It's not uncommon, particularly in this economy, for Tennesseans to have trouble making ends meet, even those who were previously wealthy or collected a lot of assets. Sometimes it becomes necessary for consumers to forfeit assets to pay off debts.
A man who is a collector of movie memorabilia is familiar with that scenario. As part of a chapter 7 bankruptcy liquidation, several of his famous movie posters will be auctioned off. Among them is an original poster for the 1927 film "Metropolis." It's estimated to be the most expensive film poster in the world.
There are only four known surviving copies of the poster, which depicts a robotic woman that went on to become the iconic symbol of the movie. The collector paid $690,000 for it back in 2005, still the most ever paid for a movie poster. It was up for sale earlier this year for $850,000. He recently valued it at $250,000, but that is likely a low number.
The poster, along with other original posters for films like "King Kong," was turned over to a bankruptcy trustee recently. Once the scope of the man's collection is determined (it could be worth up to $5 million) and clams are submitted by creditors, the trustee will likely hold a liquidation auction, probably by the end of the year, unless a judge objects.
It's not often that famous movie memorabilia is seized, but it's not uncommon for people to have to forfeit assets or have their wages garnished when there seems to be no alternative. An experienced professional, however, can try to help avoid it.
Source: Hollywood Reporter, "World's most expensive movie poster seized in bankruptcy case," Andy Lewis, June 22, 2012