Michael Jackson's Trials

Michael Jackson's Trials


The Ongoing Trials of The Late Michael Jackson

Tuesday, July 12, 2005

Michael Jackson Sued

It seems that the trials of Michael Jackson have not ended.

It is reported that Prescient Acquisition Group, a financial company that specialises in asset acquisitions, has sued Jackson for an alleged sum owing of $48M relating to fees for rescuing Jackson's stake in the publishing rights to songs by the Beatles.

The firm alleges that Jackson enlisted it last November, to provide financial advice and to secure refinancing of a $272M debt to Bank of America.

The suit says that the financing group arranged $537M in financing, this was enough for Jackson to pay off the debt and exercise an option to buy the remaining 50% of the Beatles library he didn't already own.

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