CinisterCee said:

shit was funny tho...

CandaceS said:

Yeah it is true Friedman isn't the best journalist in the world, when it comes to Michael news. Heck I remember the day of the verdict, he was on some show betting Michael would end up at the exact same place in the future..because he views him as a child molester. Ugh

However, I think Sony will probably bail him out and then go in for the kill later as someone pointed out. While I don't think Tommy M. was out to get Michael, I think the dude was a racist. Now I realize he isn't at Sony anymore, but I think they are still VERY evil like Michael pointed out. Maybe evil isn't the right word, they are just motivated by the green paper with dead presidents. They probably figure they can help Michael out now and then get greedy later. Because, by the looks of it right now, Michael needs them now more then ever.

As for Vegas, logically it makes total sense. However, with Michael, him not inviting Gavin or another child to his ranch to hang out after 93 made total sense to everyone but him. He must see something bad about being in Vegas, otherwise his glove and fedora would already be there.
[Edited 12/20/05 10:23am]

MoonSongs said:

ok, let´s see what happens tomorrow. That´s when he is supposed to pay the debt


really? I once saw an interview with him where he said he believed in his innocence.

Reported last night that his attorneys have negotiated a 6 month extension on the debt.

MoonSongs said:

Source?

CandaceS said:

Same channel 4 Detroit News as had reported the other. I haven't had time to look at any of the official news sources ~ just wanted to pass along the quick blurb they reported.

MoonSongs said:

Thanks. Actually, the fact that large, mainstream media outlets don't seem to be giving this alleged crisis much coverage makes me wonder if there's anything to it.

I mean, come on: "Already put on the market by Jackson is the Hayvenhurst mansion in Encino..." That should be easy to verify, and if Hayvenhurst was actually on the market we'd see complete news reports with details such as who's listing it, the asking price, etc.!

We'll see...but I've heard so many times in the last few years that "MJ's on the brink of bankruptcy and about to lose the Beatles catalog!!" that I'm a bit skeptical.

CandaceS said:

I can understand your skepticism...But this time the news of MJ's financial problems have been covered by a myriad of mainstream, reputable media outlets...I think this is the real deal...Now whether or not Neverland has already been sold, that's another question...But when you have respectable papers like the LA Times covering this story, to me that's pretty serious....

Copyright 2005 Los Angeles Times
All Rights Reserved
Los Angeles Times

December 21, 2005 Wednesday
Home Edition
SECTION: BUSINESS; Business Desk; Part C; Pg. 2
LENGTH: 514 words
HEADLINE: California and the West;
Michael Jackson Advisors Try to Stave Off Default;
The singer, whose loans for $200 million came due Tuesday, is seeking a six-month extension.
BYLINE: Charles Duhigg, Times Staff Writer
BODY:
Advisors to Michael Jackson spent Tuesday negotiating to keep the once self-proclaimed "king of pop" from defaulting on $200 million in loans guaranteed by the singer's stake in the Beatles' song catalog.
People familiar with the negotiations expected Jackson's representatives to secure a six-month extension to repay Fortress Investment Group, which owns loans that came due Tuesday. Fortress purchased the debt from Bank of America Corp. in April.
The loans are collateralized by Jackson's 50% partnership in Sony/ATV Music Publishing, a joint venture between the singer and the electronics company that owns a 4,000-song catalog containing such songs as Bob Dylan's "Blowin' in the Wind" and 251 Beatles hits.
Jackson's share in Sony/ATV, which also owns his valuable catalog and Neverland ranch in the Santa Ynez Valley, is worth more than $500 million, according to court testimony.
According to sources, Fortress will demand interim payments during the extension, and may insist on an interest rate that could reach as high as 9.5%, or more than $1.5 million a month. Fortress also owns another Jackson loan, for $70 million, that has not come due. The sources requested anonymity because negotiations were still going on.
A spokeswoman for Fortress declined to comment on the negotiations. A spokeswoman for Sony/ATV declined to discuss specifics, except to say that the firm was "trying to be a good partner, and keep the partnership with Jackson going." Jackson's lawyers and spokeswoman did not return phone calls.
If Jackson does default on his loans, he may be forced to sell a portion of his half-ownership in Sony/ATV. Such a transaction, however, could take months to complete and might result in a tax bill of $40 million, according to court testimony from earlier this year.
Jackson was acquitted of charges of child molestation in June in Santa Maria, Calif. During that trial, court testimony revealed that the singer was strapped for cash, spending as much as $30 million more a year than he earned. During the last year Jackson was sued at least four times, accused of failing to pay $3.3 million in overdue bills.
Jackson is living in the Middle Eastern nation of Bahrain, and it is unclear whether he is personally involved in his finances. Once represented by established career builders such as Sandy Gallin and Jeff Kwatinetz, Jackson has in recent years had an ever-changing circle of advisors, many with little experience in finance or the music business. Often, the singer's decision-making is based on "who has Michael's ear at the moment," as one longtime confidant put it in June.
Jackson's financial troubles have worsened as his popularity has declined. Jackson's 1982 album, "Thriller," is No. 2 on the list of best-selling albums in U.S. history, shipping 26 million copies since its release, according to the Recording Industry Assn. of America.
But Jackson's last album of new material, 2001's "Invincible," sold only 2.1 million copies, according to Nielsen SoundScan. Since 2003, domestic sales of Jackson's albums have declined to about 1 million a year.

murph said:

Actually, I did see that article the other day, I wondered if anyone would point it out. However, when I search on google and look under news, it's pretty much the same stuff, including a lot of claims (such as re: Hayvenhurst) that haven't been checked out, rehashed by one or another tabloid or obscure news source. That's what I was venting about!

I'm glad you posted that, because upon reading it again this jumped out at me: "Jackson's share in Sony/ATV, which also owns his valuable catalog and Neverland ranch in the Santa Ynez Valley, is worth more than $500 million..."

I thought that partnership was just for the publishing rights for the Beatles, etc. catalog. But it looks like his own publishing rights AND Neverland are also part of it. I wonder if ALL his assets are under it? And I wonder how the $500 million number breaks down? How much is each piece alone thought to be worth?

How does he manage to spend $30 million more per year than he earns (per LA Times), when other sources have claimed he makes at least $75 million per year. He spends over $105 million per year?! IMHO, more proof a lot of the stuff being reported in many places is simply wrong.

Finally: "...might result in a tax bill of $40 million..."

CandaceS said:

That was my thought too. If he really is in such desperate financial condition the IRS is probably lurking around the corner.

CandaceS said:

The neverland is included in a separate loan of 70mil!! he took agianst mijac which primary includes his own recordings!! but since he is sellin alot less albums from his catalogue The value of mijac decreased and therefore he is forced to include neverland!!

I think that article of $75mil thing was not accurate they were just throwing around some figures!!

But most other articles have similar figues!!

Remeber he has no loans in 1998 so in 7 yrs he made 270$mil inb debt

which works out to that 30mil figure in access spending
so thats 30mil plus interest for u

He is just so lucky he has the atv thing otherwise he would be broke

he paid 47.5mil for it in mid 90s he got 100mil for sharin it with sony!

he has to pay taxes on gains on the catalogue and his lawyer in that deal is owed 5% stake in it too
[Edited 12/22/05 9:16am]

CandaceS said:[quote]

MoonSongs said:

Its not much of a story - a faded pop star might be going bankrupt. Maybe. All the media could do is speculate. Its not an interesting story.
Its not worth checking out if the rumours are true. Especially with financial situations since they can change at any moment. Its all very behind the scenes.Where is the video footage to show? A shot of Neverland & then what?
If he goes bankrupt then everyone will jump on it.
For now there is no story.

thedoorkeeper said:[quote]

CandaceS said:

I read that if he sells Neverland..the rides will be taken out and so will all his stuff anyways..so it won't be like a Graceland type of deal.

Hmm, I'm just thinkin' here about the idea of Neverland being sold. IMHO it's not really a prime piece of real estate. If that house was in Malibu or somewhere like that, where celeb's and other rich folks want to live, it would be different. I've seen a lot of numbers thrown around, but I wonder what someone would actually pay for it?

Would someone buy it hoping to open it to the public, like Graceland or Hearst Castle? Would enough people really want to see it? How would MJ feel about having his home put on display like that, I wonder.

CandaceS said:

Well I remember hearing that the rides would be taken out, and as for him home, he bought it furnished, so I bet a lot of of the items in the house would stay. But I imagine he would take his paintings and children statues and millions of toys with him. He won't even let his kid's faces be shown on TV. So why on earth would he let strangers admire his own stuff? I would bet on Michael outselling Thriller (which is near impossible) before I'd bet on him opening Neverland to the public to the degree Graceland is.

jasonstar said:

You mean you don't?

ThreadBare said:

I view him as someone who likes to spend time with children but I doubt he is a child molester. I mean if so, I bet lots more then 2 would have tried the law as an outlet. sorry.

Michael Jackson is insane.

and i repeat (from the thread that naners posted)



i told ya all this the first time...and here we are again. if this ever happens there will be a link to the public notice. so please folks, stop drudging this story up every other week. its getting as tired as elton john's hair implants.