Rumor has it that Bacon and his wife Kyra have lost nearly everything (excluding their land and the contents of their checking accounts), but Eichorn said that we shouldn’t “speculate or rely on hearsay.”

Well, we shouldn’t, but we want to… I’m sure that’s not the last of the damage to be revealed, with Steven Spielberg’s Wunderkinder Foundation already affected and Jeffrey Katzenberg of Dreamworks reported to have “lost millions” by the Wall Street Journal.

A federal bankruptcy judge released $28 million of Madoff’s assets today (Tuesday) to cover administrative, case-related costs. $883,00 had already been transferred to cover employees’ salaries and health care, and the trustee has been authorized to sell assets to recoup lost investor funds. 

Richard Bernard, the trustees’ rep, said that “This is the first step of many to recover assets.”

Progress is good, but it’s sad to think about all of Bacon’s hard-earned Footloose cash going down the drain.

Related posts:

1. Kevin Bacon mugged in New York City
2. BACON’D! Kevin Bacon Punks Ashton Kutcher
3. Kevin Bacon, Poo and Ice Cream

Not satisfied with vandalising shows like Teenage Mutant Ninja Turtles, Power Rangers, and Fraggle Rock. Hollywood studios seem intent on destroying another cheesy classic.

The 80’s appear to be the new gold mine for lazy studio execs. There is also talk that Zac Effron has signed up to do Footloose and they are remaking Robocop and Red Dawn, oh and Top Gun.

Back to the Karate Kid. Mr Miyagi is rumoured to be played by Martin Lawrence, so I guess he won’t be called Mr Miyagi. The plot stays the same though, bullied kid learns to defend himself via an eccentric mentor. Still, I won’t be considering it a proper remake unless the crane scene is in there.

I guess it is no surprise that Will Smith will be producing the film.

Related posts:

1. Jackie Chan To Play Miyagi in Karate Kid Remake
2. Connor Cruise to star in remake of Red Dawn
3. Is Martin Lawrence Dead? More like viral internet campaign