Major League Baseball’s Texas Rangers, who filed for bankruptcy as part of their search for new ownership, are caught in a bit of a rundown.  MLB Commissioner Bud Selig has vocally supported one prospective group, led by Hall of Fame pitcher Nolan Ryan, stating, “Baseball has always had the right to select its ownership. There’s no doubt in my mind that we have the right to select ownership, and we will do that.”

This position taken by MLB has upset the creditors of the Rangers, who believe that the Ryan group does not have the most competitive bid for the team.  One of Selig’s lawyers threatened on a conference call that if the Rangers did not sell to the Ryan group, then MLB would take over the franchise–except in much more salty language.

Though the Rangers are only one of three remaining teams to never play in the World Series, the ownership issues are one Texas-sized fiasco for Major League Baseball, and bankruptcy attorneys all across the Lone Star State should take notice.

On Friday, April 16^th Blockbuster announced that they would be postponing the annual shareholders meeting until June 26, 2010.  Why the delay?  It is in order to plan an restructure the company debt.

So what strategies is Blockbuster working on to save themselves?  They have paired up with NCR ( a global tech company providing solutions), to make video games and movies available to consumers at self serve kiosks.  This is something that can be seen across the nation already in places like your local grocery store.  The plan includes an expansion of some 10,000 kiosks and the closing of 1,000 stores.  Another part of their comeback strategy includes raising the price from $1 a day to $2 for new movie releases.  These are just a couple of plans in the making for Blockbuster- is it enough to save them from filing bankruptcy after all is said and done?

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.

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.

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?