21 year old John Leslie Coogan AKA Jackie Coogan was mildly surprised when informed by the Grand Hotel in Los Angeles that his Check for $ 71 had been declined by his bank
Coogan visited his bank and found that he was overdrawn by over $ 21,000
By the evening he found that he was overdrawn by over $ 67,000 with all his banks
Coogan told his Manager Morris McGiver who also didn't take it that seriously and lent Jackie $ 300 to settle his dues
After all Jackies earnings up until that point was $ 3.3 Million all invested with reputed companies
It was a nightmare!!!!
Jackie planned to study and travel
He planned to build a farmstead
He planned to help people
Instead the Banks told him that HIS ENTIRE STOCKS HAD BEEN LIQUIDATED AND CREDITED TO HIS MOTHERS ACCOUNT
He asked for his mothers balance and it was $ 18
Eighteen Dollars
His mother Lilian was enamored with a Lawyer Arthur Bernstein and remarried him within a few weeks of Jackies fathers death
He immediately said Jackie was a Child and not entitled to a Dollar of his earnings which belonged to Lilian (And Himself).
That was the LAW
Jackie earned $ 351,000 a year and was paid $ 7 a week pocket money plus studio expenses
He didn't know much and blindly acted and lived in houses provided by the Studio and had an expense account
However unknown to his knowledge his mother and stepfather blew his money
They blew money like water
They gambled away $ 500,000 literally
They financed wildcat schemes for several thousands of dollars
They purchased Diamonds, Pearls and Expensive Clothes
They went on 14 Cruise trips costing a sum total of $ 300,000
They left Jackie with $ 67,000 in Debts after giving his entire childhood, working 12–15 hours a day
Jackie sued his mother and stepfather
The Lawyers needed money and Jackie had none
The Studios that had once loved him as a young kid didn't like his adult version too much and refused to advance him a penny
Ultimately Jackie had to represent himself
His Mother cried and called him a “Greedy Boy” and a “Bad Boy”
His stepfather smiled viciously and said the law was on their side
The Studios blackballed him for false charges
Finally the Jury found IN HIS FAVOR
And awarded him $ 126,000 - $ 67,000 to pay off his debts, $ 24,000 to pay off his Manager and staff and discharge them and $ 35,000 for himself
After earning $ 3.3 Million , he came home with $ 35,000
How did he become famous?
Once the Coogan case became popular, the California State Legislature passed the Coogan Act Or the California Child Actors Act (CCAA)
Under the law :-
- The Studio had to pay 15% of a Child Actors earnings into a separate account known as COOGAN account which would come to him when he was 21 years or older
- The Studio had to ensure the Child Actor never incurred debt and ALL DEBTS INCURRED BY THE CHILD ACTOR until his 21st birthday would be completely the responsibility of his parents
- Once the Child Actor became 21 Years of Age, at least 50% of the money left from his earnings had to be paid to him over and above the money in the Coogan Account
Jackie Coogan went back to acting, became a decent actor
He was best remembered for playing UNCLE FESTER in the Addams Family Show
He died with an estate of $ 352,000 in 1984
It wasn't a bad estate
However he should have been far richer and been able to fulfill his dreams
Macaulay Culkin who played the Home Alone Kid “Kevin” is an example of a kid who benefited from the Coogan Act
His Coogan account had $ 20.71 Million on his 21st Birthday. He fought over his parents from controlling his trust and WON.
He hasn't earned a penny since, yet lives a rich life with over $ 15 Million
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