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.
Wednesday, December 21, 2005
Debbie Rowe Files Suit
Debbie Rowe, Michael Jackson's former wife and mother of Prince Michael and Paris, has filed suit in California accusing Jackson of abducting their two children to Bahrain.
This, if you remember, is the same lady who only a few months ago sang Jackson's praises in court as being a model father.
How things change!
A secret hearing in the ongoing custody battle took place near Palm Springs on Monday.
During the hearing, Rowe asked the judge to order Jackson to return the children to the United States.
Rowe claims that Jackson took the children to Bahrain to stop her obtaining custody.
A ruling is awaited.
This, if you remember, is the same lady who only a few months ago sang Jackson's praises in court as being a model father.
How things change!
A secret hearing in the ongoing custody battle took place near Palm Springs on Monday.
During the hearing, Rowe asked the judge to order Jackson to return the children to the United States.
Rowe claims that Jackson took the children to Bahrain to stop her obtaining custody.
A ruling is awaited.
Tuesday, December 20, 2005
No Food For The Animals
It is reported that Michael Jackson is so broke that his animals are on the brink of starvation.
Jackson allegedly hasn't sent enough money from Bahrain to feed the animals in his menagerie at his Neverland.
Electricity has also been partially cut off at Neverland.
Today Jackson is set to be officially declared in default of a £152M loan.
Jackson had, earlier this year, been paying staff late. An employee is quoted as saying:
"Everyone is pissed. It was one thing when it happened during the trial but now it is a different story."
Jackson allegedly hasn't sent enough money from Bahrain to feed the animals in his menagerie at his Neverland.
Electricity has also been partially cut off at Neverland.
Today Jackson is set to be officially declared in default of a £152M loan.
Jackson had, earlier this year, been paying staff late. An employee is quoted as saying:
"Everyone is pissed. It was one thing when it happened during the trial but now it is a different story."
Monday, December 19, 2005
On The Edge of Ruin
Michael Jackson faces losing Neverland and his share of the Beatles song catalogue this week, unless he pays some of the money that he owes Fortress Investments.
Fortress Investments are reportedly going to move against Jackson's assets tomorrow, unless he comes up with repayments to cover a loan worth £152M that it acquired from Bank of America last May after he failed to make a $350K repayment the previous month.
Fortress Investments are reportedly going to move against Jackson's assets tomorrow, unless he comes up with repayments to cover a loan worth £152M that it acquired from Bank of America last May after he failed to make a $350K repayment the previous month.
Friday, December 16, 2005
The Shop
The Jackson family are apparently touring cable networks, touting a proposed pilot for a reality series in which Michael Jackson's siblings take feature roles.
Cory Rooney is producing the upcoming MTV series called "The Shop".
The show would feature the sons of Tito Jackson, who succeeded overseas as the members of boy band 3T during the 1990s but are trying to make a comeback as adults.
In the show they receive help from their father, as well as other aunts and uncles.
Cory Rooney is producing the upcoming MTV series called "The Shop".
The show would feature the sons of Tito Jackson, who succeeded overseas as the members of boy band 3T during the 1990s but are trying to make a comeback as adults.
In the show they receive help from their father, as well as other aunts and uncles.
Wednesday, December 14, 2005
Brando's Plans For Jackson
Marlon Brando was a great friend and fan of Michael Jackson, so much so that he wanted to make a two-part TV special which would have highlighted each other's careers.
Jackson was apparently so thrilled with the prospect that he allegedly called and left his former aide, Marc Schaffel, a voice message at 4:41 in the morning which stated that the project was to start as soon as possible.
The message allegedly said:
"Marlon Brando is pushing, and he's a wonderful man. He's a god. We have to get this done. He wants to get it done before Christmas ... He just wants to make it a big deal. He wants a lot of money, and we would own it together . . . He really wants it, I mean I think that he feels he won't be living too much longer,"
Allegedly, part-one of the show was to be set in Neverland, with Brando chatting up Jackson about his music.
Brando's private Polynesian island was supposed to be the scene for the second part, with Jackson questioning Brando.
The project however never materialised as Brando died on July 1, 2004.
Jackson was apparently so thrilled with the prospect that he allegedly called and left his former aide, Marc Schaffel, a voice message at 4:41 in the morning which stated that the project was to start as soon as possible.
The message allegedly said:
"Marlon Brando is pushing, and he's a wonderful man. He's a god. We have to get this done. He wants to get it done before Christmas ... He just wants to make it a big deal. He wants a lot of money, and we would own it together . . . He really wants it, I mean I think that he feels he won't be living too much longer,"
Allegedly, part-one of the show was to be set in Neverland, with Brando chatting up Jackson about his music.
Brando's private Polynesian island was supposed to be the scene for the second part, with Jackson questioning Brando.
The project however never materialised as Brando died on July 1, 2004.
Tuesday, December 13, 2005
Thriller
Michael Jackson's 1983 hit Thriller has been voted the best music video of all time, beating Eminem's Stan into second place in a poll conducted by The Box music channel.
At least it's not all bad news for Jackson.
At least it's not all bad news for Jackson.
Monday, December 12, 2005
Jackson Threatens Legal Action
Michael Jackson has countered claims that he is overindulging in drink and drugs, by warning the people who are spreading these rumours that they should be prepared for legal battles.
Raymone Bain, Jackson's publicist, has responded angrily to allegations that Jackson had been on whisky and painkiller binge.
She is quoted as saying:
"He is doing fine and I have never seen him happier or healthier. Whoever these individuals are who are intent on disseminating false information should begin hiring good attorneys."
Raymone Bain, Jackson's publicist, has responded angrily to allegations that Jackson had been on whisky and painkiller binge.
She is quoted as saying:
"He is doing fine and I have never seen him happier or healthier. Whoever these individuals are who are intent on disseminating false information should begin hiring good attorneys."
Friday, December 09, 2005
Jackson Faces Foreclosure
It is reported that Michael Jackson has two weeks two to fend off a $270M foreclosure, or face losing Neverland and his Sony Beatles music catalogue.
His "friends" say that he faces ruin because he listened to the wrong people.
Evidently Jackson took out two loans, one for $200M and the other $70M, which were secured on Neverland and the Beatles catalog.
It seems that he defaulted on the $70M loan in April, then worked out a payment plan with Fortress Investments. However, Jackson defaulted again in October and foreclosure will happen on December 20th.
Jackson has also reportedly failed to make payments on a $2.2M second mortgage he took out on his parents' mansion, which is also now facing foreclosure.
Given his financial predicament, it is hardly surprising that he is planning to re-release his old hits at the rate of one a week.
His "friends" say that he faces ruin because he listened to the wrong people.
Evidently Jackson took out two loans, one for $200M and the other $70M, which were secured on Neverland and the Beatles catalog.
It seems that he defaulted on the $70M loan in April, then worked out a payment plan with Fortress Investments. However, Jackson defaulted again in October and foreclosure will happen on December 20th.
Jackson has also reportedly failed to make payments on a $2.2M second mortgage he took out on his parents' mansion, which is also now facing foreclosure.
Given his financial predicament, it is hardly surprising that he is planning to re-release his old hits at the rate of one a week.
Thursday, December 08, 2005
Jackson's Plan Drug Intervention
Michael Jackson's family is reportedly so alarmed at stories about his drug abuse, that they are planning to trip to Bahrain to stage a drug intervention.
A source is quoted as saying:
"The family is in a state of emergency. They consider it a life-or-death situation."
Adding:
"Grace basically said she can't handle him alone. The family is in a tailspin."
Jackson is denying that he has a drug problem, and called the source's story a "total lie."
A source is quoted as saying:
"The family is in a state of emergency. They consider it a life-or-death situation."
Adding:
"Grace basically said she can't handle him alone. The family is in a tailspin."
Jackson is denying that he has a drug problem, and called the source's story a "total lie."
Wednesday, December 07, 2005
Digging Deep
Michael Jackson is trying to revive his career, and finances, by re-releasing a single every week.
Jackson will release one song every week for the next five months, starting with 'Don't Stop 'Til You Get Enough', which will be available in January.
Jackson will release one song every week for the next five months, starting with 'Don't Stop 'Til You Get Enough', which will be available in January.
Monday, December 05, 2005
Jackson Invited To Pakistan
Following Michael Jackson's alleged conversion to Islam last month Pakistan's ruling party, the Pakistan Muslim League (PML), has invited him to visit Pakistan.
The PML congratulated Jackson for becoming a member of the "Nation of Islam"> The PML leader, Kanwar Kutubuddin, said that his conversion was a good omen for the Muslim Ummah.
He noted that Jackson's conversion was a positive development, especially since it came at a time when Muslims were being criticised by different elements on an international level.
The PML congratulated Jackson for becoming a member of the "Nation of Islam"> The PML leader, Kanwar Kutubuddin, said that his conversion was a good omen for the Muslim Ummah.
He noted that Jackson's conversion was a positive development, especially since it came at a time when Muslims were being criticised by different elements on an international level.
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