Michael Jackson's Trials

Michael Jackson's Trials


The Ongoing Trials of The Late Michael Jackson

Wednesday, December 21, 2005

Debt Default Negotiations

Lawyers for Michael Jackson and Fortress Investment Group, Jackson's creditor, are in talks to keep Jackson from defaulting on $200M of loans secured on his 50% holding in the Beatles' song catalogue (worth $500M).

Jackson technically defaulted on the loans yesterday.

Brent Ayscough, a lawyer for Jackson, said that representatives for both parties were working to renegotiate terms of the loans; to give Jackson more time to avoid default.

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