http://www.theglobeandmail.com/servlet/story/LAC.20060413.MCCARTY13/TPStory/Sports/columnists&sa=X&oi=news&ct=result&cd=1
On the other hand, society has now picked up the bill for him because he's declaring bankruptcy.
What has been outlined to this point is a sad account of how an established National Hockey League player, the guy who scored the Stanley Cup-winning goal for the 1997 Detroit Red Wings, ended up spending beyond his means until he had no means of making things right.
According to documents filed last November at a U.S. bankruptcy court in Detroit, the 34-year-old McCarty owes DMA Holdings $2-million, Huntington National Bank $1.5-million, the Bellagio Casino $100,000, the Palms Casino $60,000 and the MotorCity Casino $25,000.
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The problem for McCarty is that he no longer earns the kind of money he did in Detroit while his assets have dwindled to roughly one-third of what he owes. For example: McCarty listed his income as $2.1-million in 2003, $1.5-million in 2004 and $193,959 in 2005. The Red Wings bought out his contract last summer for $538,729 but the bulk of that ($404,046) went to McCarty's ex-wife in their divorce settlement.
As for McCarty's assets, he has $5,600 in jewellery, two Harley-Davidson motorcycles worth $16,000, $500 in golf clubs and a house where the mortgage exceeds its market value. Court papers also indicated McCarty's 2004 Cadillac Escalade had "sunk in a body of water" and that a Dutch Star motor home was destroyed by fire.
Sad, really. I mean it's poor money management and addiction and whatever, but this is a stand-up guy who raised hundreds of thousands for cancer research. Now his $500 golf clubs are listed as assets.According to documents filed last November at a U.S. bankruptcy court in Detroit, the 34-year-old McCarty owes DMA Holdings $2-million, Huntington National Bank $1.5-million, the Bellagio Casino $100,000, the Palms Casino $60,000 and the MotorCity Casino $25,000.
....
The problem for McCarty is that he no longer earns the kind of money he did in Detroit while his assets have dwindled to roughly one-third of what he owes. For example: McCarty listed his income as $2.1-million in 2003, $1.5-million in 2004 and $193,959 in 2005. The Red Wings bought out his contract last summer for $538,729 but the bulk of that ($404,046) went to McCarty's ex-wife in their divorce settlement.
As for McCarty's assets, he has $5,600 in jewellery, two Harley-Davidson motorcycles worth $16,000, $500 in golf clubs and a house where the mortgage exceeds its market value. Court papers also indicated McCarty's 2004 Cadillac Escalade had "sunk in a body of water" and that a Dutch Star motor home was destroyed by fire.
On the other hand, society has now picked up the bill for him because he's declaring bankruptcy.