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Bankrupt

Discussion in 'Snippets of Life (Non-Fiction)' started by Kamalji, May 19, 2008.

  1. Kamalji

    Kamalji IL Hall of Fame

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    Bankrupt


    Today I read a sad piece of news in TOI, about Boy George, the famous Singer of the 80’s, rumoured to be gay, is bankrupt and selling Tshirts in a store to survive.This is sthe same guy with whom Asha Bhonsle cut an album and was very excited about it.


    I always wonder how come the rich become bankrupt.Not all, but quite a few.Here are some that come to mind, correct me if I am wrong.


    1) Bjorn Borg – 5 times consectitive winner of Wimbledon till John Mcnroe dethroned him.He retired at 26, thinking he had earned enough.Even then , in 1980 or 81, I was around that age, I wondered here I am starting to work and this guy is retiring, so what if he lost the match.That is not the end of things.


    And he opened his own clothing line, where he lost money, and his wife I think died of cancer , and last year it was in the papers that he wanted to sell his trophies and racquets to raise money to run the kitchen.


    2) Rajesh Khanna – The highest earner in the 70’s, the Super Star, from whom the sun would never set.He was the only guy I have seen over whom men and women swooned over.The guys in my college used to wear his Kurtas, and part their hair like him.

    I read that his bunglow was to be auctioned by the IT people.The once famous “Aashirwad” where there was fun and laughter, where everyone in the filmline used to come and bow their heads, had just a bulb burning at night.Somebody bailed him out.What could the IT dues be, just a few crores, nothing for this man.Too many parties, and chamchas surrounding him, and all gone in these things.


    3) Mike Tyson – Earned more than $ 400 million during his hey days ( 1600 crores).cut half the income tax, still 800 crores is a lot of money.Spent on shopping, buying his buddies the latest cars that he would buy for himself.A rape case, alimonies, and ajail sentence.Today says he has not even $ 5000 in the bank.

    Now in a Las Vegas Casino, he goes every night, and people just come to see him, and he charges some money for a mock fight with the patrons for a small fee.Hes become an attraction .His friends are nowhere to be seen.


    4) Micheal Jackson – Also earned hundreds of millions of dollors.Beat it was one of his best selling albums those days.His Nevrada Ranch they say is like a mini Disney World.

    Love for children, and excessive shopping, did him in.I saw a video a few years back where they showed him going to a store, who close it for other shoppers, and he bought within an hour about 6 million dollors worth of stuff ( 24 crores).

    And now his Nevrada ranch is going to be auctioned by the IT, for non payment of taxes.He is bankrupt.


    Cut to the present

    To those for who I forsee bad times,God forbid I be proved wrong, as I have no axe to grind with anyone.


    I read about Jackie Shroff’s love for the cars.I heard he has a dozen imported cars.Well he couldn’t pay some installments, and the finance companies took away a few of the,.It was in the papers, and Jackie said this is all ********, and just a cheque bounced or something and he has paid back and nothing is the matter.

    For a Guy like me, a car is like a white elephant.The insurance charges for a 25 lakh car is like 3% of the value every year, that’s say 75,000, and if u have 10 cars, u will have topay 7.50 lakhs a year as insurance a year.The driver wont come like 3000 like they do for my Van.The guy will take 10,000 or more maybe,and multiply that for 10 cars, that’s another 12 lakhs a year.Someday business does goes bad, and u are landed with Duds, and heavy recurring expenses.


    Sharukh Khan – He bought the bunglow with the help of Bharat Shah, today whom he does not acknowledge at all.The bunglow cost a lot of money, which Bharat Shaha loaned to SRK.Today well the bunglow must be worth a fortune with the real estate prices.


    But look at his gamble with the IPL.Papers say he has spent 399 crores on the team.and a commitment for 3 years, so I don’t know what the final figure will be.And it seems he is wanting to get rid of it, and is after Air Tel Boss Sunil Mittal to buy it out from him.

    And just today afternoon I saw on TV, that he has made an ass of himself , and he has been prohibited from going to the dug out with the players.


    Maybe SRK has stretched himself too thin.Seems he wanted to come out with an IPO for this , and take the money from it and pay the BCCI.But the bad stock markets have stopped him from coming out with the IPO.


    He already closed down a few firms,as admitted by him.Cricket is not in his league.When u are making so much money from the movies why go for unchartered waters.


    We have a saying “ Spread yr legs as much as the bedsheet u have” But SRK wants to be everywhere.Looks like a fool dancing and kissing in the air with the crowds.


    To the Ambani’s, a few hundred crores down the drain wont make a difference as also to Malaya, who will cover it by increasing his price of Royal Challenge 25 bucks and make it up.But what will SRK do.


    Amitabh got bankrupt too, trying to be a corporate,till KBC rescued him.


    When u guys have enough to last u 700 generations, why risk all that for a silly adventure, not up your alley.


    But then again, who am I to advise the high and the mighty.Mere Baap ka kya Jata Hai.


    KAMAL MAHTANI
     
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  2. Arunarc

    Arunarc Moderator Staff Member IL Hall of Fame

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    Dear Kamalji
    ya had read about the other's who got bankrupt but never knew Micheal Jackson and SRK too in the list............from KBC Amitabh has really come up and a few good movies that he did.
     
  3. sunkan

    sunkan Gold IL'ite

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    sad is the turn of events...sunkan
     
  4. swarnalata.N.S.

    swarnalata.N.S. Platinum IL'ite

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    It is very sad when people from good positions become bankrupt. Then we think, why they did not do some wise investments or savings. In cinena world, there are many actresses who lost all money, maybe because some man cheated them. There was one actress Savithri in south. Big star . But she died as pauper, in hut . Very sad fate really.
     
  5. Nivedi

    Nivedi New IL'ite

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    Hi Kamalji,

    Money can make people go crazy. Time and again I have been reading of Jackpot winners in lotteries going bankrupt. They have no answer to how the money vanished. Even in South India there was a time when film stars filing insolvency petitions was heard of. Some of them rely too much on their secretaries and have no idea where their money is. Some have greedy family members who squander. Some have exravagant lifestyles. Some develop addictions to gambling and casinoes. Some go into businesses that they know nothing about. Sometimes luck plays a chance too.
     
  6. Anandchitra

    Anandchitra IL Hall of Fame

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    Dear Kamal
    Trust you to bring a reflective topic and to write so well about it..:bowdown
    I have also given this little thought.. I think the problem could be that these folk know how to make money but not how to manage.. and the people around them cannot be trusted sometimes too.. so adding to the problem of money management.. also they could be removed from the real situation and not be aware of it as well.. keep blogin my friend:)
     
  7. nokia6681

    nokia6681 New IL'ite

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    Kamala......just a nice piece of text...yeah world is offcourse changing....i am too a fan of M.Jackson...and the cases and arrest and bankruptcy is just a big shock to me.....

    and where the world is going.....i questioned myself on that day......

    India is a poor country still...but how then BCCI is alone richest cricket board in the world...(it had spend 7500 crores INR for IPL matches)

    I still wonder my friends who were very rich ones were not able to survive and in process of selling those houses and renting new houses,moving places...where does those money gone...

    Thank god...i am born as poor and i am now in a middle class family.....

    The thorough(i discovered) reason of bankruptcy may be only one....

    "Life is not bed of Roses"......if those people believe this fact...they were to be rich ever.
    and if not they want the same bed with lavenders,lilies and other flowers in it...

    It'll become a story like Sharukh's...just to give out and stay a bed with just bed sheet and pillow.. is enough for me....and i am not going to get bankrupt for fame...

    Because fame will go into flames when times move up...what others think about my reply...

    please leave your comments

    Regards
    Ananthi
     
    Last edited: May 20, 2008
  8. SoaringSpirit

    SoaringSpirit Silver IL'ite

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    Dear Kamalji,

    You surely have the knack of subtly passing off a serious and thought demanding topic such as this as a “light” blog! I always admire your attention to the little but important things that happen in our daily life. You have this unique ability to reflect upon and draw important lessons from seemingly unimportant things around us. Very nice.

    Money is surely nice to have but like your real life examples have proven, money can prove to be no good if not used and managed wisely. I wonder what makes these people jeopardize their financial security? I wonder how and why people become such slaves of this fleeting materialistic pleasure in life that they forget that it is not infinite, unless they invest it and grow it wisely. Showing off money is another thing that beats me. Many times money is squandered away just to show-off one’s wealth. Why does one need to prove to anyone else about their financial standing? I don’t understand this at all.

    These days there are so many avenues to exhaust any amount of money one earns. Expensive cars (not just one or two but a huge fleet!), private jets, palatial homes, vacation homes in famous places, clothes studded with Sworoski crystals, the list is endless and mind numbing. To me, it seems atrocious and repulsive!

    Personally, I think more than earning money a lot of effort is needed in wisely growing and maintaining it. I believe that it is surely nice to make it big but one must always remember that with great success comes greater responsibility – not just towards others but towards ourselves too. I think many people who end up being bankrupt often tend to forget this responsibility because they are busy reveling in the present forgetting that this shall not last forever.

    Well, I could go on and on. Among many other topics, I am quite passionate about this topic too and could discuss it at length.

    Ananthi, agree with your thoughts about fame and money. It is fleeting. For some people it may last their life time. Great for them. But like you said, is it really worth all the trade-offs they make? To some it may seem all worth it. To some like me, it is not worth my peace of mind. I know someone who has a hidden safe in their bedroom. The safe is not just locked with multiple digital locks but is literally chained with huge metal chains. No one (even their kids) can enter this bedroom. And if at all the man of the house goes out of town he is constantly worried about this safe calling home many times to ensure all is okay. I cannot imagine living such a "chained" life, not for any amount of money!

    As a parting thought, I would like to mention that to me the most attractive traits in any person are their sheer simplicity and their equanimity towards money and fame in spite of being in the midst of it all.

    Enjoyed reading and thinking about this topic. Thanks to you Kamalji!

    SS
     
    Last edited: May 20, 2008
  9. Kamalji

    Kamalji IL Hall of Fame

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    Dear Aruna,

    Thanks for the first comments.SRK i dont know, but i assume so.I hope i am wrong.Regards.kamal
     
  10. Kamalji

    Kamalji IL Hall of Fame

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    Yes Sunkan that is the way of life.

    Many make money, few get to keep it.REgards.kamal
     

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