Tag: bankrupt

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Celebrities Music

Wyclef Jean is Broke – “there ain’t no money”

Wyclef Jean’s former lawyers have filed a six-figure legal judgment against the musician after he failed to make agreed-upon payments to reduce his debt, according to court filings that include a recent e-mail from Jean’s business manager claiming that his client was broke.

“there ain’t no money,” Jean’s accountant declared in a terse January e-mail to his creditors.

Other records show that federal and state authorities have, since mid-2012, hit the performer with nearly $2.9 million in tax liens (which remain outstanding).

According to New York State Supreme Court filings, Jean last year agreed to pay the law firm Shukat Arrow Hafer Weber & Herbsman $100,000 to settle an outstanding bill topping $133,000.

As part of a confidential settlement agreement, Jean was required to pay the firm $10,000 by August 1, 2013, and $50,000 by year’s end. The agreement stipulated that if Jean made those two payments, the firm would waive the remaining $40,000 it was owed by the musician. However, the agreement notes, if Jean failed to make the payments, he would be on the hook for the entire $100,000, plus 10 percent annual interest.

Jean, records show, made neither payment.

Categories
Music

Singer Dionne Warwick Files For Bankruptcy

Dionne Warwick, the singer and actress who was a regular at the top of the Billboard chart for four decades, owes more than $10 million in back taxes and has only $10 left at the end of each month after paying expenses, according to a petition filed in U.S. Bankruptcy Court in New Jersey last week.

The 72-year-old five-time Grammy Award winner, who lives in a 3,200-square-foot home in South Orange and won awards for songs like “I’ll Never Fall in Love Again,” “That’s What Friends are For” and “Raindrops Keep Falling on My Head,” pays $5,000 a month for housekeeping.

The East Orange native also pays $4,000 for a personal assistant and another $11,940 in other monthly expenses, the bankruptcy petition stated.

Warwick, who filed Chapter 7 bankruptcy Thursday, has $25,500 in assets and $10.7 million in liabilities, according to the court papers.

Among the valuables listed in her bankruptcy petition: Two fur coats and two sets of diamonds earrings that have a combined value of $13,000; gowns and everyday clothing worth $5,000; and artwork and paintings worth $5,000.

Warwick owes nine years of back taxes, totaling $7 million, to the federal government and $3 million to the state of California, according to the bankruptcy petition.

h/t NJ.COM

Categories
Mitt Romney Politics

Wishing Detroit Go Bankrupt, Romney Now Begs for Their Vote – Video

Let’s take a moment to remind the wonderful people of Michigan what Mitt Romney thinks of them and their auto industry. If it was left up to him, hundreds of thousands of jobs would have been eliminated, as Romney took the position that Detroit should “go bankrupt.”

Failing to acknowledge that his position on the auto bailout was wrong, Mittens is now spending heavily in the motor city, expressing how much he loves the height of the trees to anyone who will listen. And it seems his efforts are paying off as Michigan voters are taking another look at the tree hugger before Tuesday’s vote.

Enter AFSCME, one of the biggest unions in the nation. They created this video as a friendly reminder to the people of where Mittens stood when he was given a chance to weigh in on how to fix the auto problem.

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Mitt Romney Politics

Americans To Mitt Romney – Don’t Bet Against America

Mitt Romney bet against America and American ingenuity when he suggested that Detroit and the auto industry should go bankrupt. Today, two years after President Obama believed in the auto industry and did what was necessary to keep the industry alive, General Motors posted their biggest profit in the company’s history of $7.6 billion.

Armed with this information, the DNC produced this video to remind all that if Romney had his way, GM would now be a faint memory.

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Mitt Romney Politics

Mitt Romney Again Said Detroit Should Have Gone Bankrupt

America prides itself in the quality of automobiles it produces and Detroit – known as the motor city – is where that pride originates. But under the strain of the present recession, Detroit and America saw the automobile industry crumble, laying off thousands of people to stay in business and creating inferior products in the process.

The choice was simple – let Detroit go bankrupt, thus eliminating millions of jobs throughout the industry and watching other countries continue to pass us by in the quality and quantity of cars they produce, which by the way, was what Mitt Romney said should have happened when he wrote an opinion piece in the New York Times; or do whatever was reasonably necessary to save millions of jobs and save the industry, and bringing that pride back to America as first in the world for quality car production.

President Obama chose the second option and Detroit, the auto industry and America are seeing the rewards of his action. America once again produces the best automobiles in the world.

Everyone shares in this pride, except Republicans… and Mitt Romney. Today, Romney wrote another piece, reiterating his feeling that Detroit should have went bankrupt.

My view at the time — and I set it out plainly in an op-ed in the New York Times — was that “the American auto industry is vital to our national interest as an employer and as a hub for manufacturing.” Instead of a bailout, I favored “managed bankruptcy” as the way forward.

Managed bankruptcy may sound like a death knell. But in fact, it is a way for a troubled company to restructure itself rapidly, entering and leaving the courtroom sometimes in weeks or months instead of years, and then returning to profitable operation.

In the case of Chrysler and GM, that was precisely what the companies needed.

Categories
Barack Obama Chrysler Democratic Party Mitt Romney Politics Republican United States

Romney Called For Detroit Bankruptcy, Now Panders For Their Votes

Mitt Romney was one of the main opponents to President Obama’s auto bailout, a bailout that has brought back the United States auto industry and saved thousands of jobs nationwide, especially in Detroit Michigan, the major producer of automobiles. So strong were his disagreements with the bailout, Romney suggested that Detroit and the auto industry should “go bankrupt.”

Today however, Romney made his way back to Detroit as a Republican presidential candidate for the 2012 elections, hoping to sell his economic policies, but the people of the motor-city have not forgotten about Romney’s stance on the auto bailout.

Below is their Welcome Message for Mitt Romney.

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