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.
Thursday, April 13, 2006
Monday, April 10, 2006
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.
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.
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