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Posted: Fri Oct 27, 2006 12:58 pm
Darren McCarty, who you will recall filed for bankruptcy in April, is auctioning off his Stanley Cup rings.
Among the items listed for auction were the three Stanley Cup rings McCarty won as a member of the Detroit Red Wings, two replica Staney Cup trophies and various jerseys, photos and other momentos of McCarty's career.
Other items include McCarty's Harley Davidson motorcycle, a Corvette, a Crownline motorboat, a Ski-Doo and nine televisions.
In documents filed in U.S. Bankruptcy Court in Detroit last April, McCarty listed assets of $1.9 million US and debts of $6.2 million.
What a shame. Those are something you should pass onto your kids.
You'd think a club like the Red Wings would do a better job of putting their players in touch with some quality financial advisors and planners. I certainly hope the 'Nucks don't ever end up with players in those sorts of financial straights in the twilight of their careers.
Posted: Fri Oct 27, 2006 1:20 pm
I suspect it's a blow for any one to suffer, bankruptcy. I understood McCartney had put a fair whack of money in to trying to get his rock group going, it didn't work. I don't know how much he's making with the Flames but he has a better chance to recover than many others in the same position have.
Unnecessary, he had an agent who I'm sure offered some advise and he was surrounded by financial people both with the Wings and the NHLPA. He can't be that stupid
Posted: Fri Oct 27, 2006 3:08 pm
I check out some of the online auctions (Lelands, classicautions.net, etc) and am surprised at how many Cup rings go up for sale, some are estate sales, but many are not.
Sad tale about McCartney, hopefully he'll bounce back ok.
Posted: Fri Oct 27, 2006 4:50 pm
I certainly hope the 'Nucks don't ever end up with players in those sorts of financial straights in the twilight of their careers.
I dont see any danger of a current Canuck having to hock his Stanley Cup ring anytime soon.. first ya gotta make the playoffs
Posted: Fri Oct 27, 2006 5:56 pm
Incredible, making that kind of money over a long career and somehow ending up over $6 million in debt. Very few financial planners could do such a bad job for their client.
What a depressing situation. Those rings are the equivalent of family heirlooms.
Posted: Fri Oct 27, 2006 6:25 pm
Posted: Fri Oct 27, 2006 6:32 pm
Posted: Sat Oct 28, 2006 1:31 pm
I can't honestly say I have any sympathy. I can understand that someone could have a problem but to not seek help when you have a million dollars or so left at the very least? That's just the kind of egotistical stupidity that separates the players I respect from the ones I don't.
Posted: Mon Oct 30, 2006 8:10 pm
Normally you would think that someone with that kind of money would be ok but peoples money and spending habits are usually fairly relative ... the more you have the more you spend ... just bigger houses, fancier cars and more debt. etc. ... the bills pretty much correspond with a person's income no matter what wage bracket they're in.
Certainly it seems odd though that his "financial planner" couldn't protect him a little more ... who knows the circumstances though. He may have decided not to listen to him or take his advice.
Posted: Mon Oct 30, 2006 8:33 pm
I guess part of the problem is to many people mooching off you or begging for loans for piss poor ideas . Of course giving the ex 75% of his buyout didn't help! How is that fair? Beeping lawyers.
I have heard of a few former Canucks that have retired and been broke the next day. Fortunatly for them they got some help getting started in a new careers. But like Cerios posted its hard to have any sympathy for someone that blows it that bad.
Posted: Thu Nov 02, 2006 8:45 am
I'm going to hope that he has been through a few agents over the years. I say this because any agent who saw him living this lifestyle, and stood by and did nothing, should be strung up. As an agent, it is your job to offer good advice to your client. When you see them not following it, it is your duty to resign. Ultimately, the situation he finds himself in is no one's fault but his own, but nonetheless Red Wing management and his agent(s) should be asking themselves some fairly tough questions about whether they could have done more to intervene while dude was leading the Axl Rose lifestyle...
Posted: Sun Nov 05, 2006 3:48 pm
Flaws in personal discipline are bound to get exposed regardless of the situation. When a guy makes millions each year, he's just playing a higher-stakes game of a guy who works in the warehouse for $35,000/year. Of course spending is good if its spent on the right stuff (real estate). Larry Walker bought a house while playing in Denver and sold it several years later for quadruple the price. Mats Sundin did the same thing recently in Toronto.
McCarty, for lack of better words, was immature and stupid.