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Thread: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

   
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    Default Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

    Lisa Marie Presley's ex Michael Lockwood claims she is 'lying' about $16million debt as he demands she pay $450K in HIS lawyer fees http://www.dailymail.co.uk/tvshowbiz...ying-debt.html

    Lisa Marie claimed that she is massively in debt to the tune of $16million amid divorce from Michael Lockwood.

    However her former flame believes that she is lying about what she owes.

    According to a Friday report from TMZ, the 56-year-old guitarist believes that 50-year-old Lisa Marie's math is incorrect.

    The site said that Lockwood said that his estranged wife claimed to be making $104,000 a month in 2016 while also claiming to owe the IRS $1.67million.

    He points out that would mean she owes more than she made in income in that year.

    The documents also state that she may have had an error in crunching the numbers when it came to the estate she owns in England which she previously claimed that she is way behind in mortgage payments for.

    Lockwood said it is still worth something, however, Presley left it out of her previous calculations.

    TMZ also reports that he is keeping up with his demand that she pay for his lawyer fees which total $450,000.

    TMZ reported last week that the 5daughter of Elvis Presley is drowning in debt to the tune of $16million.

    The discovery was made as the publication obtained divorce documents which detailed her financial deficit.

    According to the documents most of Presley's debt is from unpaid taxes from 2012 to 2015 which totals more than $10million.

    TMZ also reports that she has a house in the UK which she has been trying to sell because she is defaulted in the mortgage.

    The legal filing states that because of this that is another $6million owed.

    The former wife of Michael Jackson stated that the rest of the debt comes from credit cards and unpaid lawyer fees.

    This has all been brought to light as her estranged husband Michael Lockwood, 56, is demanding that she pay $450K for his attorney fees which she is claiming not to have.

    Last month TMZ reported that Lisa Marie, who is the only daughter of Elvis Presley, earns $4.2 million each year, which is about $350,000 per month.

    Lisa Marie filed for divorce in June 2016 after 10 years of marriage.

    They tied the knot in January 2006 in Kyoto, Japan; the former flames are parents to fraternal twin girls: Harper and Finley, nine.

    Lisa Marie is mom two kids - Riley Keough, 28, and Benjamin Keough, 25 - with ex husband Danny Keough.
    Ouch: According to the documents most of Presley's debt is from unpaid taxes from 2012 to 2015 which totals more than $10million
    +4

    Ouch: According to the documents most of Presley's debt is from unpaid taxes from 2012 to 2015 which totals more than $10million

    According to The Wrap, she has already paid five installments from March until July of $10,000 to pay for his legal expenses - which was court ordered.

    She does not have to pay spousal support.

    They had signed a post nuptial agreement in 2007, which in January, Michael asked to get torn up.

    The document said that neither party, in the event of a divorce, will lay claim to the other person's assets.

    One month after his request, Lisa Marie claimed that he 'was discovered to have hundreds of inappropriate photos' allegedly on his computer and facing 'allegations of sexual abuse and neglect.' His lawyers have denied all of the allegations, according to People.

    The website adds that The Tennessee Bureau Of Investigation investigated the claims but didn't file any charges or open an official case.
    Keep Calm & Listen to MJ

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    Default Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

    Deeply indebted Lisa Marie Presley and manager in dueling lawsuits https://uk.reuters.com/article/us-pe...source=twitter

    LOS ANGELES (Reuters) - Lisa Marie Presley, the only daughter of Elvis Presley, says she is facing financial ruin and has filed a $100 million lawsuit accusing her former business manager of negligence and mismanaging her finances.

    Her ex-manager has filed his own lawsuit, accusing Presley, 50, of squandering her famous father’s inheritance because of her lavish lifestyle. The lawsuit seeks $800,000 in unpaid bills.

    The dueling lawsuits, filed earlier this week in Los Angeles Superior Court, follow the collapse in 2016 of Presley’s fourth marriage and her announcement that she was $16 million in debt.

    Presley was just 9 years old when Elvis died in 1977, leaving her his sole heir. Her affairs have been managed by Barry Siegel since 1993, when she came into her inheritance through a trust.

    Her lawsuit said Presley’s “11-year odyssey to financial ruin” began in 2005 and alleged that as result of Siegel’s actions, “Lisa has been damaged in an amount that has not yet been fully ascertained, but is believed to be in excess of $100 million.”

    The 2005 deal she was referring to involved income from Elvis’ former home Graceland and his intellectual property rights.

    The lawsuit said that by 2016, the trust was left with $14,000 in cash and over $500,000 in credit card debt.

    Siegel’s lawsuit said Lisa Marie has “twice squandered” her inheritance and she had been repeatedly told to curb “her spendthrift ways.”

    Siegel’s attorney, Leon Gladstone, said in a statement on Friday that the 2005 deal Presley was complaining about “cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years.”

    “It’s clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions,” Gladstone said.

    Presley launched her own career as a singer in 2003 and has released three albums to mixed success. She is better known for her two-year marriage to singer Michael Jackson and her 108-day marriage to actor Nicholas Cage.
    Keep Calm & Listen to MJ

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    Default Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

    Quote Originally Posted by Goddess4Real View Post
    I can't remember if she mention any money problems etc in previous interviews prior to that. Also wasn't Barry Siegel also named as a co-executor to MJ's estate, but withdrew soon after?
    Hmm-same name. But I thought he was an accountant. This is a manager. But a business manager. I don't know, but it seems likely.

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    Default Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

    Quote Originally Posted by barbee0715 View Post
    Hmm-same name. But I thought he was an accountant. This is a manager. But a business manager. I don't know, but it seems likely.
    I thought Simon Fuller was Lisa's manager hence the American Idol connection (eg. when she appeared on the show etc). On the surface she had a really good team behind her.
    Keep Calm & Listen to MJ

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    Default Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

    Lisa Marie Presley Sues Manager for 'Reckless Mismanagement' of $100 Million Elvis Fortune

    Lisa Marie Presley and her financial manager Barry Siegel are in a legal battle after it was revealed that she’s $16.7 million in debt — Presley going after his “reckless and negligent mismanagement” of her inherited estate and Siegel claiming she “squandered” her own fortune due to her “excessive spending” habits.

    According to two sets of documents obtained by PEOPLE and first published by The Blast, both are pointing fingers and demanding big bucks from the other.

    In Presley’s case, she claims Siegel spent 11 years whittling down the $100 million trust she inherited after the death of her father Elvis Presley in 1977 to just $14,000, dissipating her wealth “through his reckless and negligent mismanagement and self serving-ambition.”

    Much of that, she alleges, began in 2005 when Siegel sold 85 percent of her interest in Elvis Presley Enterprises in order to align himself with a famous investor tied to the holding company of American Idol. When that didn’t pan out, Presley alleges he began liquidating her assets in order to supplement the trust income without informing her, putting “his own best interests ahead of her in order to put himself in proximity to [the investor] and his celebrity circle.”

    Siegel also allegedly bought a $9 million English home using the trust’s money, pledging the entire trust as collateral when he couldn’t make the $6.7 million balloon payment.

    By 2016, Presley claims Siegel had liquidated almost all of the trust’s remaining principles — especially after the Idol holding company went bankrupt. Her trust was left with $14,000 cash and over $500,000 in credit card debt, according to the documents.

    She’s suing for breach of trust, negligence, constructive fraud, and “recompense for the tens of millions of dollars that Siegel… cost her through reckless mismanagement.”

    Meanwhile, Siegel’s countersuit claims Presley “twice squandered” her father’s fortune after she inherited it in 1993 and is “looking to blame others instead of taking responsibility for her actions.”

    After Elvis’ death, his ex-wife Priscilla was the one who rescued Elvis Presley Enterprises from near bankruptcy, according to his documents — bringing in a CEO and turning Graceland into a money-making tourist attraction. But Siegel claims her daughter misused that.

    “[Lisa] was rescued from insolvency by a deal she now calls fraudulent and self-serving,” Siegel’s suit says. “After becoming wealthy again, she dissipated her second fortune over the next 10 years. As she spiraled downward personally, she refused to listen to the warnings of her most trusted advisors and her family. Unfortunately, she has only herself to blame for her financial and personal misfortunes. … [Her] continuous, excessive spending and reliance on credit far exceeded what the Trust could pay her from income alone.”

    Siegel and his company Providence Financial Management are suing Presley for $800,000 in damages. Siegel’s lawyer, Leon Gladstone, defends their actions in a statement to PEOPLE.

    “It’s clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions. The 2005 deal she is complaining about now cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years,” he says. “My clients, Barry Siegel and Provident Financial Management, stuck by her and in return, Lisa Marie stopped paying them and is now blaming them for her uncontrollable spending habits. We are confident people will see through the talk and we will prevail in our case against her.”

    Reps for Siegel did not immediately respond to PEOPLE’s request for comment, but Presley’s legal counsel told PEOPLE in a statement that he “predictably responded to Ms. Presley’s lawsuit with false personal attacks in the press.”

    “It is sadly consistent with his past behavior that he is now trying to pin the blame on Ms. Presley for the harm he caused the Presley estate,” Amjad M. Khan of Brown, Neri, Smith & Khan LLP, counsel for Ms. Presley, wrote. “Ms. Presley has paid Mr. Siegel well over $7 million in professional fees in just the past 10 years, and in return he has only caused her financial ruin. Now he has the audacity to sue her for $800,000 more. Mr. Siegel was not only Ms. Presley’s business manager, he was the trustee of the Presley estate — so it was his legal obligation to make sure the estate was managed properly. This was Mr. Siegel’s responsibility, not Ms. Presley’s. This is what he was paid and trusted to do, and he entirely failed to live up to his obligations.”

    Khan continued, “He conned Ms. Presley into believing he was competently managing the estate when in reality he was just serving his own interests. Eventually, though, Ms. Presley discovered the truth and fired him and his company, Provident Financial Management. Ms. Presley regrets that legal action is necessary, but she must hold Mr. Siegel and Provident accountable for the harm they have caused the Presley family.”

    Earlier this month, court documents relating to Presley’s ongoing divorce from Michael Lockwood revealed she owes debts in a number of areas, including income taxes, a defaulted mortgage and credit card bills.

    Presley states she currently receives a monthly salary of $4,361 from her father’s estate, as well as $100,000 in dividends and interest from investments.

    Lockwood, Presley’s fourth husband, married her 2006. The pair welcomed their twin daughters Harper and Finley in 2008 before the Graceland successor filed for divorce in June 2016, citing irreconcilable differences and claiming Lockwood was a poor father and “took advantage” of her financially.
    Last edited by Goddess4Real; Yesterday at 10:08 AM.

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    Default Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

    Quote Originally Posted by barbee0715 View Post
    Wasn't she talking about bad management and hangers on that were going through her money and that's why she left California behind to live in England?? I seem to remember that from the Oprah interview that she did a few years back.

    Is this the same money problems that she had back then? And the same "bad people"?
    I don`t remember that she ever spoke about financial problems or a bad management for herself, in contrary she allways told people that she sold Elvis rights in order to extend his legacy, lol.
    I don`t think that she has a chance in her lawsuit and I kind of believe she had a real bad handling with money and a bad spending behaviour. I think it will be likeley to proove if there were warning letter to her for this behaviour.

    I also think Lookwood does not have a chance to get big money from her. When he has signed this prenup it`s over. Saying he was forced this to do how will he proove?, well he could have leave her at that time allready instead of living from her money in the all the following years after signing it.
    Last edited by Annita; Yesterday at 10:16 AM.

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    Default Re: Michael & Lisa Marie Discussion Thread (Hate is not welcome)

    If these cases go to trial, its gonna be really interesting to see what kind of evidence from both sides will be presented. Also I can't think of any recent cases invoving fraud etc on this massive scale where a celeb has filed a lawsuit against a bussiness manager, as high profile as Siegel and won. It's a wait and see.

    With the Lockwood situation unless he has real proof that he was forced to sign that post-nup, I agree with you I just can't see him winning. Also I don't believe that he is broke. He may no longer be Lisa's hubby No 4 now that he has a younger high profile girlfriend who works in the biz...but he sure wants to continue living that lifestyle he has enjoyed for 10 years.
    Last edited by Goddess4Real; Yesterday at 10:57 AM.

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