Columbus Blue Jackets defenseman Jack Johnson filed for Chapter 11 bankruptcy last October, after being scammed out of millions by his parents. Now, he’s attempting to convert his filing into a Chapter 7 case—which, in very broad terms, would allow Johnson to resolve his debts by liquidating his assets instead of via a reorganized payment plan. The people to whom he owes money don’t want that to happen. This is a dry, technical dispute between a guy and his creditors; according to the latter, though, what’s at stake is whether Johnson will be able to enjoy the full benefit of a $15 million contract. And the creditors are willing to critique Johnson’s dry cleaning habits if it helps their case in the slightest.
In Chapter 11, a debtor agrees to pay back all his debts over time, while in Chapter 7, a debtor is allowed to discharge most debts owed through selling off property. His creditors, who are owed “in excess of $15 million” in predatory loans signed by Johnson and his parents Jack II and Tina, understandably don’t want that to happen, and accuse Johnson of trying to set “a roadmap for irresponsible or unethical multi-millionaires.”