Old financial scandals fade away, but the bankruptcies they spawn seemingly go on forever.
The Cassandra bankruptcy, triggered by the meltdown of Dana Giacchetto, onetime money manager to the stars, will, however, reach its end after eight years, with a December auction of Giacchetto’s personal assets, chief among them his life story, in which there has been a decided lack of interest.
Giacchetto, who once counted Leonardo DiCaprio, Cameron Diaz and Michael Ovitz among his slew of celebrity clients, was indicted for securities fraud in 2000, pleaded guilty and served prison time. Cassandra, the company that made Giacchetto almost as famous as his clients, filed for bankruptcy.
Upon his release from prison, Giacchetto gave exclusive access to author Emily White for a biography she was writing about him, “You Will Make Money in Your Sleep: The Story of Dana Giacchetto, Financial Adviser to the Stars,” with an agreement that the two would share the revenues.
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Under a 2007 settlement agreement, however, the bankruptcy trustee obtained the right to share in revenues from the sale of the book, which has sold poorly, resulting in proceeds to the trustee of around $20,000.
Claimants against the Cassandra estate are still owed more than $2 million, according to Wolf. Previous payments have totaled some $6 million.
In addition to royalties from White’s book, also up for auction, which takes place Dec. 11 in bankruptcy court in Manhattan, are movie and television rights derived from the book and Giacchetto’s life rights, including the rights to create a movie or television program based on Giacchetto’s life. The minimum bid is $100,000.
Among Giacchetto’s personal effects for auction are a videotape of the movie “Titanic” autographed by DiCaprio and wall painting pieces by Giacchetto and DiCaprio. Minimum bid on the “Titanic” tape is $1,000; $500 can buy a lucky bidder the wall painting.