Michael Jackson's Trials

Michael Jackson's Trials


The Ongoing Trials of The Late Michael Jackson

Thursday, April 13, 2006

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.

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