Sharks’ Evander Kane sued for $15 million by lender alleging fraud in $1.5M loan application

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Evander Kane’s saga regarding his bankruptcy case continued Tuesday with a report from The Athletic’s Daniel Kaplan stating that a lender is suing the Sharks player for $15 million plus attorney fees. Kane filed for bankruptcy in January, claiming $26.8 million of total debt.

Professional Bank, the lender suing Kane, alleges that he defrauded the company in the process of securing a loan of $1.5 million. The amount they’re asking for in the suit is 10 times as much as the loan because of “punitive” damages, per the report.

“At around that same time, Kane was also borrowing enormous amounts of money from other banks including Centennial Bank, Zions Bancorporation, and South River Capital,” the lawsuit states. “Kane was also incurring enormous amounts of debt owed to other creditors. By all appearances, the plan back then was that these amounts were never going to be paid or paid back.”

Part of the concern stems from how the loan was tied to his seven-year, $49 million contract with San Jose signed in 2018. It also didn’t help that the first interest payment never came. Professional Bank argues, as a result, that the player “was in default” and made claims similar to other lenders that had deals where they would be paid directly by the Sharks.

“Kane was in default, including by him revoking the automatic payment that was to occur from the Sharks,” Professional Bank argues.

A lawyer The Athletic spoke to called this move “highly unusual.” At the same time this move, which was called really “emotional” by the lawyer in question, seems to fall in line with how this process has painted Kane to be a problem gambler and liar in his loan applications. The winger has responded to these allegations saying he has been honest during this process and is receiving treatment for his gambling problem. This suit comes a couple of weeks after a bankruptcy judge ruled creditors could not tap into Kane’s future earnings, though two lenders are appealing that decision.

Published: 2021-05-04 21:51:34

Tags: #Sharks #Evander #Kane #sued #million #lender #alleging #fraud #15M #loan #application

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