In the case of Nicolas Cage, two of his homes are now foreclosed upon:
Nicolas Cage's next film may take place in New Orleans, but the debt-plagued actor can now no longer claim to be a resident of the Big Easy. Cage, 45 who filed a lawsuit blaming his financial collapse on his longtime business partner, had his two historic French Quarter homes purchased in a foreclosure auction Thursday. The houses went for $4.5 million – about two-thirds the appraised value – to Cage's lender, Regions bank, the lone bidder. Movers were seen clearing Cage's belongings on Friday. Cage, whose next film Bad Lieutenant: Port of Call New Orleans comes out this month, has been selling off homes in Los Angeles, Las Vegas and Rhode Island to pay off a $6 million federal tax lien.
Good God, where is the help this man needs? There's no reason whatsoever to seize assets when, in good faith and in good time, Cage could restructure his asset portfolio and raise the cash necessary to satisfy the people who are rushing to take away his assets. This is a disgrace.
First of all, he's a bankable movie star. He may have up and down periods, but this is a man who can make money in his chosen field. Second of all, he has assets but obligations--show me a man who has assets, and I'll show you a man who can deftly restructure and make things right for anyone and everyone who's bringing their demands to bear. Third, have some compassion. I realize, we're not supposed to feel bad for rich people in America. I get the populism here. But, on a much smaller scale, think of a small businessman being cleaned out by an unscrupulous partner or spouse. Helping that person get their affairs in order would leave them with the ability to pay off obligations with interest and keep their dignity.
Well, I've read where friends are offering to help Cage. I hope he comes out of this stronger and can then go back after the cutthroats who went after him when he was in a bad way.