Wouldn't it have just been easier to buy less Elvis memorabilia or something? Nicolas Cage has been sued for allegedly defaulting on a $2 million loan—surprising news when you think about all the movies he makes, be they National Treasure or Knowing.
He gets paid for making them, right?
According to the breach-of-contract suit filed today in Los Angeles Superior Court, East West Bank extended Cage a $2 million line of revolving credit in August 2007, set to mature approximately one year later.
The Oscar winner secured a three-month extension and promptly defaulted on the loan in November 2008, the suit states. At that time, he entered into a change-in-terms agreement that reset the maturity date to pay back $1,953,732.94 for Jan. 23, 2011.
Of course, he had to fork over some money before then. But starting in May, according to East West Bank, he stopped making his monthly payments of $11,590.82—and then missed the Oct. 1 deadline to pay $100,000 in outstanding principal sums and interest.
Hence the lawsuit filed one day later.
A rep for Cage did not return a request for comment.
Source: eonline.com
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