Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction
I agree, but the idea of owning homes on multiple coasts is asinine to me.I've always pictured Cage as one of those actors worth by now ( thru lucrative but bad films) worth hundreds of millions.But as someone once told me.Many so-called celebrities lack even the basics of an educational experience.Thus the outcome below is a result. From: Keith Johnson keithbjohn...@comcast.net To: scifinoir2@yahoogroups.com Sent: Sat, November 14, 2009 2:10:09 AM Subject: Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction true - Original Message - From: Bosco Bosco ironpi...@yahoo. com To: scifino...@yahoogro ups.com Sent: Saturday, November 14, 2009 1:20:38 AM GMT -05:00 US/Canada Eastern Subject: Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction This why so many lottery winners are flat broke within five years of winning big jackpots. They generally know nothing about money management. Managing a fortune is a full time job. If you don't treat it as such and learn all you can about how it works, you're gonna lose it. Bosco --- On Sat, 11/14/09, Keith Johnson KeithBJohnson@ comcast.net wrote: From: Keith Johnson KeithBJohnson@ comcast.net Subject: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction To: scifino...@yahoogro ups.com Date: Saturday, November 14, 2009, 12:06 AM Wow. Maybe this explains Cage selling off hundreds of thousands of dollars worth of comics in recent years. I remember reading an interview once with Bill Cosby about celebrities and money management. He and Oprah Winfrey had been discussing the number of famous people they knew who'd been cheated by their accountants and agents. Cosby and Winfrey both agreed that one of the most important things a celebrity needs to do when the money starts rolling in is to take courses in finance and money management. Winfrey contributed that many rising stars felt finances were something they could never understand-- especially some of the kids with little education--but that it was crucial. The bottom line, Winfrey said, was that you *have* to get yourself to the point where you understand every single deal and transaction made with your money. She and Cosby both said that they personally reviewed every check, every contract, every financial statement that pertained to them, as time consuming and difficult as that can be at times. Bottom line: always know where your money's going at all times. Cosby said it was one of the first pieces of advice he gave to young people. That, and never, ever giving anyone the legal ability to make financial transactions without your signature. * * * * * * http://finance. yahoo.com/ news/Nicolas- Cage-loses- 2-homes-in- cnnm-1304107173. html?x=0.v=2 Nicolas Cage loses 2 homes in foreclosure auction * By Hibah Yousuf, CNNMoney.com staff reporter * On 4:47 pm EST, Friday November 13, 2009 Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday. Birmingham, Ala.-based Regions Bank purchased Cage's 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage's 2523 Pataniya Street property appraised at $3.3 million in the Garden District. New Orleans's civil Sheriff Paul Valteau said no other bids were made on the houses. Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau. Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage's former business manager, set up the corporation so that Cage's name would not appear on the mortgage documents -- a common strategy among celebrities. Levin also was listed on the mortgage document as the agent for service of process, Valteau added. That agent is the officer appointed by a corporation to receive legal notices. Last month, Cage filed a lawsuit against Levin in California claiming that Levin duped the Hollywood actor out of more than $20 million since 2001 when he was hired. The suit said Levin lined his pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin. The suit went on to say Cage has discovered that he is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin's incompetence, misrepresentations and recklessness. Rather than attaining financial security, Cage has been forced to dispose of significant assets in order to pay
Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction
You'd think that after his uncle Francis Ford Coppola's financial problem he'd have learned those lessons. I too don't know why he needed two homes in the same city. That being said, I would like to have the means to own a condo in downtown Chi-town, or perhaps in Manhattan. But even then, I can't see letting a place sit empty for months at a time, just waiting for my whim to occupy it. - Original Message - From: George Arterberry brotherfromhow...@yahoo.com To: scifinoir2@yahoogroups.com Sent: Saturday, November 14, 2009 5:56:29 AM GMT -05:00 US/Canada Eastern Subject: Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction I agree, but the idea of owning homes on multiple coasts is asinine to me.I've always pictured Cage as one of those actors worth by now ( thru lucrative but bad films) worth hundreds of millions.But as someone once told me.Many so-called celebrities lack even the basics of an educational experience.Thus the outcome below is a result. From: Keith Johnson keithbjohn...@comcast.net To: scifinoir2@yahoogroups.com Sent: Sat, November 14, 2009 2:10:09 AM Subject: Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction true - Original Message - From: Bosco Bosco ironpi...@yahoo. com To: scifino...@yahoogro ups.com Sent: Saturday, November 14, 2009 1:20:38 AM GMT -05:00 US/Canada Eastern Subject: Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction This why so many lottery winners are flat broke within five years of winning big jackpots. They generally know nothing about money management. Managing a fortune is a full time job. If you don't treat it as such and learn all you can about how it works, you're gonna lose it. Bosco --- On Sat, 11/14/09, Keith Johnson KeithBJohnson@ comcast.net wrote: From: Keith Johnson KeithBJohnson@ comcast.net Subject: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction To: scifino...@yahoogro ups.com Date: Saturday, November 14, 2009, 12:06 AM Wow. Maybe this explains Cage selling off hundreds of thousands of dollars worth of comics in recent years. I remember reading an interview once with Bill Cosby about celebrities and money management. He and Oprah Winfrey had been discussing the number of famous people they knew who'd been cheated by their accountants and agents. Cosby and Winfrey both agreed that one of the most important things a celebrity needs to do when the money starts rolling in is to take courses in finance and money management. Winfrey contributed that many rising stars felt finances were something they could never understand-- especially some of the kids with little education--but that it was crucial. The bottom line, Winfrey said, was that you *have* to get yourself to the point where you understand every single deal and transaction made with your money. She and Cosby both said that they personally reviewed every check, every contract, every financial statement that pertained to them, as time consuming and difficult as that can be at times. Bottom line: always know where your money's going at all times. Cosby said it was one of the first pieces of advice he gave to young people. That, and never, ever giving anyone the legal ability to make financial transactions without your signature. * * * * * * http://finance . yahoo.com/ news/Nicolas- Cage-loses- 2-homes-in- cnnm-1304107173. html?x=0.v=2 Nicolas Cage loses 2 homes in foreclosure auction • By Hibah Yousuf, CNNMoney.com staff reporter • On 4:47 pm EST, Friday November 13, 2009 Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday. Birmingham, Ala.-based Regions Bank purchased Cage's 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage's 2523 Pataniya Street property appraised at $3.3 million in the Garden District. New Orleans's civil Sheriff Paul Valteau said no other bids were made on the houses. Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau. Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage's former business manager, set up the corporation so that Cage's name would not appear on the mortgage documents -- a common strategy among celebrities. Levin also was listed on the mortgage document as the agent for service of process, Valteau added. That agent is the officer appointed by a corporation to receive legal notices. Last month
Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction
If you spend a lot of time in those cities making movies it is probably a good idea because its cheaper. I'm not sure about the same city thing though. On Sat, Nov 14, 2009 at 9:19 AM, Keith Johnson keithbjohn...@comcast.netwrote: You'd think that after his uncle Francis Ford Coppola's financial problem he'd have learned those lessons. I too don't know why he needed two homes in the same city. That being said, I would like to have the means to own a condo in downtown Chi-town, or perhaps in Manhattan. But even then, I can't see letting a place sit empty for months at a time, just waiting for my whim to occupy it. - Original Message - From: George Arterberry brotherfromhow...@yahoo.com To: scifinoir2@yahoogroups.com Sent: Saturday, November 14, 2009 5:56:29 AM GMT -05:00 US/Canada Eastern Subject: Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction I agree, but the idea of owning homes on multiple coasts is asinine to me.I've always pictured Cage as one of those actors worth by now ( thru lucrative but bad films) worth hundreds of millions.But as someone once told me.Many so-called celebrities lack even the basics of an educational experience.Thus the outcome below is a result. -- *From:* Keith Johnson keithbjohn...@comcast.net *To:* scifinoir2@yahoogroups.com *Sent:* Sat, November 14, 2009 2:10:09 AM *Subject:* Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction true - Original Message - From: Bosco Bosco ironpi...@yahoo. com To: scifino...@yahoogro ups.com Sent: Saturday, November 14, 2009 1:20:38 AM GMT -05:00 US/Canada Eastern Subject: Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction This why so many lottery winners are flat broke within five years of winning big jackpots. They generally know nothing about money management. Managing a fortune is a full time job. If you don't treat it as such and learn all you can about how it works, you're gonna lose it. Bosco --- On *Sat, 11/14/09, Keith Johnson KeithBJohnson@ comcast.net* wrote: From: Keith Johnson KeithBJohnson@ comcast.net Subject: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction To: scifino...@yahoogro ups.com Date: Saturday, November 14, 2009, 12:06 AM Wow. Maybe this explains Cage selling off hundreds of thousands of dollars worth of comics in recent years. I remember reading an interview once with Bill Cosby about celebrities and money management. He and Oprah Winfrey had been discussing the number of famous people they knew who'd been cheated by their accountants and agents. Cosby and Winfrey both agreed that one of the most important things a celebrity needs to do when the money starts rolling in is to take courses in finance and money management. Winfrey contributed that many rising stars felt finances were something they could never understand-- especially some of the kids with little education--but that it was crucial. The bottom line, Winfrey said, was that you *have* to get yourself to the point where you understand every single deal and transaction made with your money. She and Cosby both said that they personally reviewed every check, every contract, every financial statement that pertained to them, as time consuming and difficult as that can be at times. Bottom line: always know where your money's going at all times. Cosby said it was one of the first pieces of advice he gave to young people. That, and never, ever giving anyone the legal ability to make financial transactions without your signature. * * * * * * http://finance. yahoo.com/ news/Nicolas- Cage-loses- 2-homes-in- cnnm-1304107173. html?x=0.v=2 Nicolas Cage loses 2 homes in foreclosure auction - By Hibah Yousuf, CNNMoney.com http://cnnmoney.com/ staff reporter - On 4:47 pm EST, Friday November 13, 2009 Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday. Birmingham, Ala.-based Regions Bank purchased Cage's 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage's 2523 Pataniya Street property appraised at $3.3 million in the Garden District. New Orleans's civil Sheriff Paul Valteau said no other bids were made on the houses. Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau. Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage's former business manager, set up the corporation so that Cage's name would not appear
[scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction
Wow. Maybe this explains Cage selling off hundreds of thousands of dollars worth of comics in recent years. I remember reading an interview once with Bill Cosby about celebrities and money management. He and Oprah Winfrey had been discussing the number of famous people they knew who'd been cheated by their accountants and agents. Cosby and Winfrey both agreed that one of the most important things a celebrity needs to do when the money starts rolling in is to take courses in finance and money management. Winfrey contributed that many rising stars felt finances were something they could never understand--especially some of the kids with little education--but that it was crucial. The bottom line, Winfrey said, was that you *have* to get yourself to the point where you understand every single deal and transaction made with your money. She and Cosby both said that they personally reviewed every check, every contract, every financial statement that pertained to them, as time consuming and difficult as that can be at times. Bottom line: always know where your money's going at all times. Cosby said it was one of the first pieces of advice he gave to young people. That, and never, ever giving anyone the legal ability to make financial transactions without your signature. ** http://finance.yahoo.com/news/Nicolas-Cage-loses-2-homes-in-cnnm-1304107173.html?x=0.v=2 Nicolas Cage loses 2 homes in foreclosure auction • By Hibah Yousuf, CNNMoney.com staff reporter • On 4:47 pm EST, Friday November 13, 2009 Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday. Birmingham, Ala.-based Regions Bank purchased Cage's 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage's 2523 Pataniya Street property appraised at $3.3 million in the Garden District. New Orleans's civil Sheriff Paul Valteau said no other bids were made on the houses. Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau. Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage's former business manager, set up the corporation so that Cage's name would not appear on the mortgage documents -- a common strategy among celebrities. Levin also was listed on the mortgage document as the agent for service of process, Valteau added. That agent is the officer appointed by a corporation to receive legal notices. Last month, Cage filed a lawsuit against Levin in California claiming that Levin duped the Hollywood actor out of more than $20 million since 2001 when he was hired. The suit said Levin lined his pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin. The suit went on to say Cage has discovered that he is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin's incompetence, misrepresentations and recklessness. Rather than attaining financial security, Cage has been forced to dispose of significant assets in order to pay for Levin's gross misconduct. A reporter's calls to Levin's office for comment were not immediately returned. CNN reported that Cage owes more than $6 million in back taxes and his properties in California and Las Vegas have also been foreclosed on and are designated for auction later this month. The actor, who's known for his roles in Leaving Las Vegas and National Treasure, has 5 projects slated for 2010, according to the Internet Movie Database. Cage's publicist Annett Wolf said she had no information and can't help when reached for comment.
Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction
Cage said a week or two ago that his financial person ripped him off which put him $2 million in debt immediately after he bought the castle. He has a couple of new movies coming out though. I totally agree with Oprah on that. Many people have ended up victims after earning so much money. On Fri, Nov 13, 2009 at 10:06 PM, Keith Johnson keithbjohn...@comcast.netwrote: Wow. Maybe this explains Cage selling off hundreds of thousands of dollars worth of comics in recent years. I remember reading an interview once with Bill Cosby about celebrities and money management. He and Oprah Winfrey had been discussing the number of famous people they knew who'd been cheated by their accountants and agents. Cosby and Winfrey both agreed that one of the most important things a celebrity needs to do when the money starts rolling in is to take courses in finance and money management. Winfrey contributed that many rising stars felt finances were something they could never understand--especially some of the kids with little education--but that it was crucial. The bottom line, Winfrey said, was that you *have* to get yourself to the point where you understand every single deal and transaction made with your money. She and Cosby both said that they personally reviewed every check, every contract, every financial statement that pertained to them, as time consuming and difficult as that can be at times. Bottom line: always know where your money's going at all times. Cosby said it was one of the first pieces of advice he gave to young people. That, and never, ever giving anyone the legal ability to make financial transactions without your signature. ** http://finance.yahoo.com/news/Nicolas-Cage-loses-2-homes-in-cnnm-1304107173.html?x=0.v=2 Nicolas Cage loses 2 homes in foreclosure auction - By Hibah Yousuf, CNNMoney.com staff reporter - On 4:47 pm EST, Friday November 13, 2009 Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday. Birmingham, Ala.-based Regions Bank purchased Cage's 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage's 2523 Pataniya Street property appraised at $3.3 million in the Garden District. New Orleans's civil Sheriff Paul Valteau said no other bids were made on the houses. Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau. Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage's former business manager, set up the corporation so that Cage's name would not appear on the mortgage documents -- a common strategy among celebrities. Levin also was listed on the mortgage document as the agent for service of process, Valteau added. That agent is the officer appointed by a corporation to receive legal notices. Last month, Cage filed a lawsuit against Levin in California claiming that Levin duped the Hollywood actor out of more than $20 million since 2001 when he was hired. The suit said Levin lined his pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin. The suit went on to say Cage has discovered that he is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin's incompetence, misrepresentations and recklessness. Rather than attaining financial security, Cage has been forced to dispose of significant assets in order to pay for Levin's gross misconduct. A reporter's calls to Levin's office for comment were not immediately returned. CNN reported that Cage owes more than $6 million in back taxes and his properties in California and Las Vegas have also been foreclosed on and are designated for auction later this month. The actor, who's known for his roles in Leaving Las Vegas and National Treasure, has 5 projects slated for 2010, according to the Internet Movie Database. Cage's publicist Annett Wolf said she had no information and can't help when reached for comment. -- Bringing diversity to perversity for over 9 years! Mahogany at: http://groups.yahoo.com/group/mahogany_pleasures_of_darkness/
Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction
This why so many lottery winners are flat broke within five years of winning big jackpots. They generally know nothing about money management. Managing a fortune is a full time job. If you don't treat it as such and learn all you can about how it works, you're gonna lose it. Bosco --- On Sat, 11/14/09, Keith Johnson keithbjohn...@comcast.net wrote: From: Keith Johnson keithbjohn...@comcast.net Subject: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction To: scifinoir2@yahoogroups.com Date: Saturday, November 14, 2009, 12:06 AM Wow. Maybe this explains Cage selling off hundreds of thousands of dollars worth of comics in recent years. I remember reading an interview once with Bill Cosby about celebrities and money management. He and Oprah Winfrey had been discussing the number of famous people they knew who'd been cheated by their accountants and agents. Cosby and Winfrey both agreed that one of the most important things a celebrity needs to do when the money starts rolling in is to take courses in finance and money management. Winfrey contributed that many rising stars felt finances were something they could never understand-- especially some of the kids with little education--but that it was crucial. The bottom line, Winfrey said, was that you *have* to get yourself to the point where you understand every single deal and transaction made with your money. She and Cosby both said that they personally reviewed every check, every contract, every financial statement that pertained to them, as time consuming and difficult as that can be at times. Bottom line: always know where your money's going at all times. Cosby said it was one of the first pieces of advice he gave to young people. That, and never, ever giving anyone the legal ability to make financial transactions without your signature. * * * * * * http://finance. yahoo.com/ news/Nicolas- Cage-loses- 2-homes-in- cnnm-1304107173. html?x=0.v=2 Nicolas Cage loses 2 homes in foreclosure auction By Hibah Yousuf, CNNMoney.com staff reporter On 4:47 pm EST, Friday November 13, 2009 Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday. Birmingham, Ala.-based Regions Bank purchased Cage's 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage's 2523 Pataniya Street property appraised at $3.3 million in the Garden District. New Orleans's civil Sheriff Paul Valteau said no other bids were made on the houses. Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau. Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage's former business manager, set up the corporation so that Cage's name would not appear on the mortgage documents -- a common strategy among celebrities. Levin also was listed on the mortgage document as the agent for service of process, Valteau added. That agent is the officer appointed by a corporation to receive legal notices. Last month, Cage filed a lawsuit against Levin in California claiming that Levin duped the Hollywood actor out of more than $20 million since 2001 when he was hired. The suit said Levin lined his pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin. The suit went on to say Cage has discovered that he is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin's incompetence, misrepresentations and recklessness. Rather than attaining financial security, Cage has been forced to dispose of significant assets in order to pay for Levin's gross misconduct. A reporter's calls to Levin's office for comment were not immediately returned. CNN reported that Cage owes more than $6 million in back taxes and his properties in California and Las Vegas have also been foreclosed on and are designated for auction later this month. The actor, who's known for his roles in Leaving Las Vegas and National Treasure, has 5 projects slated for 2010, according to the Internet Movie Database. Cage's publicist Annett Wolf said she had no information and can't help when reached for comment.
Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction
That's true. There's a lot of people that win millions and end up broke. Some of them have had problems right out the gate when they win. One of the people that were interviewed on a lotto winner show said 2 people tried to con him a week after he got his money. On Fri, Nov 13, 2009 at 10:20 PM, Bosco Bosco ironpi...@yahoo.com wrote: This why so many lottery winners are flat broke within five years of winning big jackpots. They generally know nothing about money management. Managing a fortune is a full time job. If you don't treat it as such and learn all you can about how it works, you're gonna lose it. Bosco --- On *Sat, 11/14/09, Keith Johnson keithbjohn...@comcast.net* wrote: From: Keith Johnson keithbjohn...@comcast.net Subject: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction To: scifinoir2@yahoogroups.com Date: Saturday, November 14, 2009, 12:06 AM Wow. Maybe this explains Cage selling off hundreds of thousands of dollars worth of comics in recent years. I remember reading an interview once with Bill Cosby about celebrities and money management. He and Oprah Winfrey had been discussing the number of famous people they knew who'd been cheated by their accountants and agents. Cosby and Winfrey both agreed that one of the most important things a celebrity needs to do when the money starts rolling in is to take courses in finance and money management. Winfrey contributed that many rising stars felt finances were something they could never understand-- especially some of the kids with little education--but that it was crucial. The bottom line, Winfrey said, was that you *have* to get yourself to the point where you understand every single deal and transaction made with your money. She and Cosby both said that they personally reviewed every check, every contract, every financial statement that pertained to them, as time consuming and difficult as that can be at times. Bottom line: always know where your money's going at all times. Cosby said it was one of the first pieces of advice he gave to young people. That, and never, ever giving anyone the legal ability to make financial transactions without your signature. * * * * * * http://finance. yahoo.com/ news/Nicolas- Cage-loses- 2-homes-in- cnnm-1304107173. html?x=0.v=2 Nicolas Cage loses 2 homes in foreclosure auction - By Hibah Yousuf, CNNMoney.com staff reporter - On 4:47 pm EST, Friday November 13, 2009 Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday. Birmingham, Ala.-based Regions Bank purchased Cage's 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage's 2523 Pataniya Street property appraised at $3.3 million in the Garden District. New Orleans's civil Sheriff Paul Valteau said no other bids were made on the houses. Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau. Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage's former business manager, set up the corporation so that Cage's name would not appear on the mortgage documents -- a common strategy among celebrities. Levin also was listed on the mortgage document as the agent for service of process, Valteau added. That agent is the officer appointed by a corporation to receive legal notices. Last month, Cage filed a lawsuit against Levin in California claiming that Levin duped the Hollywood actor out of more than $20 million since 2001 when he was hired. The suit said Levin lined his pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin. The suit went on to say Cage has discovered that he is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin's incompetence, misrepresentations and recklessness. Rather than attaining financial security, Cage has been forced to dispose of significant assets in order to pay for Levin's gross misconduct. A reporter's calls to Levin's office for comment were not immediately returned. CNN reported that Cage owes more than $6 million in back taxes and his properties in California and Las Vegas have also been foreclosed on and are designated for auction later this month. The actor, who's known for his roles in Leaving Las Vegas and National Treasure, has 5 projects slated for 2010, according to the Internet Movie Database. Cage's publicist Annett Wolf said she had
Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction
true - Original Message - From: Bosco Bosco ironpi...@yahoo.com To: scifinoir2@yahoogroups.com Sent: Saturday, November 14, 2009 1:20:38 AM GMT -05:00 US/Canada Eastern Subject: Re: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction This why so many lottery winners are flat broke within five years of winning big jackpots. They generally know nothing about money management. Managing a fortune is a full time job. If you don't treat it as such and learn all you can about how it works, you're gonna lose it. Bosco --- On Sat, 11/14/09, Keith Johnson keithbjohn...@comcast.net wrote: From: Keith Johnson keithbjohn...@comcast.net Subject: [scifinoir2] Nicolas Cage loses 2 homes in foreclosure auction To: scifinoir2@yahoogroups.com Date: Saturday, November 14, 2009, 12:06 AM Wow. Maybe this explains Cage selling off hundreds of thousands of dollars worth of comics in recent years. I remember reading an interview once with Bill Cosby about celebrities and money management. He and Oprah Winfrey had been discussing the number of famous people they knew who'd been cheated by their accountants and agents. Cosby and Winfrey both agreed that one of the most important things a celebrity needs to do when the money starts rolling in is to take courses in finance and money management. Winfrey contributed that many rising stars felt finances were something they could never understand-- especially some of the kids with little education--but that it was crucial. The bottom line, Winfrey said, was that you *have* to get yourself to the point where you understand every single deal and transaction made with your money. She and Cosby both said that they personally reviewed every check, every contract, every financial statement that pertained to them, as time consuming and difficult as that can be at times. Bottom line: always know where your money's going at all times. Cosby said it was one of the first pieces of advice he gave to young people. That, and never, ever giving anyone the legal ability to make financial transactions without your signature. * * * * * * http://finance. yahoo.com/ news/Nicolas- Cage-loses- 2-homes-in- cnnm-1304107173. html?x=0.v=2 Nicolas Cage loses 2 homes in foreclosure auction • By Hibah Yousuf, CNNMoney.com staff reporter • On 4:47 pm EST, Friday November 13, 2009 Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday. Birmingham, Ala.-based Regions Bank purchased Cage's 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage's 2523 Pataniya Street property appraised at $3.3 million in the Garden District. New Orleans's civil Sheriff Paul Valteau said no other bids were made on the houses. Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau. Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage's former business manager, set up the corporation so that Cage's name would not appear on the mortgage documents -- a common strategy among celebrities. Levin also was listed on the mortgage document as the agent for service of process, Valteau added. That agent is the officer appointed by a corporation to receive legal notices. Last month, Cage filed a lawsuit against Levin in California claiming that Levin duped the Hollywood actor out of more than $20 million since 2001 when he was hired. The suit said Levin lined his pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin. The suit went on to say Cage has discovered that he is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin's incompetence, misrepresentations and recklessness. Rather than attaining financial security, Cage has been forced to dispose of significant assets in order to pay for Levin's gross misconduct. A reporter's calls to Levin's office for comment were not immediately returned. CNN reported that Cage owes more than $6 million in back taxes and his properties in California and Las Vegas have also been foreclosed on and are designated for auction later this month. The actor, who's known for his roles in Leaving Las Vegas and National Treasure, has 5 projects slated for 2010, according to the Internet Movie Database. Cage's publicist Annett Wolf said she had no information and can't help when reached for comment.
