Centennial Bank is trying to get to the heart of one of the most high-profile athlete bankruptcy cases in years. “It was a cycle of just taking out new loans to pay off existing loans.” KaplanSportsBiz goes inside the Evander Kane bankruptcy:
nearly two years ago, he listed assets of $10.2 million and debts of $26.8 million, much of it recently borrowed bank debt. But between 2014 and 2018, Kane also borrowed almost $30 million in 16 separate transactions detailed in the declaration of Centennial lawyer Andrew Ghekas, with the proceeds often used to pay down or retire previous loans.
One of the questions Centennial repeatedly put to Kane in that July 6 interview is while he explained that many of his current debts were incurred to replace high-interest loans, what were these earlier so-called “hard money” loans used for? He often replied he did not know or that they were to take out older loans, according to the deposition transcript.
Kane spent $10 million on real estate, and he listed expenses of nearly $100,000 a month on his January 2021 bankruptcy petition. He also listed $1.5 million in gambling losses, but in its motion to block the bankruptcy petition, Centennial alleged that figure does not hold up. “When reviewing the limited bank statements produced by Kane where supposedly Kane withdrew cash for gambling, the records do not support $1,500,000 in gambling losses,” the bank wrote.
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