Jackson Tries To Stave Off Bankruptcy

Michael Jackson is allegedly close to cutting a deal that would stave off his imminent bankruptcy.

It is reported that he will agree to give up a part of his a song catalogue that includes Beatles' hits to the Sony Corporation, it is estimated that Jackson's share is worth around $500M.

Jackson used his stake in the catalogue as part of the collateral for $270M in loans from Bank of America. Bank of America then sold the loans in 2005 to Fortress Investment Group, a New York-based investment company that buys distressed debt.

As part of the new agreement, Fortress has agreed to provide a new $300M loan and reduce the interest payments.

Jackson has reportedly agreed to provide Sony with an option to buy half of his stake at a set price.

We shall see.

Jackson in Denial

Michael Jackson, despite delaying salary payments to his Neverland staff for 3 months and having to shut Neverland because he is strapped for cash, has reportedly spent £50K on a diamond-encrusted watch.

Jackson is allegedly £150M in debt, yet seemingly has a little trouble accepting the reality of his situation.

He bought his new timepiece, which has 800 diamonds on it and a gold face, at the seven-star Burj Al Arab hotel in Dubai.