Tidbits vernon 214 mar 20 2015 going broke online

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SPRING SPECIAL!

March 20 - 26, 2015 Issue 00214

by Kathy WolfeNo, Tidbits isn’t bankrupt! But every year, for a multitude of reasons, millions of North Americans file for bankruptcy protection. It’s not always Mr. John Q. Public who does this – many times it’s celebrities who “had it all” and lost it, or wealthy business magnates who made poor investment decisions. This week, we’re looking at some well-known people who have fil d bankruptcy, sometimes more than once!

• In 1989, actress Kim Basinger bought herself a town, Braselton, Georgia for $20 million with plans to develop it. A few years later, after accepting a film role for “Boxing Helena,” she backed out of the movie. Thestudio promptly sued Basinger for $7 million. Shortly after paying the damages, she fil d for bankruptcy and abandoned Braselton.

• Singer-songwriter Willie Nelson made headlines back in 1990 when the IRS seized his bank accounts and real estate holdings as security for the $16.7 million he owed in unpaid taxes. Nelson had channeled his income into a tax shelter that the IRS had declared illegal. He took the bull by the horns and recorded a new album appropriately entitled “The IRS Tapes: Who’ll Buy My Memories?” to raise money to pay his debt, one he eventually paid in full.

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TidbitsVernon.com Cosita Publishing For Advertising Call (250) 832-3361GOING BROKE! (continued):

• Unpaid taxes do have a way of catching up with you. Just ask actor Nicolas Cage, who owed the IRS $13 million by the end of 2009. Cage wasn’t too wise with his $150 million fortune, purchasing an $8 million castle in England, where he never slept one single night, another castle in Bavaria, two New Orleans mansions, a $17 million home in Bel Air, and a $10 million Malibu beach house. A $7 million 40-acre private island near the Bahamas was followed up with a $30 million private jet to visit all his homes. Nine Rolls Royces were parked in his garage next to his Lamborghini and Ferrari, and 30 motorcycles. When Cage got in trouble, he began unloading his real estate, along with his cherished Action Comics collection that brought in a record $2.16 million. Lucky for Cage, he is still considered a Hollywood star who continues to land big roles, although most of his salaries go straight to his creditors.

• Formerly a duchess married to Britain’s Prince Andrew, Sarah Ferguson ran up $8 million in debt from the time of her 1996 divorce until 2011. Ex-husband Andrew saved the day by loaning her money, and her creditors also agreed to take a smaller percentage of what was owed to them. The$10 million contract she signed as a Weight Watchers spokesperson may have helped out, too!

• Musician MC Hammer found out that an overly-lavish lifestyle can backfi e. In the early 1990s, Hammer had a net worth of more than $33 million. Within fi e years, he had accrued $14 million in debt and fil d for bankruptcy. How did that happen? Hammer maintained a 200-person crew that cost him about half a million every month. He lived in a $30 million house with a 17-car garage, a bowling alley, and baseball diamond. He owned two private helicopters, luxury cars, airplanes, and a record company.

• During his heyday, professional boxer Mike Tyson was bringing down $30 million for a single fight! His career earnings were somewhere between $300 million and $400 million. In 2004, he was $38 million in debt, with $17 million of that owed in back taxes. He owed $750,000 to seven diffe ent law fi ms, and another $300,000 for limo services. Although he blamed dishonest fi ancial advisors, his spending habits

included mansions, over 100 luxury cars, extravagant jewelry, a $2 million bathtub, a $410,000 birthday party, and pet Bengal tigers, which cost about $1,500 a day to feed.

• How did NFL legend Terrell Owens burn through his $80 million career earnings? Part of it can be attributed to the more than $50,000 per month in child support payments he makes to four diffe ent women, three of whom have fil d lawsuits against him. He also cites unscrupulous fi ancial advisors, who led him into risky real estate investments. No matter what the reason, it took Owens less than 10 years to squander an amount that could have supported him comfortably for the

remainder of his life.

• Not everyone who’s gone through bankruptcy or fi ancial troubles has been a big earner, nor have they all lived in our lifetime. President Abraham Lincoln declared bankruptcy in his 20s after his general store failed. When the store where Abe worked closed down, he saw an opportunity to open his own store, buying out other stores’ inventories on credit. After going broke, he repaid all his creditors, a feat that took 17 years. At least three other U.S. Presidents have fil d bankruptcy – Ulysses Grant, William McKinley, and Tho as Jeffe son, whose estate Monticello and its 120 slaves were auctioned off o pay his debt.

• Mark Twain, author of Tom Sawyer and Huckleberry Finn made a series of unwise investments that lost a great deal of money. The most notable was a typesetting

(Continued next page)

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as an apprentice in the hardware business, which occupied his next seven years.

• At 21, Goodyear returned to Connecticut to partner with his father in the business of manufacturing ivory and metal buttons and an assortment of agricultural implements. Following his marriage, Goodyear moved back to Philadelphia, operating a thriving hardware store. However, his practice of liberally extending credit caught up with him, and the losses from non-paying customers led to his business failure. Because he was in the midst of perfecting and patenting several inventions, he refused to declare bankruptcy for fear of losing his

the Quadricycle, failed to generate a profi . He had started the Detroit Automobile Company, but unfortunately, made the mechanics of the automobile his focus, while failing to properly market his creation. At age 40, he started over with $30,000, founding the company that lives on today. Henry Heinz’s fi st condiment company went bankrupt, but when he started over with his brother and cousin, they introduced tomato ketchup, and today Heinz is a $10 billion company that sells 650 million bottles of ketchup every year. Walt Disney’s fi st animation company, Laugh-O-Gram Studio, went broke three years before Disney formed the company that exists today. He nearly had to filebankruptcy again in 1937 after he dumped all his money into the making of Snow White and the Seven Dwarfs. Fortunately, the film was a hit, and his fi ances were secure.

NOTEWORTHY INVENTORS:

CHARLES GOODYEAR

Although he suffe ed through fi ancial distress and bankruptcy his entire life, the name of Charles Goodyear lives on through history. Let’s see how much you know about this self-taught inventor and his work with rubber.

• The name of Goodyear is signifi ant in New Haven, Connecticut, for more than Charles Goodyear’s inventions. In 1638, his ancestor was a founder of that city, and it was here that Charles was born in 1800. At age 14, he headed to Philadelphia to work

machine, a mechanical innovation that was to change the publishing industry. Twain invested $300,000 (about $8.2 million in today’s money) in the invention, but it was prone to breakdowns, and by the time its flaws were corrected, it had been made obsolete by the brand-new Linotype. Some poor decisions at the publishing house he owned further depleted his fortune, along with a large part of his wife’s inheritance. An honest friend and fi ancier advised him to file for bankruptcy, then took charge of the remainder of Twain’s money, while Twain continued writing and lecturing. Although he wasn’t under any legal obligation to pay off all his c editors, Twain paid each in full.

• Several successful businessmen found their greatest achievements after their fi ancial difficulties. Prior to founding the Ford Motor Company, Henry Ford had fil d bankruptcy after his fi st internal combustion vehicle,


GOING BROKE (continued):

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rights to those inventions. As a result, he was thrown into debtor’s prison for failing to pay his debts.

• At 31, Goodyear fi st learned about gum elastic, or natural rubber, and began experimenting with the substance. He started out creating life preservers, presenting them to a New York rubber company. It soon became apparent that natural rubber froze hard in the winter and was a sticky mess in the summer. Goodyear was determined to figure out a process to stabilize rubber.

• Goodyear was able to secure loans for his experiments, which started out with his working magnesia into the rubber, something that seemed to take away the stickiness. His fi st creation was rubber shoes, lined with flannel. But the stickiness returned, and his creditors withdrew their money. Another New York businessman who believed in Goodyear’s potential advanced several thousand dollars to continue the work, but the fi ancial Panic of 1837 wiped out his entire fortune and once again, Goodyear was penniless. He and his family were living in an empty rubber factory, living on fish he caught in New York Harbor.

• Although living in poverty, Goodyear continued his experiments, adding diffe ent chemicals, such as nitric acid, lead oxide, and sulfur, then boiling the mixture. Finally, in 1839, the inventor had his breakthrough, when he discovered that heating natural rubber and sulfur created vulcanized rubber.

• It would seem that the tide had turned for Goodyear, but when he attempted

CHARLES GOODYEAR (continued):


* A good non-slip bathmat is essential in the tub to prevent accidents. Grab an extra one to drape over the edge of the tub for help when entering and exiting.

* “To remove residue left over from price tags, use hairspray. Remove as much paper as pos-sible, then give it a good squirt. Use a plastic scraper to lightly scrape off the adhesive.” -- L.P. in Ohio

* Got bread ends? Store in a bag in the freezer until you need breadcrumbs for a recipe. Pulse frozen chunks in a chopper or blender for in-stantly useable crumbs.

* “Guacamole is a precious commodity at my house, but sometimes I want a snack, not a whole bowl. I have struggled with how to save the leftovers, because once it browns, itÕs done. I learned a new trick, though. Simply put the leftovers in the smallest container possible and tamp down to press out all the air. Thencarefully add a thin layer of water. Seal and refrigerate for up to three days. When you’re ready to dip, pour off the ater and stir!” -- C.D. in California

* “I have an old cedar chest from my grandmoth-er that had lost its smell. My husband removed all the contents and sanded it with superfinegrit sandpaper. It smells wonderful now.” -- J.K. in Iowa

* Need a quick measure? A dollar bill (or other U.S. paper currency) is exactly 6 inches long.(c) 2015 King Features Synd., Inc.



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to secure funds for his new venture, his previous fi ancial difficulties made it tough to convince investors. He continued in poverty, pawning his household goods, perfecting his process for fi e years before he felt confide t enough to apply for a patent.

• Even with his patent secured, Goodyear’s life did not turn around, and he was plagued with troubles. Six of his 12 children died in infancy. He was jailed twice for failing to pay debts, and when he died at age 60, he was $200,000 in debt. Fortunately, over the years after his death, royalties accumulated and allowed his family to live comfortably. Thi ty-eight years after his death, Frank Seiberling founded a rubber company, which he named Goodyear Tire & Rubber in tribute to the inventor. Today, it’s a billion-dollar company, the world’s largest rubber business, but the Goodyear family derived no capital from it.

TSUNAMISThis week is Tsunami Awareness Week, so Tidbits is checking out the facts on this deadly phenomenon.

• Theword “tsunami” comes from the Japanese language, translating “harbor wave.” It’s not really one wave, but rather a series of ocean waves, called a wave train, that sends surges of water to the shore. Because tsunamis might resemble a rapidly rising tide, some refer to them as tidal waves, but this is an

CHARLES GOODYEAR (continued):


Entering the World of Cat Shows

DEAR PAW’S CORNER: I think I have the most beautiful cat, and I’d like to enter him in a cat

show to see if he’d win. How can I get “George” into a show? --Tracey B., via email

DEAR TRACEY: The first thing you should do is study: Read up on cat shows, how they’re conducted, what breed groups are typically

shown, what judges look for, and so on. Don’t worry if you’re not sure of George’s breed: Many shows have a “Household Pet Class” that

doesn’t have a specific b eed standard.Where’s the best place to start studying? The at

Fanciers Association (www.cfa.org) has a website with lots of good information on the basics of cat

shows, like how to enter, rules of competition, tips on caring for and grooming your cat, and a list of upcoming events. The nternational Cat Association (http://tica.org/) is another good

resource, with lots of information and a robust show calendar.

It’s important to be sure that George is up to the stress of being shown. Is he a friendly, well-socialized cat who is OK with being petted and picked up by strangers? Can he stay relaxed in

a strange, noisy environment near several other cats? Is he in good health? Are his vaccinations up

to date? Finally, attend one or two cat shows near you,

without George, to see how they are conducted and decide if you’d like to make your cat a

competitor. Send your questions or tips to [email protected].

(c) 2015 King Features Synd., Inc.

inaccurate term because tsunamis are not related to, nor generated by, tides.

• Tsunamis are also known as seismic sea waves, because they are most often generated by seismic activity such as earthquakes. Yet this term is also not entirely accurate because other forces can cause the waves, such as landslides, volcanic eruptions, chunks of glaciers breaking off into the ocean, and meteorite impacts.

• The fi st wave of the series is typically not the strongest wave, and people are often deceived that once it has passed, the worst is over. The successive waves get bigger, stronger, and more destructive as they reach the shore. The time between the waves can last anywhere from a few minutes to about two hours.

• Tsunamis can travel across the sea at speeds up to 500 mph (805 km/hr), nearly as fast as an airplane. Th y can cross the span of the Pacific Ocean in less than a day. As they hit shallower water near the coast, they may slow down but their height increases. Waves as high as 100 feet (30.5 m) are not uncommon. The eff cts are felt long afterward as the tsunami carries tons of salt which poisons the soil and ground water, contributing to hunger and disease.

• The Pacific Ocean’s “Ring of Fire” is an area where tectonic shifts make volcanic eruptions and earthquakes common, generating about 80% of the world’s tsunamis.

• The U.S. state at greatest risk for a tsunami is Hawaii, where one occurs every year, with a damaging tsunami occurring every seven years. The island of Hawaii is formed of fi e volcanoes, including the world’s largest, Mauna Loa. Four other states are at high risk – Alaska, Washington, Oregon,

TSUNAMIS (continued):

and California. The costliest tsunami to hit the western U.S. and Canada was in 1964 following an 8.4 earthquake in Alaska. The21-foot (6.4-m) waves killed 120 people.

• A quake registering 9.5 occurred 100 miles (161 km) off the coast of Chile in 1960 and within 15 minutes, 80-foot (24-m) waves hit the coast. Fifteen hours later, the tsunami hit Hawaii, and 22 hours after the quake, the waves struck the coast of Japan – 10,000 miles (16,093 km) away from the earthquake’s epicenter.

• One of history’s deadliest disasters occurred in 2004 when a 9.0 earthquake in the Indian Ocean released more energy than all of the earthquakes of the last 25 years combined. A portion of the ocean’s fl or the size of California heaved upward, creating a tsunami that struck 14 countries, resulting in 290,000 dead or missing.

• More recently, a 2011 earthquake in Japan registering 9.0 caused a tsunami that killed nearly 16,000 and created property damage of $300 billion.

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by Samantha Weaver

* It was Nobel Peace Prize-winning philosopher Albert Schweitzer who made the following sage observation: “The great secret of success is to go through life as a man who never gets used up. That is possible for him who never argues and strives with men and facts, but in all experience relies upon himself, and looks for the ultimate cause of things in himself.”

* In the United Kingdom it is illegal to deface paper money, but it’s perfectly legal to burn it.

* Gene Cernan was the 12th -- and last -- human to walk on the moon, in December 1972. While he was there, he scratched his daughter’s initials onto the lunar surface. Those initials, “TDC,” are likely to remain there for tens of thousands of years.

* According to the folklore of Wales, fairies prefer traveling on the backs of corgis to any other mode of transport.

* You may be surprised to learn that most Greek and Roman statuary and architecture weren’t originally the pristine white we see today. Archaeologists have found evidence that these structures and sculptures were brightly painted in ancient times; the paint has just worn off in the intervening centuries.

* Most muppeteers are right-handed and use their dominant hand to operate their puppets’ heads; therefore, most muppets are left-handed.

* If you have kids between the ages of 9 and 11, you might be interested to learn that nearly half of respondents in a survey believe that is the appropriate age for kids to begin helping vacuum the house.

* The White House’s first display of fireworks to celebrate Independence Day occurred in 1797 and was hosted by President John Adams.

Thought for the Day: “There are some experiences in life which should not be demanded twice from any man, and one of them is listening to the Brahms Requiem.” -- George Bernard Shaw(c) 2015 King Features Synd., Inc.

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