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Burt Reynolds Might Need A Place To Crash

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Thanks to Merrill Lynch.

The "Smokey and the Bandit" star was hit with a foreclosure lawsuit in Florida's Martin County Circuit Court last Tuesday that claims he's in arrears to the tune of $1.2 million on his Hobe Sound, Fla., home. According to the South Florida Sun-Sentinel, the suit, which was filed on behalf of the Merrill Lynch Credit Corp., claims that Reynolds hasn't made a payment on the estate, dubbed "Valhalla," since September 2010. The suit asserts, "Plaintiff must be paid $1,193,808 in principal on the mortgage note and mortgage, together with interest from Aug. 1, 2010, and all costs ... and reasonable attorney's fees."

If anyone could find it in their heart to a couch, the $1,193,808 or perhaps even the $8.9 million asking price he put in the house in 2009 after buying it for $2.4 million, it'd be extremely appreciated. We weren't able to save Lenny, but maybe we'll be able to better by Burt.



No One Told Ken Lewis Shareholders Needed To Know About Merrill's Massive Losses, Okay?

Remember in 2008, when Ken Lewis was all, “Oooh, wait, I don’t know about this Merrill Lynch thing, it looks kinda bad, I don’t think I want to buy it anymore, I’m nervous [bites nails, shifts weight from one foot to the other like he has to pee]” and tried to back out of the deal? And Hank Paulson threatened to stuff him in a meat locker if he did so Lewis said okay, fine, I’ll buy it and then did, without mentioning anything to shareholders about Merrill's impending losses? Well 1) People are still upset about it but 2) Ken was under the impression shareholders were on a need to know basis. Top executives at Bank of America Corp did not tell shareholders just prior to a 2008 vote on its purchase of Merrill Lynch & Co that losses were mounting and expected to weigh down earnings for years, papers filed in private shareholder litigation show. But the bank and former Chief Executive Kenneth Lewis said in their own court papers that they should not be liable to shareholders who claimed to have lacked information they needed to vote on the once $50 billion merger. Lewis also said he had been advised by the bank's law firm and chief financial officer that no disclosure was necessary. No further questions. BofA masked Merrill loss before 2008 vote: filings [Reuters]

Inheritance Watch '15: $63 Million Deemed Too Much To Leave Your Kid

...on the other hand, $26 million (out of $100 million) is reportedly not enough.