All posts containing the tag: "Debt"
Posted Oct 16th 2009 11:42AM by TMZ Staff
Nicolas Cage, who has made untold millions over a long career, says his business manager has sent him "down a path toward financial ruin" and he wants $20 million minimum to repair the damage.
TMZ has obtained a copy of a lawsuit, filed in L.A. County Superior Court, in which Cage claims Samuel Levin -- his business manager -- was so reckless and incompetent with his money, that he has now been forced to sell off major assets and investments and is faced with gigantic tax liabilities.
In the lawsuit, Cage -- who according to Forbes earned $40 mil between June 2008 and June 2009 -- claims over a period of seven years, "Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses."
Cage also claims Levin failed to pay taxes when they were due. As TMZ first reported, the IRS has filed liens against the actor for more than $6 million in back taxes.
Cage claims it was only this year, after firing Levin, he learned "the gravity of his financial condition."
In the lawsuit, filed by legal pit bull Marty Singer, Cage claims Levin never advised him of his financial bottom line and is guilty of "over-extending [Cage's] line of credit with banks and financial institutions." The suit claims Levin concealed Cage's "true financial condition prior to investments and assets being acquired by [Cage]." Translation -- Levin never told Cage to put the brakes on buying stuff because he was running out of money.
And, for bad measure, Cage claims he paid Levin millions and was "grossly" overcharged for his services.
Cage is suing for a minimum of $20 million.
Filed under: Celebrity Justice, Exclusives
Tags: busienss manager, BusienssManager, celebrity, celebrity gossip, CelebrityGossip, debt, financial ruin, FinancialRuin, gossip, lawsuit, nic, nic cage, NicCage, nicholas cage, NicholasCage, sam levin, SamLevin, samuel levin, SamuelLevin, taxes
Posted Oct 16th 2009 12:15AM by TMZ Staff
Here's famed and in debt photographer Annie Leibovitz strolling through Manhattan on Tuesday (left) -- and lovable Big Bird from "Sesame Street" earlier this year (right).
One of them wears sensible shoes.
We're just sayin'.
Filed under: We're Just Sayin'
Tags: Annie Leibovitz, AnnieLeibovitz, Big Bird, BigBird, debt
Posted Oct 9th 2009 1:15AM by TMZ Staff
Nicolas Cage is the new six million dollar man -- as in, the government claims dude owes more then $6,000,000 in unpaid back taxes.
A notice of a federal tax lien -- obtained by TMZ -- shows the "National Treasure" actor made a serious dent in the national debt -- allegedly stiffing the IRS out of $6,257,005 he owed in income tax from 2007.
But it gets worse, Uncle Sam also claims Cage is a repeat tax deadbeat -- because according to another federal tax lien, Cage still owes a ton of cash from three more years of unpaid debts:
2002 -- $70,190.05
2003 -- $179,738.23
2004 -- $110,617.56
Which brings Nic to a grand total of $6,617,550.84 -- almost enough for the government to buy a hammer.
Cage's rep had no immediate comment.
Filed under: Celebrity Justice, Exclusives
Tags: debt, irs, lawsuit, nic cage, NicCage, nicholas cage, NicholasCage
Posted Oct 6th 2009 1:00AM by TMZ Staff
The Wynn Las Vegas wants the money Joe Francis owes them -- and they're crossing state lines to get it.
Wynn Las Vegas has been given the okay by a California court to go after Francis' assets here in California -- including his posh Bel Air mansion.
Francis recently lost a judgment in Nevada in the amount of $2,000,000 because he didn't pay back a gambling marker from 2 1/2 years ago. That amount has ballooned to nearly $3 mil with interest.
Since Wynn wanted to go after Francis' vast California holdings to get their money, they had to ask the California court to honor the Nevada ruling -- which they've agreed to.
Calls to Joe were not returned.
Filed under: Celebrity Justice, Exclusives, Joe Francis
Tags: california, debt, gambling, joe francis, JoeFrancis, las vegas, LasVegas, marker, nevada, steve wynn, SteveWynn
Posted Sep 11th 2009 10:00AM by TMZ Staff
Famed photog Annie Leibovitz has managed to stave off losing her entire legendary portfolio -- but there's still the pesky matter of the $24 million she owes.
Leibovitz got so deep into financial debt, she took out the loan last year and put up her homes -- and her entire photo library -- as collateral.
Art Capital Group has agreed to withdraw its lawsuit against Leibovitz for failing to pay back her loan on time. They've agreed to restructure their agreement and push back the due date -- which was last Tuesday.
Filed under: Celebrity Justice
Tags: annie leibovitz, AnnieLeibovitz, bankrupt, debt, lawsuit, photog, photographer, vanity fair, VanityFair
Posted Jul 30th 2009 12:05AM by TMZ Staff
Something reeks in the state of New Jersey -- and if the IRS is correct, it's Val Kilmer's tax records.
Kilmer is on the hook for $538,858 in unpaid federal taxes, this according to a lien filed by the IRS on July 15 in Jersey.
It's unclear why the lien, which was dug up by The Detroit News, was filed in New Jersey. Kilmer, who is originally from Los Angeles, has been living in New Mexico for the last 20 years.
Filed under: Celebrity Pay Dirt
Tags: debt, irs, lein, tax, val kilmer, ValKilmer
Posted Jul 17th 2009 12:30AM by TMZ Staff
Former NBA star Antoine Walker isn't afraid to walk into the belly of the beast -- he was arrested at a casino Wednesday night despite a warrant out for his arrest ... over alleged gambling debts.
Walker was popped at a Harrah's Casino in South Lake Tahoe, Nevada and later released on $135,000 bond. He allegedly owes $822,000 in gambling debts and faces three felony counts of writing bad checks.
He's due in Las Vegas Justice Court on Monday.
Filed under: Talk Sports
Tags: antoine walker, AntoineWalker, debt, gambling, harrah, lake tahoe, LakeTahoe, las vegas, LasVegas
Posted Jun 21st 2009 2:15AM by TMZ Staff
The Accused -- Jani Lane ... that singer dude from the '90s hair band Warrant.
The Debt -- $121,024
The Story -- The Detroit News dug up an IRS record stating Lane, the guy who sang "Cherry Pie" back in 1990, failed to pay federal income taxes for seven years ... that's seven years longer than the amount of time this guy was making money as a rock star.
Lane was busted earlier this week for suspicion of DUI in California.
Filed under: Celebrity Justice, Music
Tags: debt, irs, jani lane, JaniLane, tax, taxes, warrant
Posted Apr 18th 2009 1:25AM by TMZ Staff
You know the music industry is hurting when two major record execs can't pay a $1,500 bill.
Atlantic Records executive Michael Kyser and Shawn Costner, of the Universal Music Group, recently treated Jay-Z to drinks at an NYC nightclub, but according to the New York Post, the high-powered duo had some trouble footing the bill.
A manager for the club alleges that Kyser and Costner agreed to split the tab, when Costner's corporate credit card was declined -- leaving Kyser with the $1,500 check. Kyser gave the club his credit card, but then left without signing a receipt. The exec still hasn't paid the bill and is now supposedly contesting the charge -- even though the club still has his card.
Apparently, Jay-Z did leave a $500 tip for the waitress, but left the table before the bill arrived.
Too bad all of Jay-Z's fans are too busy illegally downloading his songs to care.
Filed under: Gossip/Rumors, Music
Tags: credit card, CreditCard, debt, jay-z, jay-z out at a club, Jay-zOutAtAClub, new york nightclub, NewYorkNightclub, record label, RecordLabel
Posted Mar 2nd 2009 5:25PM by TMZ Staff
With California bankrupt and in a drought emergency, Governor Arnold Schwarzenegger spent a beautiful Sunday afternoon riding his bike with his bodyguards.
How does the 61-year-old find the time?!
Filed under: Paparazzi Photo, Celebritoyz, Politix, Arnold Schwarzenegger
Tags: Arnold Schwarzenegger, ArnoldSchwarzenegger, bankrupt, bicycle, billions, california, debt, deficit, governor, millions
Posted Sep 29th 2008 3:06PM by TMZ Staff
It's just sad. Merv Griffin's company is suing Ed McMahon over a personal loan.
Apparently Ed has been having money troubles for a while now. Back in 2005, he needed money and his pal Merv Griffin fronted him $100,000. The first installment was due September, 2005, but so far nothing has been repaid.
The Griffin Group is suing both Ed and his wife, Pamela.
It's the latest in a string of lawsuits against Ed. His publicist, Howard Bragman, just gave us the best response EVER: "Anybody interested in a great house in The Summit?"
Filed under: Celebrity Justice
Tags: debt, ed mcmahon, EdMcmahon, giffin group, GiffinGroup
Posted Jul 1st 2008 9:12AM by TMZ Staff
Joe Francis has the Feds after his millions, but he's got a much scarier guy breathing down his neck -- Steve Wynn.
Steve's resort just sued the pimpresario for $2 mil, claiming that Joe skipped out on a marker he was given back in February 2007. Wynn says that he spotted Joe a total of $2.8 mil, but has only seen $800k of that.
Ronn Torossian, spokesperson for Mantra Entertainment, Joe's production company, says, "As far as Mr. Francis is concerned, all of his balances with the Wynn Hotel have been fully lived up to, per prior agreements."
Filed under: Celebrity Justice, Joe Francis
Tags: Debt, Gambling, Joe Francis, JoeFrancis, Vegas, Wynn Hotel, WynnHotel
