Doesn't Nicolas Cage Collect Paychecks for Bad Movies, Too?

Bank says he defaulted on $2 million loan and has skipped monthly payments since April

Wouldn't it have just been easier to buy less Elvis memorabilia or something?

Nicolas Cage has been sued for allegedly defaulting on a $2 million loan—surprising news when you think about all the movies he makes, be they National Treasure or Knowing.

He gets paid for making them, right?

According to the breach-of-contract suit filed today in Los Angeles Superior Court, East West Bank extended Cage a $2 million line of revolving credit in August 2007, set to mature approximately one year later.

Cage secured a three-month extension and promptly defaulted on the loan in November 2008. At that time, he entered into a change in terms agreement that reset the maturity date to pay back $1,953,732.94 for Jan. 23, 2011.

Of course, he had to pay some money before then. But starting in May, according to East West Bank, he stopped making his monthly payments of $11,590.82—and then missed the Oct. 1 deadline to pay $100,000 in outstanding principal sums and interest.

Hence the lawsuit filed one day later.

A rep for Cage did not return a request for comment.

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Lawsuits tend to be boring. The Big Picture gallery, however, is exciting.