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OT: Darren McCarty auctioning his Cup Rings

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Old
10-27-2006, 12:28 PM
  #1
pavlako11
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OT: Darren McCarty auctioning his Cup Rings

http://tsn.ca/nhl/news_story/?ID=182072&hubname=



Wow, how do you allow your debts to get that high? Especially when your not really a superstar player.

Yikes!

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10-27-2006, 12:29 PM
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Shabutie
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I was just about to post this. I sort of feel bad for the guy even if it is his stupidity that drove him to bankruptcy... Personally I couldn't drive myself to selling my stanley cup rings. I'd just get someone to shoot me or something.

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10-27-2006, 12:31 PM
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BeatsPerMinute
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Originally Posted by Shabutie View Post
I was just about to post this. I sort of feel bad for the guy even if it is his stupidity that drove him to bankruptcy... Personally I couldn't drive myself to selling my stanley cup rings. I'd just get someone to shoot me or something.
Yeah get someone to shoot you...while you're wearing you rings. Thats the way to go.

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10-27-2006, 12:32 PM
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Originally Posted by Shabutie View Post
I was just about to post this. I sort of feel bad for the guy even if it is his stupidity that drove him to bankruptcy... Personally I couldn't drive myself to selling my stanley cup rings. I'd just get someone to shoot me or something.
Yeah, me too. What do you say to your Grandkids when they ask to see your Championship rings? I like him, I feel sorry for him.

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10-27-2006, 12:33 PM
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Yeah get someone to shoot you...while you're wearing you rings. Thats the way to go.
And holding the two Stanley cup replicas screaming "Kiss the rings, *****".

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10-27-2006, 12:33 PM
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Well the lockout and resulting CBA really hurt players like him. Regardless, it's sad to see someone in such dire straights that he has to auction something that (to him, anyway) is invaluable.

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10-27-2006, 12:34 PM
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BeatsPerMinute
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And holding the two Stanley cup replicas screaming "Kiss the rings, *****".
While hes on his Harvey too.

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10-27-2006, 12:34 PM
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Oh and I hope that he gets his jerseys signed by his former teamates in Detroit, cuz a Jersey worn from Darren McCarty can't go for that much.

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10-27-2006, 12:36 PM
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Poor guy, I feel sorry, but at the same time he has no excuse, if you make above $250,000(I think that was the league minimum when he played, he's probably made a couple of millions in his lifetime) you really should not have any money problems.

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10-27-2006, 12:37 PM
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Originally Posted by pavlako11 View Post
http://tsn.ca/nhl/news_story/?ID=182072&hubname=



Wow, how do you allow your debts to get that high? Especially when your not really a superstar player.

Yikes!
The beauty of compound interest.

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10-27-2006, 12:38 PM
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coolguy21415
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Well that doesn't solve any of his unresolved debts. If someone shot you (and it was discover it was arranged), you're just transferring your debt to your survivors. Cowards way out, is what that is. Hopefully he'll have enough someday to buy one of them back.

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10-27-2006, 12:39 PM
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McCarty was making 2m+ before the lockout.

source: http://asp.usatoday.com/sports/hocke...e=M&player=549

If you took a 60% paycut (after a year without work, of course), you'd likely have money problems, too.

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10-27-2006, 12:42 PM
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Unless he lost his money in piss poor investments, I believe he spent his money living the high life. I would be his financial advisor if he gives me 1% of his earnings.

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10-27-2006, 12:42 PM
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BeatsPerMinute
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Originally Posted by RedScull View Post
Well that doesn't solve any of his unresolved debts. If someone shot you (and it was discover it was arranged), you're just transferring your debt to your survivors. Cowards way out, is what that is. Hopefully he'll have enough someday to buy one of them back.
No, debts dont have to be paid by family member. Any money owed by the person who died would be taken out of the heritage of the family members, but when you have that much debt the heritage wouldn't be that great to start with. So the family members wouldnt have to pay anything, but they wouldnt get anything either.

Not that I'm encourage getting shot...just saying

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10-27-2006, 12:43 PM
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felixd
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Originally Posted by RedScull View Post
McCarty was making 2m+ before the lockout.

source: http://asp.usatoday.com/sports/hocke...e=M&player=549

If you took a 60% paycut (after a year without work, of course), you'd likely have money problems, too.
My point is that people who make over $250,000(**** McCarty was making over 2m) you shouldn't be living paycheck to paycheck and you should have enough stashed away to at least be able to sustain yourself for a little while.

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10-27-2006, 12:43 PM
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Quote:
Originally Posted by RedScull View Post
McCarty was making 2m+ before the lockout.

source: http://asp.usatoday.com/sports/hocke...e=M&player=549

If you took a 60% paycut (after a year without work, of course), you'd likely have money problems, too.
So true if you are earning $50K per year and have a wife and 2 children but earning multi-millions per year shouldn't really be THAT much of a problem.

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10-27-2006, 12:46 PM
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Originally Posted by HABein View Post
No, debts dont have to be paid by family member. Any money owed by the person who died would be taken out of the heritage of the family members, but when you have that much debt the heritage wouldn't be that great to start with. So the family members wouldnt have to pay anything, but they wouldnt get anything either.

Not that I'm encourage getting shot...just saying
It all depends on whose name the debt is in. Likely (and my presumption upon my earlier post), his wife is a co-holder of his loans, bank accounts, credit cards, etc. When one of the holder dies, the debt doesn't. it wasn't just McCarty that filed for bankruptcy, it was both he and his wife as I recall from last year.

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10-27-2006, 12:48 PM
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How a players in the NHL since 93-94 playing full season can just only have 1.9m$ and depts of 6.2 ?

He's just stupid... Sorry but give him 400,000K in 13 NHL seasons.... That made 5 200 000 $ And I'm 100% sure McCarty was paying more then 400k for a year.

How you can be so dumb. I can't see how he can be in bankrupt except if he got one Ferrari Enzo, Maybach Mercedes with 4 houses...

Anyway !

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10-27-2006, 12:51 PM
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BeatsPerMinute
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Originally Posted by RedScull View Post
It all depends on whose name the debt is in. Likely (and my presumption upon my earlier post), his wife is a co-holder of his loans, bank accounts, credit cards, etc. When one of the holder dies, the debt doesn't. it wasn't just McCarty that filed for bankruptcy, it was both he and his wife as I recall from last year.
You're probably right in this case.
The way I was thinking is if it was, say, a grandfather who is single passed away. In that case, any debts he may have wouldnt have been passed on to his kids or grandkids.

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10-27-2006, 12:52 PM
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Originally Posted by GSK View Post
How a players in the NHL since 93-94 playing full season can just only have 1.9m$ and depts of 6.2 ?

He's just stupid... Sorry but give him 400,000K in 13 NHL seasons.... That made 5 200 000 $ And I'm 100% sure McCarty was paying more then 400k for a year.

How you can be so dumb. I can't see how he can be in bankrupt except if he got one Ferrari Enzo, Maybach Mercedes with 4 houses...

Anyway !
The only thing that I can forgive him is if he lost all his money with investments that have gone sour. That Enron company sure looks like a save place to put my money!

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10-27-2006, 12:52 PM
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So true if you are earning $50K per year and have a wife and 2 children but earning multi-millions per year shouldn't really be THAT much of a problem.
You're naive if you think that people don't live to their income level. From your perspective, you're earning $50k and doing fine, maybe stashing some away. But when you start making $2m/year for (at least) 4 years, you start to buy property, make investments, you likely don't buy your clothes at Wal-Mart.
Also, remember that hockey players don't have a considerable pension. It's so easy to lay blame, but as someone who's got a multi-millionaire friend, and sees how he spends money, it's not hard to believe. It's too easy for people to point a finger and go "Ha!" when in the same situation, we might make the same mistake.
McCarty had no reason to expect he would not earn ~$2m for the duration of his career.
Ergo, I also once heard that a considerable part of that debt is from gambling, but haven't heard any such report since.

Anyway, consider me his sole defender on this platform.

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Old
10-27-2006, 12:54 PM
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so wait...he owes 6.2M...his estimated assets are at 1.9...how does this solve his problem exactly? aaaaaaaaaaand, how did he rack up 6.2M in debt??? i mean seriously, how do you do that??? bad investments maybe???

oh, and it says that he's got 9 tvs....i mean, ok, im a guy, id have a couple of Tvs..but 9?????

it does really sound like he spent much more then he earned.

isnt there a wisdom saying that goes along..."the more money you make, the more spend" ?

eeesh.

imagine the cheerfulness in the locker room around his booth...

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10-27-2006, 12:57 PM
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pavlako11
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A player (especially one of his calibre) should ALWAYS be thinking of the future. I mean he has to think, okay, I'm going to play till I'm 35ish, how much did he think he was going to be making after that? Even if he made 2 million pre-lockout, he wasn't going to be making anything close to that when he's 40.

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10-27-2006, 12:58 PM
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I remember last year there was a report that he owed something like over 200,000$ to American Express only...he probably bought some stuff on credit and since he was a multi-millionaire, no one blinked an eye, but when he missed his payments(likely big payments), the companies probably started charging him high interest rates, and then the interest became compounded(interest on interest) and just snowballed. I'm guessing that's how he racked up 6 million in debt.

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10-27-2006, 01:00 PM
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Quote:
Originally Posted by The n00b King View Post
so wait...he owes 6.2M...his estimated assets are at 1.9...how does this solve his problem exactly? aaaaaaaaaaand, how did he rack up 6.2M in debt??? i mean seriously, how do you do that??? bad investments maybe???

oh, and it says that he's got 9 tvs....i mean, ok, im a guy, id have a couple of Tvs..but 9?????

it does really sound like he spent much more then he earned.

isnt there a wisdom saying that goes along..."the more money you make, the more spend" ?

eeesh.

imagine the cheerfulness in the locker room around his booth...
Gambling... I'm guessing he did things a little differently than the china women on the slot machines.

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