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Evander Kane Chronicles: Vicious Lawsuit with Mormon Bank Revealed, No End In Sight - Factz



Evander Kane Chronicles: Vicious Lawsuit with Mormon Bank Revealed, No End In Sight

Controversial hockey player Evander Kane, who now plays for the Edmonton Oilers, is entangled in a major ongoing lawsuit with a Mormon bank who is alleging the player misclassified his bankruptcy and has flip flopped on his ability to make money.

Kane filed for Chapter 7 bankruptcy on January 9, 2021, stating that he owned $10,224,743.65 in property and owed $30,191,340 in liabilities. At the time he filed for bankruptcy, Kane was in his third year of a seven-year contract with the San Jose Sharks. After Kane filed his Chapter 7 petition, Zions Bank moved to convert the case under Chapter 11. The difference between a Chapter 7 case and a Chapter 11 case is that in Chapter 7, a debtor retains his post-petition income, while in Chapter 11, that income becomes part of the bankruptcy estate. At stake in Kane’s case: His earnings under the remainder of his contract with the Sharks, which Zions estimated at $29 million. It argued that Kane could pay creditors at least $3.298 million from a $29 million contract under a five-year Chapter 11 plan. Kane disputed that number, saying it overlooks taxes, deductions, and other adjustments, and that his salary depended on his ability to play hockey. 

The bankruptcy court denied the motion on April 19, 2021, which Zions appealed. The appeal takes several issues with the bankruptcy court’s decision, including whether it erred by concluding that the benefit of conversion to creditors was unproven given Kane’s contract with the Sharks. That contract, Zions contends, spoke to Kane’s ability to pay his creditors “several millions of dollars” in a Chapter 11 plan. 

On or about January 8, 2022, while Zions appeal was pending, the Sharks terminated Kane’s contract. He then signed a one-year contract with the Edmonton Oilers. Kane did not disclose playing with the Oilers in his motion to dismiss. In his reply, he acknowledges his “short-term contract with the Oilers, which expires at the end of the current season.” 

Kane filed this motion to dismiss on February 22, 2022. Kane makes the same motion in a similar case with South River Capital. In the Zions bank case, the motion to dismiss was denied. Although that contract may be worth less than his contract with the Sharks, it provides some effective relief that may be granted to Zions. Kane is appealing with his mediation questionnaire due on November 3 and opening brief due December 27.

The bankruptcy hearing is now scheduled for March 9, 2023.

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Average Joes
Average Joes
4 months ago

This is absolutely insane. How do you spend that much money?

4 months ago
Reply to  Average Joes

It’s easy. Bang hookers and gamble.

4 months ago

This guy is terrible. Jacking the jacked Mormons. That’s bad.