Manager countersues Nic Cage, details orgy of spending

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Manager countersues Nic Cage, details orgy of spending

Tue Nov 17, 2009 @ 04:30PM PST

By Eriq Gardner

Nicolas_cage Nicolas Cage's ex-business manager has filed a countersuit against the actor.

The counterclaim was filed by Samuel Levin in California Superior Court and says that by the time Levin was hired in 2001, Cage had already squandered tens of millions of dollars he had earned as a movie star. Levin says he warned his client that "he needed to earn $30,000,000 a year just to maintain his lavish lifestyle."

Levin says he put Cage on a conservative plan to reduce spending, eliminate tax arrearage, and accumulate enough cash for financial security, but after a string of hit films, Cage's earnings soared and the actor abandoned economic conservatism.

The cross-complaint goes on to detail a spending binge, including the purchase of 15 palatial homes, four yachts, an island in the Bahamas, a Gulfstream jet, and millions of dollars in jewelry and art.

Last month, after facing significant tax trouble, Cage first filed a $20 million suit against Levin for putting him in risky investments and keeping him in the dark about his financial situation. Now, Levin has struck back by saying that Cage and his lawyer Jake Bloom were regularly briefed on his situation.

Levin is asking for a declaration that Cage caused his own investment loss and damages from breach of oral contract and fraud. He's repped by attorney Joe Schleimer.

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The Hollywood Reporter, Esq. blog focuses on how the entertainment and media industries are impacted and influenced by the law. It is edited by Matthew Belloni with contributions from veteran legal reporter Eriq Gardner and others. Before joining The Hollywood Reporter, Belloni was a lawyer at an entertainment litigation firm in Los Angeles. He writes a column for THR devoted to entertainment law. Gardner is a New York-based writer and legal journalist. Send tips or comments to Matthew.Belloni@thr.com

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