In 4 days, Michael Jackson could lose rights to Beatles songs (and more)

On Tuesday, Dec. 20, he will be declared officially in default by Fortress Investment Group on loans of $270 million. Jackson, knowing this day has been drawing near for the last year, has done nothing whatsoever to ameliorate the situation, sources tell me.

On the 20th, Fortress will have the ability to foreclose on the loans and take possession of Jackson's half-interest in the $1 billion Sony/ATV Music Publishing company, as well as the entire MiJac Music Publishing company.

Fortress, which owned by New Yorker Peter Briger, is a specialty firm that buys debt. On Tuesday it will have two immediate options. One would be to exercise a "put" built into the loan agreement by which it could foreclose on Jackson and ask Sony to purchase the loans outright. The second option, and the one Fortress will likely choose, is to foreclose and inform Jackson it will sell his assets at market prices.

I am also told that the situation at Neverland is dire. While Jackson is in Bahrain with his kids and their nanny, some of the electricity at the ranch was recently shut off by Pacific Gas and Electric. Also, there are real fears now for the animals in Jackson's home zoo. Last week, the ranch was down to almost no food for the animals. At the last minute, sources say, a delivery was made, but it won't last long.



http://www.foxnews.com/story/0,2933,178899,00.html

Not going into what laws he may or may not have broken, but I was just wondering how long as it been since he has done something to generate new income?

...the album almost universally acknowledged by his peers in the music community as an unmitigated disaster. Jackson used the failure of this album as an excuse to call his record label "racist," and since then he's pretty much been spending money. I don't know what his concert schedule was like since 2001, but in terms of "product," it's been NADA.

He put out a greatest hits album right before the last set of charges came down. It probably didn't make him too much, though, since it was his second or third greatest hits album and the timing of the release.


EDIT: I remember Donald Trump offering him a big load of cash to perform in Vegas after the trial but I don't know if it actually happened.

what happens to him, but I hope somebody takes care of the animals.

That's quite a feat.

I saw some clip of him on a home "decorating' spree one time, he was buying shit that would have fit into an emperor's decorum. Gold columns, stuff like that. Buying pairs of things that cost a few hundred grand, etc. I watched it for 30 seconds and turned the channel.

Then of course you have to figure his payoffs to the first kid's family back in the 90's and other such matters.

I'm sure he has it in storage somewhere.