is just straight up egregious. That's straight up car title loan territory. Even the hard money lenders I know only charge somewhere between 5-10%, even for this kind of cash. If you have a commitment as they do with future earning guaranteed you can even get a loan for a lot less because you have the collateral backing of future wages. Granted, if they are borrowing 3m they likely have debt issues, but would still never touch 24%.

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Upon further review...

 

It appears some of the loans may not originally have had the rates reported. Seems the mom took out loan(s) at lower (but still way above what you would think she could get with the collateral) rates and then almost immediately defaulted. Clauses kicked in that shot the rates up.

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Read this earlier. Feel bad for the dude. Power of attorney to the mother and the parents just go apeshit.

What stands out the most is I have absolutely no idea how they signed off on a 12% mortgage and borrowed 3m at 24%.....both are just absurd. I actually want to know how a loan officer pulled that off.

Johnson has gotten the royal screw over in life.

Gets traded just before the Kings win the first Cup.

Now this?

Edited by Angel Oracle
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