Johnny Depps Debt Outweighed His Income Says Business Manager

During his testimony on Thursday, Johnny Depp’s business manager testified that Depp’s outstanding liabilities were more than his income and assets. In layman’s terms, Depp was spending more than he was bringing in.

Do work on behalf of mr depp we were engaged in 2016 if that’s your question right right around february 10th is that when you were first contacted i do not recall the date and you said you were introduced by executives a guy named richard smith at the bank of california yes mr depp owed a significant amount of money to the bank of california at that time correct

No he owed money to the bank of california correct i do not recall that he had an active indebtedness with the bank of california he had other commercial loans but not with the bank of california and after you were brought on you developed an understanding that mr depp’s financial status was very challenging correct it was challenging but we had an ability to

Resolve the problems if they were properly addressed he had liquidity problems right he had substantial assets in excess of his liabilities but he had short-term obligations who need to be satisfied let me just ask that again at the time that you were brought on he had liquidity problems correct can you define liquidity for me i’m i’m asking you at the time he

Was brought on he had liquidity problems correct i would defined the term liquidity as where the short-term assets are less than the short term excuse me are less than short-term liabilities and if that’s how you define your liquidity i would agree in layman’s terms terms that that i can understand because i don’t i don’t speak all the the kind of business school

Terms that you speak he didn’t have enough money at the time correct he was spending more than he was bringing in correct yes and you gave him advice about how he could hopefully get out of that problem correct yes okay and just to be clear uh mr white because you’ve testified to some degree of knowledge about um wine that you you allege that misheard requested

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So you seem to have some some knowledge of of mr depp’s spending miss her didn’t she didn’t buy any of the dozens of properties that mr depp owned correct correct he owned the assets prior to their marriage she didn’t pay five million dollars to blast hunter thompson’s ashes out of a cannon did she not to my knowledge she didn’t buy a yacht that she couldn’t afford

And then have to sell it to jk rowling did she not to my knowledge now let’s talk about that meeting on april 21st 2016. you said the meeting started it’s about 7 30 p.m yes and lasted till maybe 9 30. is that right yes and you have no idea no personal knowledge where mr depp went after he left that meeting do you that is correct i did not go with him i went home

And at that meeting mr depp was given some catastrophic news about his business correct he was given news that he needed to address a number of financial issues but i had a strategy and plan to fully resolve them that news that he was given that night was catastrophic wasn’t it no may i approach your honor all right yes sir foreign mr white let’s do this again

With another under oath series of statements you gave testimony in the uk trial did you not yes and that testimony was under oath correct yes all right and in front of you i have your testimony from the uk trial and you gave that testimony on behalf of mr depp correct i gave it honestly okay you gave it on behalf of mr depp correct you were one of his witnesses

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Called that is correct okay can you please turn to page 865. and it’s just the second page of the document upper left before that the questions are talking about this meeting on april 21st 2016 and you were asked the question question now mr depp was given some catastrophic news about his business answer that is correct did i read that right you did but remember

My question sir i did not define that sir mr you’ll have a chance that the attorney will get back up and they redirect you okay so if you just answer his question that’s fine and the reason i’m asking sir is because you just gave the exact opposite testimony here so that’s what that’s why we pointed that out um now you at this meeting you had a discussion about

His financial affairs and a necessity to formulate a revised business strategy and plan correct yes and you talked about the following financial information you talked about bank obligations and tax liabilities right yes which means money you owe to either the government or banks correct yes you talked about assets that he needed to sell correct yes properties and

Things like that that he needed to sell to generate money correct you talked about ways to reduce spending correct yes and you talked about how to get new engagements correct yes how to get new gigs right not how to get them but they encouraged him to get them i’m not an agent i appreciate that they’re curious engagement and the understood you talked about the

Need to get new gigs to generate additional money to help uh address these financial woes that he was experiencing correct yes you also told him at that meeting that um his taxes he hadn’t paid taxes in years correct no that’s not correct that he had not paid any taxes in years is not correct that that he was significantly delinquent in federal tax obligations

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Dating back years correct i don’t know how you’re defining years there were delinquent liabilities i addressed them and formulated a plan and you talked about the significant delinquent tax liabilities that would run into the millions of dollars for taxes unpaid correct that is correct and so after receiving these this catastrophic news as we discussed you have

No idea where mr depp went when he walked out of the doors of his office correct i did not know where he went can you pull up plaintiff’s exhibit 936 please and mr white i’m not gonna um this is a long a long document um that we can we can scroll through but what i’ll i’ll represent to you and michelle can sort of scroll down is that these these appear to be

Mr depp’s tax returns for mr depp and his companies from 2009 to 2019. do you see that yes and um these are our returns as part of your um role as his cpa firm now his business manager firm now you your firm prepares these tax returns correct yes and you maintain these tax returns in the ordinary course of your business correct that is correct your honor i know

There’s going to be plenty of redaction to do but i just would like to move these into evidence i don’t plan to publish them or anything at this point

Transcribed from video
Johnny Depp's Debt Outweighed His Income Says Business Manager By Law\u0026Crime Network