Stephen Baldwin declares bankruptcy

[Trooper110]

http://www.reuters.com/article/enter...56K6CM20090721

I didn't even know he was still alive, lol

[juneau]

Loved that guy in Biodome. Not suprised he's gone bankrupt though.

[Hammy]

He's actually been a major contributor to helping others through various world foundations. Too bad that he has this problem, it means that he will have to scale back those contributions until the court situation is remedied.

On the surface it appears to be a debt restructure with a target on those two properties as assets. Usually the bankruptcy court will just require the liquidation of those assets to satisfy debt.

The court will decide what % of the debt will be paid back, which can be around 20 cents per dollar.

So he will probably sell both his properties, use a percentage of the cash he has on hand, and work out a payment system with a completion date. Most people in his situation (celebrity status) usually come out with money at the end of this.

[ChrisWW11]

Loved that guy in Biodome. Not suprised he's gone bankrupt though.

Biodome was such a good movie!!!

[juneau]

Biodome was such a good movie!!!

I'm a Sherman Tank!!!

[Pumpkin_Jack]

Not suprised what has he been in, and we all know hollywood people cant handle money well(for the most part)