Nicolas Cage in Financial Ruin

[Michigan Girl]

Agree w/B, incredible actor...obviously, not so much w/his finances!!

B~your av is very hypnotizing...but makes me sick to my stomach!!!

Don't forget Peggy Sue and Valley Girl (stupid movie, but he was good)

Better?

is that Neal and Arnel in drag?

No way those two could ever be that adorable!!!
They are called children, Stevie!!

[Arkansas]

Raising Arizona.... his best movie ever.

A classic!

http://www.youtube.com/watch?v=jOrDN21yoGk


later~

[JasonD]

To me Cage was okay in Moonstruck & The Family Man, but Con Air was the only movie of his I found worth purchasing.

[(Crazy)Dulce Lady]

y'all r nutz. Cage is a gifted actor and I would totally wash his sox.

with that out of the way, Con Air is my least favorite and Face Off the fav.

I love him. even if he's poor.

[stevew2]

Agree w/B, incredible actor...obviously, not so much w/his finances!!

B~your av is very hypnotizing...but makes me sick to my stomach!!!

Don't forget Peggy Sue and Valley Girl (stupid movie, but he was good)

Better?

is that Neal and Arnel in drag?

No way those two could ever be that adorable!!!
They are called children, Stevie!!

like this one of Neal?

[Peartree12249]

I think Nicholas Cage is an excellent actor who made some very good movies. My favorites are Raising Arizona (a classic) and Leaving Las Vegas. His performance in that movie IMO was brilliant! Due to the subject matter, it was certainly one of the most horribly painful movies I've ever watched.

Unfortunately, what happened to him happens all to often to professional athletes, actors and musicians. They're easy prey for unscrupulous accountants, lawyers and managers who take advantage of their trust and rip them off or are just plain incompetent.

[SherriBerry]

Billy Joel and $90,000,000....

http://www.people.com/people/archive/article/0,,20121368,00.html

Another part of the problem - hiring unqualified friends or relatives and not asking questions. It didn't sound like Billy Joel's ex-brother-in-law had any qualifications to be managing millions of dollars and started ripping him off from the beginning. Dane Cook recently sued his half-brother/ex-manager for siphoning millions into his own accounts.

[strangegrey]

It's always someone else's fault.

Seriously, in the case of these types (actors, entertainers, musicinans)....more often than not, that's the truth....


Musicians, Actors, Entertainers are rarely educated enough to manage financial assets north of a few hundred thousand dollars. Most people without a little bit of math and business classes cant balance their own fucking $357 checkbook...so I woundn't necessarily expect Nicolas Cage (whom I believe is a high school dropout) to know how to manage several multi-million dollar fixed assets (including a rare comic collection, several real estate properties and some rare cars)....Once you add in the tax burdens that some of these assets carry. It can be daunting.

That's why all of them hire financial managers or accountants to take care of it for them....and those charged with the fiducuary duty of looking after the principal's financial best interest ARE to blame....as it's THEIR responsibility as a fiduciary.

Another VERY common mistake is that sometimes you hire someone to look after your financial assets and at the time you hire them, they are qualified and honarable. Then, that person becomes compromised over the following 10 years. Maybe a bad gamling problem surfaces, maybe the daughter or son gets into legal trouble...whatever it is, the person who has access to millions of an actors' dollars of cash reserved for taxes decideds to borrow a little, then a little more...then all of it. So the decision to hire someone to watch your finances is a decision you should make every year, not once and forget about it.

Listen, It's real easy to look at someone like Nicolas Cage and go "fucker deserved it. I hated him in The Rock"....But I don't care if someone's making $12 an hour or $120 a minute. When an agent is charged with the fiduciary responsibility to manage that money coming in....the agent assumes responsibility as a matter of law...the owner of the money's only bad decission was not being thorough enough in searching for the right accountant or finance manager. Should a mistake like that cost someone his entire savings and wipe him out financially? I hardly think so.

This has happened to plenty of entertainers out there. It's a very common story. Billy Joel, Ted Nugent, etc.

Usually, the accountant is forced to pay restitution to the extent he can afford it, gets thrown in jail for a fairly long time to rot and the entertainer makes enough back to reclaim a little of his lifestyle and move on. I know National Treasure 3 is in the works so I expect Nicolas Cage to come out ok.


And for the record...I think Nicolas Cage is a great actor who suffers from bad judgment. He's had some fantastic roles (family man, moonstruck, the national treasure flicks, con air) and he's had some utterly lousy roles that he should have NEVER gotten within 200 feet of the script (ghost rider, The Rock)

[Ehwmatt]

It's always someone else's fault.

Seriously, in the case of these types (actors, entertainers, musicinans)....more often than not, that's the truth....


Musicians, Actors, Entertainers are rarely educated enough to manage financial assets north of a few hundred thousand dollars. Most people without a little bit of math and business classes cant balance their own fucking $357 checkbook...so I woundn't necessarily expect Nicolas Cage (whom I believe is a high school dropout) to know how to manage several multi-million dollar fixed assets (including a rare comic collection, several real estate properties and some rare cars)....Once you add in the tax burdens that some of these assets carry. It can be daunting.

That's why all of them hire financial managers or accountants to take care of it for them....and those charged with the fiducuary duty of looking after the principal's financial best interest ARE to blame....as it's THEIR responsibility as a fiduciary.

Another VERY common mistake is that sometimes you hire someone to look after your financial assets and at the time you hire them, they are qualified and honarable. Then, that person becomes compromised over the following 10 years. Maybe a bad gamling problem surfaces, maybe the daughter or son gets into legal trouble...whatever it is, the person who has access to millions of an actors' dollars of cash reserved for taxes decideds to borrow a little, then a little more...then all of it. So the decision to hire someone to watch your finances is a decision you should make every year, not once and forget about it.

Listen, It's real easy to look at someone like Nicolas Cage and go "fucker deserved it. I hated him in The Rock"....But I don't care if someone's making $12 an hour or $120 a minute. When an agent is charged with the fiduciary responsibility to manage that money coming in....the agent assumes responsibility as a matter of law...the owner of the money's only bad decission was not being thorough enough in searching for the right accountant or finance manager. Should a mistake like that cost someone his entire savings and wipe him out financially? I hardly think so.

This has happened to plenty of entertainers out there. It's a very common story. Billy Joel, Ted Nugent, etc.

Usually, the accountant is forced to pay restitution to the extent he can afford it, gets thrown in jail for a fairly long time to rot and the entertainer makes enough back to reclaim a little of his lifestyle and move on. I know National Treasure 3 is in the works so I expect Nicolas Cage to come out ok.


And for the record...I think Nicolas Cage is a great actor who suffers from bad judgment. He's had some fantastic roles (family man, moonstruck, the national treasure flicks, con air) and he's had some utterly lousy roles that he should have NEVER gotten within 200 feet of the script (ghost rider, The Rock)

The story of Badfinger, the 70s power pop band, is perhaps one of the most tragic examples of this.

I still think, accounting expertise aside (or lack thereof) for these guys, that they should at least be somewhat cognizant of their counterparts' past money mistakes. Many of them live just barely within even their lavish means and sometimes the water breaks. I don't have any sympathy for that same as I wouldn't for an average person who can't balance his/her checkbook.

[Behshad]

The story of Badfinger, the 70s power pop band, is perhaps one of the most tragic examples of this.

I still think, accounting expertise aside (or lack thereof) for these guys, that they should at least be somewhat cognizant of their counterparts' past money mistakes. Many of them live just barely within even their lavish means and sometimes the water breaks. I don't have any sympathy for that same as I wouldn't for an average person who can't balance his/her checkbook.

We'll get a-higher and a-higher stwait up we'll fly
We'll get a-higher and a-higher, live it all beehind

- Arnel Pineda "singing" Van Halen's "Dreams" on a Filipino game show


Your sig cracks me up , dude

[Ehwmatt]

The story of Badfinger, the 70s power pop band, is perhaps one of the most tragic examples of this.

I still think, accounting expertise aside (or lack thereof) for these guys, that they should at least be somewhat cognizant of their counterparts' past money mistakes. Many of them live just barely within even their lavish means and sometimes the water breaks. I don't have any sympathy for that same as I wouldn't for an average person who can't balance his/her checkbook.

We'll get a-higher and a-higher stwait up we'll fly
We'll get a-higher and a-higher, live it all beehind

- Arnel Pineda "singing" Van Halen's "Dreams" on a Filipino game show


Your sig cracks me up , dude

It cracks me up too, the same way a drunk cracks up at a bar stool when he realizes his life is fucked. Very sad.

[StevePerryHair]

I happen to really like Nicholas Cage as an actor. Probably Raising Arizona and Face Off were my favorite rolls of his, but I there are others. I hated the movie City of Angels though. Pointless ending. I guess I like the classic hollywood ending

I REALLY think that a LOT of actors used all the real estate they bought up as INVESTMENTS. And now the market is so low from the economy, it is KILLING them and that is what's happening here. Foreclosures! It's happening all around me, so why not the hollywood elite? I think real estate used to be the BEST investment and that has changed.

[StevePerryHair]

Agree w/B, incredible actor...obviously, not so much w/his finances!!

B~your av is very hypnotizing...but makes me sick to my stomach!!!

Don't forget Peggy Sue and Valley Girl (stupid movie, but he was good)

Better?

Cute av. Much better than the ladies having tongue wars

[stevew2]

I like the other one better

[StevePerryHair]

I like the other one better

Nope, cute kids trump lesbian whores

[stevew2]

I like the other one better

Nope, cute kids trump lesbian whores

Its a matter of taste or lack of lol

[bluejeangirl76]

I like the other one better

Nope, cute kids trump lesbian whores

+1000

[StevePerryHair]

I like the other one better

Nope, cute kids trump lesbian whores

Its a matter of taste or lack of lol

I bet even B with his love for lesbians would say his kids trump that lesbian av

[stevew2]

I like the other one better

Nope, cute kids trump lesbian whores

Its a matter of taste or lack of lol

I bet even B with his love for lesbians would say his kids trump that lesbian av

maybe his own, other peoples wouldnt , he was just being unassholish for a second

[Michigan Girl]

I like the other one better

Nope, cute kids trump lesbian whores

+1000

+10,000

[StevePerryHair]

I like the other one better

Nope, cute kids trump lesbian whores

Its a matter of taste or lack of lol

I bet even B with his love for lesbians would say his kids trump that lesbian av

maybe his own, other peoples wouldnt , he was just being unassholish for a second

When will you have your "second"?

[kgdjpubs]

I happen to really like Nicholas Cage as an actor. Probably Raising Arizona and Face Off were my favorite rolls of his, but I there are others. I hated the movie City of Angels though. Pointless ending. I guess I like the classic hollywood ending

Another good one is Red Rock West, which is one of the early ones before he got famous. Cool little thriller with Cage, Dennis Hopper and the late, great J.T. Walsh. Wonderfully twisted screenplay with good acting across the board and a restrained performance from Nicolas Cage.

[stevew2]

I like the other one better

Nope, cute kids trump lesbian whores

Its a matter of taste or lack of lol

I bet even B with his love for lesbians would say his kids trump that lesbian av

maybe his own, other peoples wouldnt , he was just being unassholish for a second

When will you have your "second"?

once in a while not today

[Rip Rokken]

He was such a great actor, quirky, loved him, until he started taking himself so seriously and had plastic surgery to look younger and came on a latenight show with a leather outfit and a facelift it looked like. It was sad watching him that night.

He definitely comes off like he's been drinking his own Kool-Aid. Watch his Comicon press conference for Ghost Rider sometime. All the stars including Eva Mendes were very down to earth, then Cage comes out in a pair of shades pulling his acid trippy ego act, and I lost interest.

[KenTheDude]

JEEZ!

http://movies.yahoo.com/feature/movie-t ... nding.html

[Jana]

"The number of homes Nic Cage owns is receding faster than his ... anyway ... because today, two of his homes in New Orleans are going up on the auction block.


According to public records, Cage failed to pay the mortgage debts on two multi-million dollar properties -- and the bank eventually foreclosed.

The two homes were each estimated to be worth more than $3 million -- but as we all know, Nic is dead broke and couldn't pay his bills.

One of the homes, the LaLaurie mansion, is rumored to be haunted -- it'll definitely haunt Cage."

[SherriBerry]

Nicholas Cage's former manager, Samuel Levin, is countersuing over claims he mismanaged Cage's money. He detailed some of the insane spending in his lawsuit - another article I read mentioned castles in England and Bavaria. If you aren't the Queen of England, why would you need two castles?!

Cage's lawyer is blaming Levin because it was his job to tell Cage "No". Um, excuse me, he may be the manager, but he isn't his conservator. If the spending report is accurate (and Levin is a respected CPA of 25 years, so I'll bet it is down to the penny), Cage's spending sounds as ridiculous and irresponsible as Michael Jackson's.

Here's one of the articles:http://www.people.com/people/article/0,,20320550,00.html

[CatEyes]

It's always someone else's fault.

Seriously, in the case of these types (actors, entertainers, musicinans)....more often than not, that's the truth....


Musicians, Actors, Entertainers are rarely educated enough to manage financial assets north of a few hundred thousand dollars. Most people without a little bit of math and business classes cant balance their own fucking $357 checkbook...so I woundn't necessarily expect Nicolas Cage (whom I believe is a high school dropout) to know how to manage several multi-million dollar fixed assets (including a rare comic collection, several real estate properties and some rare cars)....Once you add in the tax burdens that some of these assets carry. It can be daunting.

That's why all of them hire financial managers or accountants to take care of it for them....and those charged with the fiducuary duty of looking after the principal's financial best interest ARE to blame....as it's THEIR responsibility as a fiduciary.

Another VERY common mistake is that sometimes you hire someone to look after your financial assets and at the time you hire them, they are qualified and honarable. Then, that person becomes compromised over the following 10 years. Maybe a bad gamling problem surfaces, maybe the daughter or son gets into legal trouble...whatever it is, the person who has access to millions of an actors' dollars of cash reserved for taxes decideds to borrow a little, then a little more...then all of it. So the decision to hire someone to watch your finances is a decision you should make every year, not once and forget about it.

Listen, It's real easy to look at someone like Nicolas Cage and go "fucker deserved it. I hated him in The Rock"....But I don't care if someone's making $12 an hour or $120 a minute. When an agent is charged with the fiduciary responsibility to manage that money coming in....the agent assumes responsibility as a matter of law...the owner of the money's only bad decission was not being thorough enough in searching for the right accountant or finance manager. Should a mistake like that cost someone his entire savings and wipe him out financially? I hardly think so.

This has happened to plenty of entertainers out there. It's a very common story. Billy Joel, Ted Nugent, etc.

Usually, the accountant is forced to pay restitution to the extent he can afford it, gets thrown in jail for a fairly long time to rot and the entertainer makes enough back to reclaim a little of his lifestyle and move on. I know National Treasure 3 is in the works so I expect Nicolas Cage to come out ok.


And for the record...I think Nicolas Cage is a great actor who suffers from bad judgment. He's had some fantastic roles (family man, moonstruck, the national treasure flicks, con air) and he's had some utterly lousy roles that he should have NEVER gotten within 200 feet of the script (ghost rider, The Rock)

Agree, Frank - 100%

You identify several red flags that anyone can look for.

Just in case I come into a large sum of money in the near future. are there checks and balances that are available? How can I protect myself?

Cat

[Rip Rokken]

Cage's lawyer is blaming Levin because it was his job to tell Cage "No". Um, excuse me, he may be the manager, but he isn't his conservator. If the spending report is accurate (and Levin is a respected CPA of 25 years, so I'll bet it is down to the penny), Cage's spending sounds as ridiculous and irresponsible as Michael Jackson's.

Here's one of the articles:http://www.people.com/people/article/0,,20320550,00.html

I read a similar article, and both say the same:

"Levin advised him that he needed to earn $30 million a year to keep up his lavish lifestyle."

I think anyone that spends on the level he was spending isn't the type who responds well to being told "no", just like Michael Jackson. I had no clue how many houses he had until I read that article I don't feel sorry for Cage at all. Comes off like an empty person who uses compulsive spending to try to fill some hole.

Here's one of the 2006 Comic-Con panel clips for Ghost Rider I mentioned. Dude thinks he's Elvis!

http://www.youtube.com/watch?v=qDl7rQRUkOk

[larryfromnextdoor]

[
Here's one of the 2006 Comic-Con panel clips for Ghost Rider I mentioned. Dude thinks he's Elvis!

http://www.youtube.com/watch?v=qDl7rQRUkOk

that might be why he married Lisa Marie,, to be in the family...