In article <email@example.com>,
Post by super70s Post by Miloch
If you were wondering what a lot of Elvis Presley's fortune has been up to,
the answer, according to a lawsuit TMZ reported about on Thursday, is it
disappeared down the maw of American Idol's heyday. An almost egregiously
poetic inheritance, but nonetheless disappointing to his daughter Lisa Marie
Presley, who filed the complaint.
According to TMZ, Presley alleges in the lawsuit that shes in debt because
her ex-manager, Barry Siegel, who operated the Trust that Elvis bequeathed
to her, sold 85 percent of her interest in Elvis Presley Enterprises for $100
million and invested it all in Core Entertainment, the parent company of
American Idol. He allegedly did this in 2005, when a lot of people still watched
Then, in 2016, according to the lawsuit, Core folded and Presley's stock
took a sharp downturn, for which she blames Siegel, for not telling her how
much of the money he'd invested. So she's suing him for more than $100
Core folded in 2016 and then American Idol comes back on the air in 2018?
She really got screwed.
Lisa Marie accuses Barry of not warning her she was spending too much before it
was too late. She also accuses Barry of trying to hide the reality of her
financial situation by not paying her taxes. When Core went bankrupt in 2016,
Lisa Marie tallied up how much she lost and how much she blew, and she says she
was left with $14,000 in cash. Lisa Marie is suing Barry for $100 million.
The Blast says that Barry responded to Lisa Maries lawsuit by filling one of
his own. Barry accuses Lisa Marie of being $20 million in debt when he was hired
in 2003, and that he tried really hard to keep her in the black, but that she
just kept spending stupid amounts of money. Barrys attorney scratched at Lisa
Marie by telling The Blast:
Its 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.
I dont blame Lisa Marie for any of this! Core was the parent company of America
Idol. Investing in American Idol in 2005? That seems like a good investment to
me. The only thing making more money than American Idol in 2005 was the person
printing those Jesus is My Homeboy t-shirts. If I had invested $100 million on
American Idols heyday, I would have been blowing my money on dumb shit like
English castles too.