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.
Wednesday, December 21, 2005
Debbie Rowe Files Suit
Debbie Rowe, Michael Jackson's former wife and mother of Prince Michael and Paris, has filed suit in California accusing Jackson of abducting their two children to Bahrain.
This, if you remember, is the same lady who only a few months ago sang Jackson's praises in court as being a model father.
How things change!
A secret hearing in the ongoing custody battle took place near Palm Springs on Monday.
During the hearing, Rowe asked the judge to order Jackson to return the children to the United States.
Rowe claims that Jackson took the children to Bahrain to stop her obtaining custody.
A ruling is awaited.
This, if you remember, is the same lady who only a few months ago sang Jackson's praises in court as being a model father.
How things change!
A secret hearing in the ongoing custody battle took place near Palm Springs on Monday.
During the hearing, Rowe asked the judge to order Jackson to return the children to the United States.
Rowe claims that Jackson took the children to Bahrain to stop her obtaining custody.
A ruling is awaited.
Tuesday, December 20, 2005
No Food For The Animals
It is reported that Michael Jackson is so broke that his animals are on the brink of starvation.
Jackson allegedly hasn't sent enough money from Bahrain to feed the animals in his menagerie at his Neverland.
Electricity has also been partially cut off at Neverland.
Today Jackson is set to be officially declared in default of a £152M loan.
Jackson had, earlier this year, been paying staff late. An employee is quoted as saying:
"Everyone is pissed. It was one thing when it happened during the trial but now it is a different story."
Jackson allegedly hasn't sent enough money from Bahrain to feed the animals in his menagerie at his Neverland.
Electricity has also been partially cut off at Neverland.
Today Jackson is set to be officially declared in default of a £152M loan.
Jackson had, earlier this year, been paying staff late. An employee is quoted as saying:
"Everyone is pissed. It was one thing when it happened during the trial but now it is a different story."
Monday, December 19, 2005
On The Edge of Ruin
Michael Jackson faces losing Neverland and his share of the Beatles song catalogue this week, unless he pays some of the money that he owes Fortress Investments.
Fortress Investments are reportedly going to move against Jackson's assets tomorrow, unless he comes up with repayments to cover a loan worth £152M that it acquired from Bank of America last May after he failed to make a $350K repayment the previous month.
Fortress Investments are reportedly going to move against Jackson's assets tomorrow, unless he comes up with repayments to cover a loan worth £152M that it acquired from Bank of America last May after he failed to make a $350K repayment the previous month.
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