Top 10 Bankruptcies Of The 20th Century
Author: Iain Mackintosh
Celebrity bankruptcy has become so common that many now hire
financial advisors to keep an eye on their bank accounts and
stop them from overindulging on wild extravagances and
unworkable business ventures. Nobody, no matter how famous or
rich, is immune to the perils of debt. In that way the celebs
are just like the rest of us, but they're playing with much
higher stakes.
Donald Trump: billionaire entrepreneur
Trump, currently worth approximately $3 billion, has certainly
had his fair share of financial disasters. In 1992 the three
casinos he then owned - the Taj Mahal, Castle and Plaza - went
bankrupt, burdened by more than $1 billion in debt following the
1990-91 recession. But he climbed back from the brink of
personal bankruptcy and chronicled his return to billionaire
status in the 1997 book `Trump: The Art of the Comeback.'
Trump's casino empire went bankrupt again in 2004.
Meat Loaf: rock star
Meat Loaf spawned some of the largest selling albums of all
time, but things turned nasty for him when, in 1981, he changed
managers after discovering that his were stealing his money.
They had all of Meat Loaf's assets frozen and sued him for
breach of contract. They also spread rumours that he was violent
and had threatened people with guns, and a battle-worn Meat Loaf
ended up declaring bankruptcy. In 1986, Meat Loaf found a new
writer, John Parr, and started recording a new album.
Unfortunately, the producer put a dance beat underneath every
song, which proved to be a huge mistake, and Meat Loaf ended up
going bankrupt for a second time.
Anna Nicole Smith: Model/Actress and 1993 Playboy magazine
`Playmate of the Year'
Tragic Anna Nicole Smith entered the limelight in 1994 when, at
the age of 26, she married 89-year-old oil business executive
and billionaire J Howard Marshall. In 1996, Smith filed for
bankruptcy in California as a result of a $850,000 judgment
against her for sexual harassment of an employee. The former
model died from a drug overdose in February 2007, five months
after the death of her son Daniel, aged 20, who had also
overdosed on drugs.
M.C. Hammer rock star
M.C. Hammer of parachute pants and `Hammertime' fame filed for
personal bankruptcy in April 1996 as a result of dwindling album
sales and a lavish lifestyle. He was $13 million in debt. After
this rapid fall from grace, MC Hammer spent most of the late
1990s as a punch line in the music business. Nelly, in his year
2000 breakthrough hit `Country Grammar', announced his intention
to `blow 30 mill like I'm Hammer'
George Best: Manchester United Footballer
Manchester United football legend George Best will always be
remembered for his dazzling skill on the pitch, but it was the
accompanying champagne and playboy lifestyle which ultimately
led him to an early grave. Best's partying and decadence
degenerated tragically into alcoholism, bankruptcy, a prison
sentence and, eventually, a liver transplant. Following his
death in November 2005 the News of the World published a picture
of Best at his own request, showing him in his hospital bed,
along with what was reported to be his final message: `Don't die
like me'.
Walt Disney: Oscar - winning film producer, animation & theme
park pioneer
Disney did not lose his riches once he had found them, but it
was a major struggle to get there in the first place. As a young
entrepreneur Walt Disney formed his first animation company in
Kansas City in 1921 and made a deal with a distribution company
in New York. Flushed with success, Disney began to experiment
with new storytelling techniques, but his costs went up and then
the distributor went bankrupt. He was also forced to declare
bankruptcy in 1923 and at one point could not pay his rent and
was surviving on dog food.
Gary Glitter: Glam Rock star
Gary Glitter, the King of Glam Rock, has had an unusual life.
After excessive drinking and drug taking in his earlier musical
career, he was declared bankrupt in1980. However, Glitter, aka
Paul Francis Gadd, says he was only declared bankrupt because
`somebody didn't fill in the right forms.' Just as he had begun
to turn his life around, Glitter was confronted with allegations
of paedophilia, and in 1999 he was convicted for downloading
4,000 child pornography pictures and was listed as a sex
offender. Glitter's reputation was further tarnished when he was
permanently evicted from Cambodia in 2002 for suspected child
sexual abuse offences.
Oskar Schindler: activist who saved over 1000 Jews from the
Nazis
In the 1930s, a young Oskar Schindler changed jobs several
times. He also tried various business ventures, but soon went
bankrupt because of the Great Depression.
By the end of the war, Schindler had spent his entire fortune
on bribes and black-market supplies for his Jewish workers.
Virtually destitute, Schindler did not prosper in post-war
Germany, and eventually he emigrated to Argentina in 1948, where
he went bankrupt again. Returning to Germany in 1958, Schindler
had a series of unsuccessful business ventures. He then settled
down in West Germany and tried again - with help from a Jewish
organisation - to establish a cement factory. This, too, went
bankrupt in 1961.
TLC: R&B/Hip-Hop/Pop group
In 1994, not long before the release of the trio's second album
`CrazySexyCool' (which was to sell over 11 million copies) band
member Lisa Lopes was arrested on arson charges. In an
alcohol-fuelled fit of rage, Lopes vented all the frustrations
from her often-stormy relationship with Andre Rison, burning his
Atlanta mansion to the ground and vandalizing several of his
cars. In 1995, TLC filed for bankruptcy, claiming debts of over
3.5 million dollars, in part stemming from Lopes' insurance
payments over the arson incident.
Kim Basinger: Oscar - winning actress
Extravagant Basinger found herself into trouble when she bought
the town of Braselton, Georgia for $20 million. It was around
the same time that she dropped out of the movie `Boxing Helena'
after expressing concern over nude scenes. Main Line Pictures
sued the star of Batman and 9 1/2 Weeks for breach of contract,
and the ensuing court case was of Hollywood proportions. The
producers' lawyers even tried to stop Basinger having children -
as this would diminish the sum they might reclaim. Basinger
filed for personal bankruptcy in 1993 and was forced to sell the
town of Braselton.
About The Author: Iain Mackintosh is the managing director of
Simply-Docs
(http://www.simply-docs.co.uk
). The firm provides over 1100 legal documents and templates
covering all aspects of business from the new holiday
entitlement laws to bankruptcy.
