Wednesday, March 27, 2013

Dionne Warwick Files for Bankruptcy

Legendary singer Dionne Warwick has reportedly filed bankruptcy in a New Jersey Court. The pop star claims she has just $25K in assets but owes over $10 million. The singer makes about $250K a year but spends $130K of that each year. Her publicist cites mismanagement by handlers. Or in layman's terms, she got people stealing her money- honey!!!
The five-time Grammy winner Dionne Warwick earned millions of dollars from her half-century career and now reports that she lives on just $10 a month after paying bills.
According to her 50-page filing last week in U.S. Bankruptcy Court in Newark, the 72-year-old singer is nearly broke, with only $1,000 in her bank account and $10.7 million in debts.
The songbird who is now in financial ruins is known for her unmatchable versions of Burt Bacharach-Hal David hits like “I Say a Little Prayer,” “Do You Know the Way to San Jose” and “Walk on By,” is left with almost nothing from her glamorous past.
Warwick is claiming a mere $25,500 in assets, including a two-year-old laptop computer; various gowns and other clothing; an assortment of well-worn furniture, including a decade-old dining room set; and books, artwork and paintings worth $5,000.
Warwick is the cousin of the late great Whitney Houston.
Her most expensive items remaining are a pair of fur coats and two pairs of diamond earrings, with a value of $13,000.
 She has sold more than 100 million records and 30-plus singles, however the documents make no mention of the whereabouts of memorabilia like her gold and platinum records.
Warwick's average monthly income is listed as $20,950, and her general monthly expenses as $20,940. That leaves just $10 in monthly disposable cash??? Really???
 To date she continues to perform live and collects most of her money from Social Security and a pension. Warwick was spotted Tuesday at her $5,000 a month suburban South Orange, N.J., home.
The majority of her debt is reportedly $10.2 million in tax claims from the IRS and the state of California. She also owes a former manager about $500,000, and has an outstanding debt of $20,000 in Visa credit card charges, according to court papers.
The outstanding tax bills are from two decades, from 1990 through 2007.
A spokesman for Warwick blamed the singer’s money woes on the mishandling of her money in the late 1980s and ’90s.
“Due to several consecutive years of negligent and gross financial mismanagement, Dionne Warwick has realized the current necessity to file personal bankruptcy,” said publicist Kevin Sasaki.
The enormous tax debt came from penalties and interest on back taxes in which the principal has since been paid off, he said.
The singer “has repeatedly attempted to offer repayment plans and proposals to the IRS and the California Franchise Tax Board for taxes owed,” said Sasaki.
I surely hope things work out for the once Psychic Friends Network rep. God knows that family has enough troubles.

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