It is reported that Michael Jackson has two weeks two to fend off a $270M foreclosure, or face losing Neverland and his Sony Beatles music catalogue.
His "friends" say that he faces ruin because he listened to the wrong people.
Evidently Jackson took out two loans, one for $200M and the other $70M, which were secured on Neverland and the Beatles catalog.
It seems that he defaulted on the $70M loan in April, then worked out a payment plan with Fortress Investments. However, Jackson defaulted again in October and foreclosure will happen on December 20th.
Jackson has also reportedly failed to make payments on a $2.2M second mortgage he took out on his parents' mansion, which is also now facing foreclosure.
Given his financial predicament, it is hardly surprising that he is planning to re-release his old hits at the rate of one a week.
Friday, December 09, 2005
Thursday, December 08, 2005
Jackson's Plan Drug Intervention
Michael Jackson's family is reportedly so alarmed at stories about his drug abuse, that they are planning to trip to Bahrain to stage a drug intervention.
A source is quoted as saying:
"The family is in a state of emergency. They consider it a life-or-death situation."
Adding:
"Grace basically said she can't handle him alone. The family is in a tailspin."
Jackson is denying that he has a drug problem, and called the source's story a "total lie."
A source is quoted as saying:
"The family is in a state of emergency. They consider it a life-or-death situation."
Adding:
"Grace basically said she can't handle him alone. The family is in a tailspin."
Jackson is denying that he has a drug problem, and called the source's story a "total lie."
Wednesday, December 07, 2005
Digging Deep
Michael Jackson is trying to revive his career, and finances, by re-releasing a single every week.
Jackson will release one song every week for the next five months, starting with 'Don't Stop 'Til You Get Enough', which will be available in January.
Jackson will release one song every week for the next five months, starting with 'Don't Stop 'Til You Get Enough', which will be available in January.
Monday, December 05, 2005
Jackson Invited To Pakistan
Following Michael Jackson's alleged conversion to Islam last month Pakistan's ruling party, the Pakistan Muslim League (PML), has invited him to visit Pakistan.
The PML congratulated Jackson for becoming a member of the "Nation of Islam"> The PML leader, Kanwar Kutubuddin, said that his conversion was a good omen for the Muslim Ummah.
He noted that Jackson's conversion was a positive development, especially since it came at a time when Muslims were being criticised by different elements on an international level.
The PML congratulated Jackson for becoming a member of the "Nation of Islam"> The PML leader, Kanwar Kutubuddin, said that his conversion was a good omen for the Muslim Ummah.
He noted that Jackson's conversion was a positive development, especially since it came at a time when Muslims were being criticised by different elements on an international level.
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