Bankruptcy

It all starts with Greed.  Greed, Greed, Greed.  Why is it that people who make a lot of money always end up broke?  Oscar-winning actor Nicolas Cage is filing suit against his ex-business manager Samuel Levin for $19 Million in damages for leaving him on the edge of financial collapse.

Levin is countersuing Cage, claiming the star failed to take his advice to curb his lavish spending habits.

Why do these people put so much trust in others?  Cause they want more!  More money, more fame, more houses, more cars, more toys.  I’m sure you’ve all hear what Mr. Cage spends his money on…

• Bought a Dinosaur Skull for $276,000
• King Cobra Snakes w/ Antidote (really? why?)
• Action Comics #1 (actually I think this one is pretty cool)
• Has two islands down in the Bahamas (one isn’t enough?)
• And a whole bunch of properties

Some people just live too big.  Well, it’s time to trade it all in.  Hope one of those houses wasn’t in Texas.  I know of a good Dallas bankruptcy lawyer if you need one.

And the story gets even worst for Nicolas Cage.  His ex-girlfriend is claiming that he owes her $13+ and their Los Angles’ Hancock Park neighborhood home, which he has been ordered to leave.

Part of Cage’s problem also comes from him not paying his taxes in 2007 and owes the Internal Revenue Service more than $6.6 million.  If ol’ Nicolas just put his money away for a rainy day rather then living the high life, it probably wouldn’t be pouring.

Well, don’t forget about that Dallas Bankruptcy Attorney if you’re ever in town.

Back in October there was a celebrity buzz that started stating that Nicolas Cage has gone broke and possibly filing for bankruptcy.  How can that be?  Afterall, he is one of Hollywood’s highest paid actors.  It was said that he owes the IRS more than $6 million in unpaid back taxes!  Cage blames and files a lawsuit against his business manager Samuel J. Levin for $20 million stating that he took several million dollars in business management fees and left him in financial ruin.  Levin was responsible for looking over his finances and advised him to invest in real estate.

Nicolas Cage has been busy selling his properties all around the world to cover his debt.  He has real estate in California, Nevada, Louisiana, and Rhode Island.  He also has real estate property all over Europe.  The 11th century German castle called Schloss Neidstein is one of the properties he has sold.  He is also selling other possessions such as his cars and yachts.

The latest update is that his ex-girlfriend, Christina Fulton, mother to Cage’s eldest child Weston, is suing him for fraud and breach of contract.  She claims she is also affected by Cage’s financial trouble.  She is now in about $1 million dollars in debt.  She says that Cage was supposed to pay her credit card bills but they haven’t been paid and is racking up on finance charges.

Maybe Nicolas Cage should start looking for a really good bankruptcy lawyer and next time hire a more dependable financial advisor.  He should get some references from some other fellow celebrities.

If you think your finances are a wreck you’re in good company. John Burton Race, celebrity chef and reality star of I’m a Celebrity…Get me Out of Here filed for bankruptcy in March of this year. John Burton Race was the winner of the Catey Award in 1995 which is the United Kingdom’s equivalent to our Oscar only in the hospitality industry. Together with his wife, who he is now in the process of divorcing, they ran the Michelin star awarded restaurant New Angel in Dartmouth, Devon in the United Kingdom. She closed the doors on the struggling business back in 2007 causing a scandal because she did it without consulting Race, who had left her for another woman.

When did he find the time to cook? As a result of this mess, he was forced to put the restaurant up for sale which was serendipitously purchased by his friend millionaire Clive Jacobs who graciously gave him back his job as head chef of the restaurant. Currently his assets are frozen and he has been assigned an insolvency practitioner to help deal with his creditors, which is the way bankruptcy is handled in the United Kingdom.

Perhaps a large serving of humble pie will do this celebrity chef some good.

In Atlanta earlier this year, former NBA player Jason Caffey was arrested for not paying thousands of dollars in child support for his six-year-old son. Back in the Fall of 2008 Caffey filed for bankruptcy, perhaps to get out of this obligation, but an Alabama judge denied it which made Caffey fair game to either pay the child support or be sued to force him to pay it, which is what ended up happening.

During his nine year basketball career, Caffey played for the Chicago Bulls, the Golden State Warriors, the Milwaukee Bucks, and made lots of bucks, approximately five million a year. He’s retired now so he should be able to find some time to drop a check in the mail, wouldn’t you think?