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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