CNN reported a week ago that one of their sources in Michael Jackson's camp is confident that the auction of Neverland will not go ahead, because Jackson will find the money to pay off the $24M debt.
Quote:
"Michael Jackson's ranch is not going to be auctioned off at the courthouse.
The financing is all being worked out.
There are plenty of lenders willing to work with him. The real estate market is very bad right now and Jackson is being affected just like many other Americans."
The credibility of the source's faith in Jackson being able to refinance his debt remains to seen. However, it is fair enough to allude to the shambolic property market.
This has been brought about by the greed an stupidity of the banks lending money to people who could never hope to pay their debts off, colloquially known as NINJA mortgages (no income, job or assets).
A pretty fair description of the situation in which Jackson now finds himself in.
Thursday, March 06, 2008
Tuesday, March 04, 2008
XtraJet Fined
Jeffrey Borer, the owner of XtraJet an air charter service, has been ordered to pay Mark Geragos (a lawyer) and his associate over $20M for ordering the secret videotaping of them as they flew with Michael Jackson to his surrender on molestation charges in 2003.
$18 million should be paid to attorney Mark Geragos, the remainder is to be paid to Geragos' associate, Pat Harris.
Borer said that he would appeal, on the grounds that the tape had no audio therefore it did not violate the attorney-client privilege (the primary reason for the size of the punitive damages).
$18 million should be paid to attorney Mark Geragos, the remainder is to be paid to Geragos' associate, Pat Harris.
Borer said that he would appeal, on the grounds that the tape had no audio therefore it did not violate the attorney-client privilege (the primary reason for the size of the punitive damages).
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