elebrity bankruptcy has went bankrupt again in 2004.
become so common that many
Meat Loaf: rock star
now hire financial advisors
Meat Loaf spawned some of the
to keep an eye on their bank largest selling albums of all
accounts and stop them from time, but things turned nasty for
overindulging on wild him when, in 1981, he changed
extravagances and unworkable managers after discovering that
business ventures. Nobody, no his were stealing his money. They
matter how famous or rich, is had all of Meat Loaf’s assets
immune to the perils of debt. In frozen and sued him for breach of
that way the celebs are just like contract. They also spread
the rest of us, but they’re rumours that he was violent and
playing with much higher stakes. had threatened people with guns,
Donald Trump: billionaire and a battle-worn Meat Loaf ended
entrepreneur
up declaring bankruptcy. In 1986,
Trump, currently worth Meat Loaf found a new writer,
approximately $3 billion, has John Parr, and started recording
certainly had his fair share of a new album. Unfortunately, the
financial disasters. In 1992 the producer put a dance beat
three casinos he then owned - the underneath every song, which
Taj Mahal, Castle and Plaza - proved to be a huge mistake, and
went bankrupt, burdened by more Meat Loaf ended up going bankrupt
than $1 billion in debt following for a second time.
the 1990-91 recession. But he
Anna Nicole Smith:
climbed back from the brink of Model/Actress and 1993 Playboy
personal bankruptcy and magazine ‘Playmate of the
chronicled his return to Year’
billionaire status in the 1997
Tragic Anna Nicole Smith
book ‘Trump: The Art of the entered the limelight in 1994
Comeback.’ Trump's casino empire when, at the age of 26, she
married 89-year-old oil business legend George Best will always be
executive and billionaire J remembered for his dazzling skill
Howard Marshall. In 1996, Smith on the pitch, but it was the
filed for bankruptcy in accompanying champagne and
California as a result of a playboy lifestyle which
$850,000 judgment against her for ultimately led him to an early
sexual harassment of an employee. grave. Best’s partying and
The former model died from a drug decadence degenerated tragically
overdose in February 2007, five into alcoholism, bankruptcy, a
months after the death of her son prison sentence and, eventually,
Daniel, aged 20, who had also a liver transplant. Following his
overdosed on drugs. death in November 2005 the News
M.C. Hammer rock star
of the World published a picture
M.C. Hammer of parachute pants of Best at his own request,
and ‘Hammertime’ fame filed for showing him in his hospital bed,
personal bankruptcy in April 1996 along with what was reported to
as a result of dwindling album be his final message: ‘Don't die
sales and a lavish lifestyle. He like me’.
was $13 million in debt. After
Walt Disney: Oscar - winning
this rapid fall from grace, MC film producer, animation & theme
Hammer spent most of the late park pioneer
1990s as a punch line in the
Disney did not lose his riches
music business. Nelly, in his once he had found them, but it
year 2000 breakthrough hit was a major struggle to get there
‘Country Grammar’, announced his in the first place. As a young
intention to ‘blow 30 mill like entrepreneur Walt Disney formed
I'm Hammer’
his first animation company in
George Best: Manchester United Kansas City in 1921 and made a
Footballer
deal with a distribution company
Manchester United football in New York. Flushed with
success, Disney began to evicted from Cambodia in 2002 for
experiment with new storytelling suspected child sexual abuse
techniques, but his costs went up offences.
and then the distributor went
Oskar Schindler: activist who
bankrupt. He was also forced to saved over 1000 Jews from the
declare bankruptcy in 1923 and at Nazis
one point could not pay his rent
In the 1930s, a young Oskar
and was surviving on dog Schindler changed jobs several
food.
times. He also tried various
Gary Glitter: Glam Rock business ventures, but soon went
star
bankrupt because of the Great
Gary Glitter, the King of Glam Depression.
Rock, has had an unusual life.
By the end of the war,
After excessive drinking and drug Schindler had spent his entire
taking in his earlier musical fortune on bribes and
career, he was declared bankrupt black-market supplies for his
in1980. However, Glitter, aka Jewish workers. Virtually
Paul Francis Gadd, says he was destitute, Schindler did not
only declared bankrupt because prosper in post-war Germany, and
‘somebody didn't fill in the eventually he emigrated to
right forms.’ Just as he had Argentina in 1948, where he went
begun to turn his life around, bankrupt again. Returning to
Glitter was confronted with Germany in 1958, Schindler had a
allegations of paedophilia, and series of unsuccessful business
in 1999 he was convicted for ventures. He then settled down in
downloading 4,000 child West Germany and tried again -
pornography pictures and was with help from a Jewish
listed as a sex offender. organisation - to establish a
Glitter’s reputation was further cement factory. This, too, went
tarnished when he was permanently bankrupt in 1961.
TLC: R&B/Hip-Hop/Pop group
and 9 1/2 Weeks for breach of
In 1994, not long before the contract, and the ensuing court
release of the trio’s second case was of Hollywood
album ‘CrazySexyCool’ (which was proportions. The producers'
to sell over 11 million copies) lawyers even tried to stop
band member Lisa Lopes was Basinger having children - as
arrested on arson charges. In an this would diminish the sum they
alcohol-fuelled fit of rage, might reclaim. Basinger filed for
Lopes vented all the frustrations personal bankruptcy in 1993 and
from her often-stormy was forced to sell the town of
relationship with Andre Rison, Braselton.
burning his Atlanta mansion to
the ground and vandalizing
Extravagant Basinger found align="center">
herself into trouble when she
bought the town of Braselton, Georgia for $20 million. It was type="text/javascript">
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About the Author:
Iain Mackintosh is the managing director of Simply-Docs. The firm provides over 1100 legal documents and templates covering all aspects of business from the new holiday entitlement laws to bankruptcy.
Article Tags: bankruptcy, basinger, loaf
