For
years, I’ve heard about Tony Braxton being in bankruptcy, but she has
finally wiped the slate clean…and it only cost her $150,000. She filed
for bankruptcy in 2010 (for the second time), claiming debts as high as
$50,000,000. Well damn!
Apparently, Braxton made a deal with the
trustee to buy back some of the personal property she lost as a result
of filing for bankruptcy. The deal was that she would pay $5,000 a month
for 15 months with the last payment being $50,000. Braxton made every
last payment…...except for that last one.
The other part of the
case hanging over Braxton's head was the issue of $754,000 she made for
performances she had overseas. These performances occurred AFTER Braxton
filed for bankruptcy, so she felt that she was legally entitled to keep
the money she made from these performances. The trustee, however,
argued that since Braxton was technically paid before the bankruptcy
filing, due to the money being put in escrow before the actual shows,
she should be ordered to hand it over.
This week, Braxton and the
trustee finally came to an agreement. Braxton settled on paying the
$50,000 she owed for the property and $100,000 from the performances.
They also came to an agreement that she could buy back the copyright on
an abundance of her songs for a meager $20,000. On July 15th they will
go to auction and they will be hers if she doesn’t get outbid. That must
be a slap in the face to have to bid on your own work, but I guess
that’s the price you pay for excessive spending on linens and kitchen
appliances.
It seems this bankruptcy case is finally over. That
is, if a judge signs off on it. Let’s see how long it takes Braxton to
file another one since there isn’t a Household Items Anonymous.
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