We’ve heard the story a hundred times — but how exactly can a management group lose all their star’s money without him finding out about it?
The latest docs from Johnny Depp‘s ongoing legal battle with TMG may give some insight into the alleged coverup.
According to TMZ, the newest tune Jack Sparrow is singing in his fraud lawsuit is that The Management Group took out loans over a decade to cover up the money they had lost — using Depp’s own property as collateral!
The loans reportedly total over $40 MILLION, the largest being $22 mil in a single loan from City National Bank! Wowza.
The Pirates Of The Caribbean star says it was all just carelessness and incompetence. For instance, they paid off a neighbor who claimed to have a property dispute without even looking into it — and apparently kept doing so for years, as the $3,000/month starting in 2007 added up to $320K! Another time he says they simply forgot to cancel a lease, costing another $350K!
Johnny says he only found out about all the money problems in 2015 when TMG told him he would have to sell some of his property in France to keep from going broke. Eesh. Now he’s just trying to get back $25 mil.
How does TMG feel about this? Well their attorney Michael Kump says:
“Johnny Depp’s outrageously false claim that he didn’t know about $40 million in loans is beyond preposterous. Depp and his sister knew about each and every loan; Depp signed every document and spent all the loan proceeds. Tellingly, Depp is now seeking to prevent all discovery from Tracey Jacobs of UTA and Jake Bloom of Bloom Hergott. Depp knows that these two critical witnesses will fully support TMG’s case and reveal Depp for the extraordinary liar and spendthrift that he is. It is no mystery why Depp is trying so hard to prevent this core discovery.”
Either way, you want to know the good news for fans?
You’ll probably be seeing a LOT more Johnny Depp movies in the next couple years.
[Image via FayesVision/WENN.]