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Thread started 03/26/13 9:25am

KCOOLMUZIQ

Dionne Warwick Files Bankruptcy Cites Money Mismanagement


dwar326 Grammy Award winning singer and legend, Dionne Warwick, has found herself in a financial squeeze. It is being reported that the singer has filed bankruptcy in New Jersey. According to her publicist, Warwick’s financial issues stem from tax liabilities that she acquired due to mismanagement of her finances. In her filing with the U.S. Bankruptcy Court in New Jersey, the singer listed total assets of $25,500 and liabilities of more than $10.7 million. Warwick filed bankruptcy back in the late 1980s due to “negligent and gross financial mismanagement”.

Her massive debt of 10.7 million came mostly from the 1990s , Warwick’s monthly income, according to the petition, is at $20,950 and her expenses per month are $20,940. Although the back taxes had been paid to the IRS and the state of California, the interest and penalties that have accrued have been an issue. According to her publicist, Kevin Sasaki, The “ Don’t Make Me Over” singer has attempted to reach an arrangement with the IRS and the California Franchise Tax Board to no avail.

Dionne Warwick is the cousin of Cissy Houston and the late Whitney Houston. She came to fame as a solo artist in 1962 with “ Don’t Make Me Over”. Coming from a family line of famous singers (The Drinkard Singers), Warwick scored big with song, which became her first top 40 pop hit. Warwick is cited as one of the 40 biggest hit makers of the entire rock and roll era, which started in 1955 to the present. As of January 2013, Warwick is second behind Aretha Franklin as the most-charted female vocalist of all time. Warwick had 56 singles make the Billboard 100 from 1962 to 1998. Warwicks’ success as a solo artist was briefly featured in the short lived Broadway musical, Baby It’s You.

Asa Lovechild is an accomplished actress and singer out of New York City and a supporter of One Billion Rising

Poor Dionne! Hopefully she can recover & get her finances back together.....

eye will ALWAYS think of prince like a "ACT OF GOD"! N another realm. eye mean of all people who might of been aliens or angels.if found out that prince wasn't of this earth, eye would not have been that surprised. R.I.P. prince
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Reply #1 posted 03/26/13 9:44am

Fonkyman

Does she own her masters?

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Reply #2 posted 03/26/13 10:00am

KCOOLMUZIQ

I seriously doubt it......But she had a very successful career that rivaled Aretha's...

eye will ALWAYS think of prince like a "ACT OF GOD"! N another realm. eye mean of all people who might of been aliens or angels.if found out that prince wasn't of this earth, eye would not have been that surprised. R.I.P. prince
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Reply #3 posted 03/26/13 10:01am

Timmy84

Fonkyman said:

Does she own her masters?

Doubt it. Plus she's not a songwriter. None of her hits were written by her of course. She made most of her money touring. She's been having years of money troubles.

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Reply #4 posted 03/26/13 10:10am

Fonkyman

Ok, wink I was kidding. Surprised to read this though. She was one o the real gooduns. Must be a nightmare juggling the millions.

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Reply #5 posted 03/26/13 10:11am

Timmy84

Fonkyman said:

Ok, wink I was kidding. Surprised to read this though. She was one o the real gooduns. Must be a nightmare juggling the millions.

Ah OK. lol

I just wanted to know who she hires to look after her money...

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Reply #6 posted 03/26/13 10:54am

NaughtyKitty

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Warwick, 72, has just $25,500 in assets and $10.7 million in debts, according to her 50-page filing last week in U.S. Bankruptcy Court in Newark.

The golden-voiced Warwick is left with just $10 a month after covering her expenses, the court documents said.


After 50 years in show biz, the singer said all she had to show for it was $1,000 cash; assorted pieces of decades-old furniture; clothes; artwork and paintings; two fur coats, and two pairs of diamond earrings.

The vast majority of her debt is $10.2 million in tax claims from the IRS and the state of California. She also owes a former manager about $500,000, and ran up a $20,000 Visa card debt, court papers showed.


She listed her average monthly income as $20,950, and her typical monthly expenses as $20,940 — leaving Warwick with just $10 each month.

Read more: http://www.nydailynews.co...z2OfZhNgfk

eek disbelief

MJ L.O.V.E: https://www.facebook.com/...689&type=2 / YOUTUBE: http://www.youtube.com/us...nderSilent
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Reply #7 posted 03/26/13 11:29am

kitbradley

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NaughtyKitty said:

Warwick, 72, has just $25,500 in assets and $10.7 million in debts, according to her 50-page filing last week in U.S. Bankruptcy Court in Newark.

The golden-voiced Warwick is left with just $10 a month after covering her expenses, the court documents said.


After 50 years in show biz, the singer said all she had to show for it was $1,000 cash; assorted pieces of decades-old furniture; clothes; artwork and paintings; two fur coats, and two pairs of diamond earrings.

The vast majority of her debt is $10.2 million in tax claims from the IRS and the state of California. She also owes a former manager about $500,000, and ran up a $20,000 Visa card debt, court papers showed.


She listed her average monthly income as $20,950, and her typical monthly expenses as $20,940 — leaving Warwick with just $10 each month.

Read more: http://www.nydailynews.co...z2OfZhNgfk

eek disbelief

Sounds like someone needs to lower their standard of living just a tad. Have eggs and toast for breakfast. No more cavier. $20,950 a month??? She makes more in one month than the average American makes in one year and yet, they manage to survive. I don't know, it's kinda hard for me to feel for a lot of these celebs who have or allowed others to mis-manage their money for so long.

"It's not nice to fuck with K.B.! All you haters will see!" - Kitbradley
"The only true wisdom is knowing you know nothing." - Socrates
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Reply #8 posted 03/26/13 11:41am

Fury

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She needed better psychic friends
[Edited 3/26/13 12:06pm]
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Reply #9 posted 03/26/13 12:30pm

Timmy84

NaughtyKitty said:

Warwick, 72, has just $25,500 in assets and $10.7 million in debts, according to her 50-page filing last week in U.S. Bankruptcy Court in Newark.

The golden-voiced Warwick is left with just $10 a month after covering her expenses, the court documents said.


After 50 years in show biz, the singer said all she had to show for it was $1,000 cash; assorted pieces of decades-old furniture; clothes; artwork and paintings; two fur coats, and two pairs of diamond earrings.

The vast majority of her debt is $10.2 million in tax claims from the IRS and the state of California. She also owes a former manager about $500,000, and ran up a $20,000 Visa card debt, court papers showed.


She listed her average monthly income as $20,950, and her typical monthly expenses as $20,940 — leaving Warwick with just $10 each month.

Read more: http://www.nydailynews.co...z2OfZhNgfk

eek disbelief

I noticed the problem right away: she's still living like it's 1969 when she HAD money.

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Reply #10 posted 03/26/13 1:27pm

NaughtyKitty

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Timmy84 said:

NaughtyKitty said:

eek disbelief

I noticed the problem right away: she's still living like it's 1969 when she HAD money.

Exactly!

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Reply #11 posted 03/26/13 3:24pm

lastdecember

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Timmy84 said: Fonkyman said: Does she own her masters? Doubt it. Plus she's not a songwriter. None of her hits were written by her of course. She made most of her money touring. She's been having years of money troubles. She had issues with that SCAM network thing she was part of, psychic friends or whatever, that was a major tax shetler scam fraud etc....problem is as always these artists let relatives neighbors friends lovers etc...do their business, its funny how they cry about LABELS screwing them (though they sign contracts) and yet they dont cry about cousin leroy with a GED that they let do the taxes and managing just to give him something to do.

"We went where our music was appreciated, and that was everywhere but the USA, we knew we had fans, but there is only so much of the world you can play at once" Magne F
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Reply #12 posted 03/26/13 4:15pm

Timmy84

lastdecember said:

Timmy84 said: Fonkyman said: Does she own her masters? Doubt it. Plus she's not a songwriter. None of her hits were written by her of course. She made most of her money touring. She's been having years of money troubles. She had issues with that SCAM network thing she was part of, psychic friends or whatever, that was a major tax shetler scam fraud etc....problem is as always these artists let relatives neighbors friends lovers etc...do their business, its funny how they cry about LABELS screwing them (though they sign contracts) and yet they dont cry about cousin leroy with a GED that they let do the taxes and managing just to give him something to do.

And if I recall, Dionne was one of many (including Patti, Mary Wilson, etc.) that were complaining to Congress about radio stations not paying them money for playing their songs that they thought they earned money on since they failed to get the labels' attention. confused

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Reply #13 posted 03/26/13 4:28pm

lastdecember

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Timmy84 said: lastdecember said: Timmy84 said: Fonkyman said: Does she own her masters? Doubt it. Plus she's not a songwriter. None of her hits were written by her of course. She made most of her money touring. She's been having years of money troubles. She had issues with that SCAM network thing she was part of, psychic friends or whatever, that was a major tax shetler scam fraud etc....problem is as always these artists let relatives neighbors friends lovers etc...do their business, its funny how they cry about LABELS screwing them (though they sign contracts) and yet they dont cry about cousin leroy with a GED that they let do the taxes and managing just to give him something to do. And if I recall, Dionne was one of many (including Patti, Mary Wilson, etc.) that were complaining to Congress about radio stations not paying them money for playing their songs that they thought they earned money on since they failed to get the labels' attention. confused thing is if u dont write, you are screwed, u need some kind of writing cred, this is why Beyonce puts her name into everything, even if she writes "la la la" in a song, she gets a piece when that gets played on the radio. other artists dont, even someone like whitney houston (though i dont know for sure) she didnt really write anything, need even composing so thats not a good thing. Elton John though he never ever writes words he writes all the music, look at bernie taupin, he never sang a note on a elton song, but he is paid for life, just for Your Song alone which is one of the most played songs ever, his cut, got him a mansion

"We went where our music was appreciated, and that was everywhere but the USA, we knew we had fans, but there is only so much of the world you can play at once" Magne F
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Reply #14 posted 03/26/13 4:32pm

TD3

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WTF! Really?! Cites money mismanagement.

Stop talking in third person, Ms. Warwick mismanage her money. lol The operative words here are, her money. lol

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Reply #15 posted 03/26/13 4:37pm

jackson35

the real question is how consistent were these recoed labels in paying her royalties?

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Reply #16 posted 03/26/13 4:42pm

KCOOLMUZIQ

Dionne made history in her career. It was just no black women doing what she did or accomplished at that time. Its sad she has nothing now to show for it... sad

eye will ALWAYS think of prince like a "ACT OF GOD"! N another realm. eye mean of all people who might of been aliens or angels.if found out that prince wasn't of this earth, eye would not have been that surprised. R.I.P. prince
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Reply #17 posted 03/26/13 4:51pm

kitbradley

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Actually, this happens waaaaay more often than what a lot of people realize. Many celebrities have filed bankruptcy over the years but it doesn't always make headlines.

"It's not nice to fuck with K.B.! All you haters will see!" - Kitbradley
"The only true wisdom is knowing you know nothing." - Socrates
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Reply #18 posted 03/26/13 5:43pm

Timmy84

TD3 said:

WTF! Really?! Cites money mismanagement.

Stop talking in third person, Ms. Warwick mismanage her money. lol The operative words here are, her money. lol

yeahthat

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Reply #19 posted 03/27/13 12:23am

HatrinaHaterwi
tz

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$20,950 per month x 12 months = $251,400 per year and all she has left out of that is $10.00 per month or $120.00 per year. Money Mismanagement is an understatment. disbelief

I knew from the start that I loved you with all my heart.
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Reply #20 posted 03/27/13 12:31am

SoulAlive

lastdecember said:

thing is if u dont write, you are screwed, u need some kind of writing cred, this is why Beyonce puts her name into everything, even if she writes "la la la" in a song, she gets a piece when that gets played on the radio.

I agree....it's very important for artists to take part in writing the lyrics.That way,they will continue to make money on these songs,years after their stardom fades.I don't think that Toni Braxton wrote or co-wrote any of her songs.Bad mistake on her part.She's constantly having financial problems.

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Reply #21 posted 03/27/13 12:53am

Chancellor

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Dionne pratically LIVES over-seas..She tours overseas to packed houses making good Tour money...I think she's doing a CLASSIC "Toni Braxton"..

Toni still living in Million dollar homes eating High-Dollar Dinners and say she sooooo broke...She broke and still eating FANCY food....She's got money and cash STASHED...

Dionne is doing the SAME thing...I do NOT believe all she got in the bank or under her mattress is $25,0000...She got money BANKED overseas that the IRS can't touch...But its her money dealings here in AMERICA that's causing her the most problems...

You see Tina packed all her Wigs and moved overseas. Dionne better pack her Furs and and ask somebody "do they know the way to Montego Bay?"

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Reply #22 posted 03/27/13 4:59am

KCOOLMUZIQ

SoulAlive said:

lastdecember said:

thing is if u dont write, you are screwed, u need some kind of writing cred, this is why Beyonce puts her name into everything, even if she writes "la la la" in a song, she gets a piece when that gets played on the radio.

I agree....it's very important for artists to take part in writing the lyrics.That way,they will continue to make money on these songs,years after their stardom fades.I don't think that Toni Braxton wrote or co-wrote any of her songs.Bad mistake on her part.She's constantly having financial problems.

Toni actually did co write some of her songs.

eye will ALWAYS think of prince like a "ACT OF GOD"! N another realm. eye mean of all people who might of been aliens or angels.if found out that prince wasn't of this earth, eye would not have been that surprised. R.I.P. prince
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Reply #23 posted 03/27/13 8:19am

Timmy84

Chancellor said:

Dionne pratically LIVES over-seas..She tours overseas to packed houses making good Tour money...I think she's doing a CLASSIC "Toni Braxton"..

Toni still living in Million dollar homes eating High-Dollar Dinners and say she sooooo broke...She broke and still eating FANCY food....She's got money and cash STASHED...

Dionne is doing the SAME thing...I do NOT believe all she got in the bank or under her mattress is $25,0000...She got money BANKED overseas that the IRS can't touch...But its her money dealings here in AMERICA that's causing her the most problems...

You see Tina packed all her Wigs and moved overseas. Dionne better pack her Furs and and ask somebody "do they know the way to Montego Bay?"

Maybe it would be best if she just got rid of her American citizenship then they'll stop hassling her.

[Edited 3/27/13 8:20am]

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Reply #24 posted 03/27/13 8:20am

Timmy84

HatrinaHaterwitz said:

$20,950 per month x 12 months = $251,400 per year and all she has left out of that is $10.00 per month or $120.00 per year. Money Mismanagement is an understatment. disbelief

To paraphrase her, it just seems like "deja vu". neutral

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Reply #25 posted 03/27/13 11:15am

wonder505

Chancellor said:

Dionne pratically LIVES over-seas..She tours overseas to packed houses making good Tour money...I think she's doing a CLASSIC "Toni Braxton"..

Toni still living in Million dollar homes eating High-Dollar Dinners and say she sooooo broke...She broke and still eating FANCY food....She's got money and cash STASHED...

Dionne is doing the SAME thing...I do NOT believe all she got in the bank or under her mattress is $25,0000...She got money BANKED overseas that the IRS can't touch...But its her money dealings here in AMERICA that's causing her the most problems...

You see Tina packed all her Wigs and moved overseas. Dionne better pack her Furs and and ask somebody "do they know the way to Montego Bay?"

I agree. My Mom saw her in Fort Lauderdale to a packed house!

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Reply #26 posted 03/27/13 12:30pm

Cinny

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NaughtyKitty said:


She listed her average monthly income as $20,950, and her typical monthly expenses as $20,940 — leaving Warwick with just $10 each month.

eek disbelief

falloff Hasn't everyone spotted the problem?

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Reply #27 posted 03/27/13 2:13pm

uPtoWnNY

^ Exactly. Which is why I have zero sympathy for her, or any celebrity/athlete/musician with money problems. Dumbasses.

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Reply #28 posted 03/27/13 2:32pm

whitechocolate
brotha

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kitbradley said:

NaughtyKitty said:

eek disbelief

Sounds like someone needs to lower their standard of living just a tad. Have eggs and toast for breakfast. No more cavier. $20,950 a month??? She makes more in one month than the average American makes in one year and yet, they manage to survive. I don't know, it's kinda hard for me to feel for a lot of these celebs who have or allowed others to mis-manage their money for so long.

I agree 100%. I survived for 6 years on an annual gross income of $15,000. managing a soup kitchen. I find it a little difficult 2 "feel" for her too. I had a small one bedroom apt., froze my ass off in the winters because the walls weren't insulated sufficiently and I STILL managed to pay my bills and survive.

Hungry? Just look in the mirror and get fed up.
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Reply #29 posted 03/27/13 2:54pm

SoulAlive
I agree.So many of these celebrities are living beyond their means.They don't realize that they need to scale back when the hit records stop coming.
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