Professional Bank Hauls Evander Kane to Court
Evander Kane might be a National Hockey League superstar, but it doesn’t seem to be doing him any good. Professional Bank wants the $15 million it lent him back and says the athlete never intended to make good on his repayments.
The organisation hopes to change the chapter of Kane’s bankruptcy from 7 to 11, or from a personal one to one designating a company. This will allow them to access his almost $30 million future earnings.
A Series of Self-Centred Financial Decisions
The San Jose Sharks winger filed for bankruptcy in January this year, claiming a total debt of $26.8 million a little under three years after signing a seven-year extension with the Sharks valued at $49 million.
Zions Bancorporation, another one of the player’s almost 50 creditors, claimed that Kane is battling gambling addiction and described his financial choices as self-seeking. The business may also end up suing the player. Its motion calls for Kane to no longer be handling his bonuses and salary, alleging that the player will simply keep frittering his money away instead of repaying it to his creditors.
The gambling addiction allegation is not without precedent. The Cosmopolitan Las Vegas Luxury Hotel sued Kane in 2019 to get back $500 000 worth of casino markers left unpaid. Kane may have settled this debt, however, since the case was dropped in April 2020.
No Intention of Paying His Loans Back
Professional Bank wants 10X what it loaned Kane back, saying that Kane is guilty of fraud because he loaned money which he did never planned to repay.
This is just one loan of many, and the player managed to secure them thanks to his high-income Sharks contract. In many cases, assurance repayments were set up to be paid directly back to lenders by the San Jose Sharks, from Kane’s wages.
But two firms state that Kane revoked these automatic payments as soon as he’d received the money on loan.
The Centennial is the other accuser and filed suit against Kane in February this year. The firm wants just over $8 million back, which it says covers the principal amount it gave Kane and the interest it has accrued since then.
Details of the Bankruptcy Filing
Kane listed 47 creditors in his bankruptcy filing and stated that he earns -$91 131.13 monthly. This minus total seems at odds with the players’ $7 million yearly salary, but seven dependents live at his home, including both his parents.