1. Directions for 10/26 Michael is in charge.
JK Michael is not in charge... Sorry for the emotional rollercoaster Mike.
Read through this PPT and use the internet research to complete the Bankruptcy Worksheet, this is due today.
Go to EverFi, copy and paste the class code 76b1ddb2
Create an account using your actual first and last name, set your password as password
Explore the site a little and begin a module, I suggest Banking or Saving. This will be due by 10/30, if you do not start this today you will loose 30pts on the assignment.

2. I must warn you on a few things here.
Directions Continued
7. You will watch about 20 minutes of the film “Powder”
There will be a summative exam on every film that we watch.
I must warn you on a few things here.
Do not watch the film on your own, we will watch it together for a very specific reason.
If you discuss upcoming events in the film you will receive a 0 on the summative exam. Please do not test me on this so close to the end of the Marking Period.
If you have questions about the film write them down and we will discuss them next time.
If you are not mature enough to handle this film, I will not show it... But I will still give you the summative exam on it.

3. Celebrities Who Went Bankrupt!

5. Donald Trump
The Donald and his different corporate entities have filed for bankruptcy four times: in 1991, 1992, 2004, and Each instance was a corporate and not a personal bankruptcy, which is often described as being the “restructuring of debt” and not going broke. But the fact remains that businesses associated with his name have needed financial assistance four times in the past two decades.
In exchange for getting some of these bankruptcies approved, Trump had to give up Trump Airlines, a mega-yacht, and an almost 50% stake in the Grand Hyatt Hotel. But even after all those filings, Trump currently has an estimated fortune greater than $2.7 billion, as he keeps his personal money separate from his business money.
The Takeaway Lesson: Establish yourself as a corporation to separate business funds from personal, and limit your liability should your business start to go under.

7. 2. Michael Jackson
Even before his death in 2009, the King of Pop was recognized as the most successful entertainer of all time by the “Guinness Book of World Records.” But in 2007, Jackson filed for bankruptcy after not being able to pay back a $25 million loan on his home, Neverland Ranch.
Neverland, purchased in 1988 for the price of $17 million, had grounds containing a zoo, an amusement park, a movie theater, a railroad line, helicopter pads, and its own fire department. It reportedly cost more than $10 million dollars a year to maintain, and Jackson was well-known for his shopping sprees, including a $6 million trip recorded for the documentary “Living With Michael Jackson.”
Even after signing a nearly $1 billion recording contract in 1991 and selling more than 750 million records, Jackson had just 0.05% of his net worth in accessible cash, which left him no option but to file for bankruptcy.
The Takeaway Lesson: No matter your income or personal net worth, you cannot overextend yourself by taking on more debt or financing a grander lifestyle than you can afford.

9. 3. M.C. Hammer
Best known for his 1990 hit “U Can’t Touch This,” M.C. Hammer was forced to file for bankruptcy in 1996 with $13 million in debt. M.C. Hammer earned more than $30 million in the early ’90s, but after purchasing a $12 million mansion with a paid staff of 200, along with a 40-plus person entourage, he soon found himself unable to support his luxurious lifestyle.
Add in two complaints of infringement of copyright, both settled out of court for undisclosed sums, and it’s easy to see why Hammer had to file for Chapter 11.
“My priorities were out of order,” he told “Ebony” magazine. He is now a pastor living in a ranch house in California.
The Takeaway Lesson: Even after making a fortune and losing it, you can successfully put your life back together if you use what you learned from your mistakes to make better decisions.