Michael Jackson's Trials

Michael Jackson's Trials


The Ongoing Trials of The Late Michael Jackson

Wednesday, June 08, 2005

Money Troubles

Michael Jackson's trial has weighed heavily on his purse strings.

Whatever the verdict, it is likely that his career will have taken a very large knock back.

It remains to be seen as to what he will do, if he is acquitted. As such the question is being raised, by those in the music industry, as to whether he will have to sell his share of the Beatles' music catalogue.

Jackson bought the publishing rights to the catalogue for about $48M in the 1980's.

The ownership of the songs is split between Jackson and Sony Corporation.

Owen Sloane, an entertainment lawyer who was involved in the original 1985 deal, is quoted in the media as saying:

"I've heard the rumors he's trying to raise cash and Sony probably would have the right of first refusal and would be first in line to buy if he chose to sell".

Accountant John Duross O'Bryan testified for the prosecution at Jackson's trial that Jackson has borrowed approximately $200M against his holdings, and not paid his share of Sony's continuing investment.

It is reported that these loans, first provided by Bank of America, were sold in the past month to Fortress Investment Group.

It seems that, if Jackson is acquitted, he will have to find ways to earn money. A serious rebranding exercise is needed, coupled with a dramatic change of lifestyle.

1 comment:

  1. Anonymous1:00 PM

    I'd be wary of the stories about Jackson's cash flow. The press at the courthouse are bored, and have admitted so. Because of this, every little bit they hear, whether a reliable source or not, they are taking and running with it.
    A good example is the supposed court statement yesturday. When the news hit that there was going to be a statement, within 30 minutes the media where running stories saying it was everything from a tainted jury member to a mistrial, ect.
    Turned out it was only a statement from Thomas Mesereau reguarding the gag order.