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Michael Jackson Settles Mega Lawsuit for $5 Million http://www.foxnews.com/st...02,00.html
Michael Jackson has settled his $48 million lawsuit brought by Darien Dash, cousin of hip-hop entrepreneur Damon Dash. According to my sources, Jackson agreed to pay Dash $5 million in a breach of contract case. He has until next fall to make good on the agreement. Dash, acting as Prescient Capital, had sued Jackson for $48 million based on an agreement signed by an accountant employed by Jackson through his brother Randy. Prescient's agreement stated that the firm would receive a 9 percent fee for finding Jackson new financing on his massive loans from Bank of America. Prescient secured $537 million, hence the $48 million fee. Ironically, the settlement is reached on the 65th birthday of Paul McCartney. Most of Jackson's income now comes from his ownership of McCartney's Beatle songs with John Lennon. But Jackson has $325 million in loans against his portion of Sony ATV Music Publishing. And come next May 2008, per an agreement obtained exclusively by this column and reported on last March, Jackson will have to sell that stake to Sony. Money derived from the sale will supposedly go to paying off the loans. |
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edit [Edited 6/18/07 15:27pm] "we make our heroes in America only to destroy them" | |
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asg said: http://www.foxnews.com/story/0,2933,284102,00.html
Michael Jackson has settled his $48 million lawsuit brought by Darien Dash, cousin of hip-hop entrepreneur Damon Dash. According to my sources, Jackson agreed to pay Dash $5 million in a breach of contract case. He has until next fall to make good on the agreement. Dash, acting as Prescient Capital, had sued Jackson for $48 million based on an agreement signed by an accountant employed by Jackson through his brother Randy. Prescient's agreement stated that the firm would receive a 9 percent fee for finding Jackson new financing on his massive loans from Bank of America. Prescient secured $537 million, hence the $48 million fee. Ironically, the settlement is reached on the 65th birthday of Paul McCartney. Most of Jackson's income now comes from his ownership of McCartney's Beatle songs with John Lennon. But Jackson has $325 million in loans against his portion of Sony ATV Music Publishing. And come next May 2008, per an agreement obtained exclusively by this column and reported on last March, Jackson will have to sell that stake to Sony. Money derived from the sale will supposedly go to paying off the loans. LOL! I love how Roger is trying to SPIN this. He has been salivating at the thought that Michael would have to pay $48 million. For Prescient to settle for a purported $5 million (who knows if it was even that amount. It could have been muchlower or MJ may not have had to pay anything at all) means that Michael must have really had these people over the barrel and they knew it. There is no way that Prescient would have settled IF Michael really owed them $48 million. Now, all we have to do is to wait for Roger's other predictions to NOT come true. Roger is pathetic. No one should believe anything that he says. [Edited 6/18/07 15:19pm] | |
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asg said: And come next May 2008, per an agreement obtained exclusively by this column and reported on last March, Jackson will have to sell that stake to Sony. Money derived from the sale will supposedly go to paying off the loans.
okay...so if you've obtained it scan it and post it.  Space for sale... | |
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skyecute said: asg said: http://www.foxnews.com/story/0,2933,284102,00.html
Michael Jackson has settled his $48 million lawsuit brought by Darien Dash, cousin of hip-hop entrepreneur Damon Dash. According to my sources, Jackson agreed to pay Dash $5 million in a breach of contract case. He has until next fall to make good on the agreement. Dash, acting as Prescient Capital, had sued Jackson for $48 million based on an agreement signed by an accountant employed by Jackson through his brother Randy. Prescient's agreement stated that the firm would receive a 9 percent fee for finding Jackson new financing on his massive loans from Bank of America. Prescient secured $537 million, hence the $48 million fee. Ironically, the settlement is reached on the 65th birthday of Paul McCartney. Most of Jackson's income now comes from his ownership of McCartney's Beatle songs with John Lennon. But Jackson has $325 million in loans against his portion of Sony ATV Music Publishing. And come next May 2008, per an agreement obtained exclusively by this column and reported on last March, Jackson will have to sell that stake to Sony. Money derived from the sale will supposedly go to paying off the loans. LOL! I love how Roger is trying to SPIN this. He has been salivating at the thought that Michael would have to pay $48 million. For Prescient to settle for a purported $5 million (who knows if it was even that amount. It could have been muchlower or MJ may not have had to pay anything at all) means that Michael must have really had these people over the barrel and they knew it. There is no way that Prescient would have settled IF Michael really owed them $48 million. Now, all we have to do is to wait for Roger's other predictions to NOT come true. Roger is pathetic. No one should believe anything that he says. [Edited 6/18/07 15:19pm] i forgot that 99.9% of this roger writes is false "we make our heroes in America only to destroy them" | |
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regardless of what u think 9of roger
here r the facts! *325$ loan i think there is additional one on neverland too *he owns half of atv his share is 500mil * if he is forced to sell he will need to pay taxes on 450mil tax bill would be 100-150mil *MJs net worth is at best 500-325-100=75mil at worst 500-325-150= 25mil so he isnt broke |
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asg said: regardless of what u think 9of roger
here r the facts! *325$ loan i think there is additional one on neverland too *he owns half of atv his share is 500mil * if he is forced to sell he will need to pay taxes on 450mil tax bill would be 100-150mil *MJs net worth is at best 500-325-100=75mil at worst 500-325-150= 25mil so he isnt broke $325 million dollar loan? This is Roger Friedman's figure. How do we know that it is an accurate or even REAL figure? It has been proven that 99.99% of everything that Roger comes up with is either false or over-exaggerated. He never admits when his predictions don't come true. He just spins and acts as if he never said it. Seriously, Roger needs psychological help. | |
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asg said: regardless of what u think 9of roger
here r the facts! *325$ loan i think there is additional one on neverland too *he owns half of atv his share is 500mil * if he is forced to sell he will need to pay taxes on 450mil tax bill would be 100-150mil *MJs net worth is at best 500-325-100=75mil at worst 500-325-150= 25mil so he isnt broke it's not what i think of roger is what i know about him. he twists up stories all thae time and rev jesse jackson already commented on how he talked to michael and suggested that he doesn't sell the catelog and how michael isn't gonna sell it it. "we make our heroes in America only to destroy them" | |
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they've been saying for years he was gonna sell his share, and then it never happened
ill believe it when i see it yea, i know... | |
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Michael Jackson settles $48M lawsuit
http://news.yahoo.com/s/a..._jackson_5 By LARRY NEUMEISTER, Associated Press Writer NEW YORK - Lawyers for Michael Jackson have settled a lawsuit brought by a finance company that claimed the pop star cheated it out of $48 million. The lawsuit by Prescient Acquisition, of Hackensack, N.J., was settled Monday just as jury selection was to begin in U.S. District Court in Manhattan. Terms of the settlement were not released. Steven Altman, a lawyer for Prescient owner Darien Dash, said the businessman was owed the money for helping Jackson refinance a $272 million bank loan and secure $573 million in financing to buy Sony's half of the Beatles' song catalog that Sony co-owned with Jackson. "We're very pleased with the settlement, although the terms of it we've agreed to keep confidential at Mr. Jackson's request," Altman said. Jackson, 48, had said he never heard of Dash. "The most important thing is that Michael Jackson's publishing catalog remains safe and sound," said Jackson's lawyer, L. Londell McMillan, whose clients have included Prince and Stevie Wonder. The settlement, McMillan added, "presents a win-win for everybody." The lawsuit was one of a number of recent suits involving Jackson and former business associates. Last year, a jury in California awarded a former Jackson adviser $900,000 for work he did on videos intended to rehabilitate the pop star's image. The jury awarded Jackson $200,000 in a cross-complaint. In a deposition taken for the New York case in Paris last summer, Jackson said that the entertainment industry was "full of sharks, charlatans and impostors." The entertainment world, he said, is "full of thieves and crooks. That's not new. Everybody knows that." [Edited 6/18/07 19:47pm] "we make our heroes in America only to destroy them" | |
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I take what RF says with a grain of salt. He's as obsessed as those fools who wait outside of Michael's hotel windows with banners in the freezing cold.
One good thing, he's taking care of business and L.Londell McMillan is on his side  "We may deify or demonize them but not ignore them. And we call them genius, because they are the people who change the world." |
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How much of the catalog does Beatles material comprise? I always thought it less than half. The media always claims it's only the Beatles. | |
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yah i barely trust that assessment. Every year friedman gives a date for jacko to lose the publishing, every year hes wrong
plus the sttlement is an extremely low figure. looks to me they just swatted dash with 5 mil, so he would go away and to avoid the legal and court fees. [Edited 6/19/07 1:02am] I am a Rail Road, Track Abandoned
With the Sunset forgetting, i ever Happened http://www.myspace.com/stolenmorning | |
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rainman1985 said: How much of the catalog does Beatles material comprise? I always thought it less than half. The media always claims it's only the Beatles.
beatles make up 2/3 of the value of the catalog! Mj bought it for 48mil in the mid 80s then when he ran into a cash crunch the mid=90s he combined it with sonys and got 90mil for combining it! now worth about 1billion he owns abit less then 50% since MJs manager from the 80s also own a small percentage [Edited 6/19/07 1:05am] |
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asg said: rainman1985 said: How much of the catalog does Beatles material comprise? I always thought it less than half. The media always claims it's only the Beatles.
beatles make up 2/3 of the value of the catalog! Mj bought it for 48mil in the mid 80s then when he ran into a cash crunch the mid=90s he combined it with sonys and got 90mil for combining it! now worth about 1billion he owns abit less then 50% since MJs manager from the 80s also own a small percentage [Edited 6/19/07 1:05am] really Frank Dileo owns a portion too, I am a Rail Road, Track Abandoned
With the Sunset forgetting, i ever Happened http://www.myspace.com/stolenmorning | |
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rainman1985 said: How much of the catalog does Beatles material comprise? I always thought it less than half. The media always claims it's only the Beatles.
The Sony/ATV(Michael's part of the ownership) catalogue has about 250 Beatles songs. The rest of the catalogue has OVER 50,000 songs including songs by Elvis, Dylan, Springsteen, Celine Dion, Destiny's Child, Eminen, etc. This catalogue also owns ALL the music from the Acuff/Rose catalogue. The newest acquisitions Liebler and Famous catalogues, added even more songs to Sony/ATV. Therefore, the Beatles songs do NOT make up 2/3 of the Sony/ATV catalogue. When Michael MERGED(not sold) ATV with Sony his catalogue was considered the most valuable because of his TOTAL ownership of the Beatles catalogue. Because his catalogue was more valuable, Sony gave him $90 million CASH upfront and then merged ATV with Sony. The media falsely claims that Michael sold his half to Sony, he didn't. This was a total merger business deal; thus, this is why Michael is HALF owner of Sony/ATV. Because of this merger Sony/ATV was considered the 2nd or 3rd largest publishing company in the world. With the two newest acquistions, I wouldn't doubt if Sony/ATV will soon become the largest publishing company in the world. Sony can't do anything without Michael's(ATV) approval and therein lies the problem with people who want to see Michael "broke" or his career destroyed. Mottola decided that he wanted to own Michael's portion of the catalogue and that is when the problems and sabotage of Michael's album "Invincible" began. Michael openly declared that Sony and Mottola were mad because he owned HALF of the Sony/ATV catalogue. John Branca was a trusted business advisor of Michael for over 20 years and helped negotiate the acquisition of Beatle catalogue. During the trial, it was brought out that Branca and Mottola were working behind Michael's back and trying to steal the catalogue from him. From the courtroom testimony, it showed that Michael had Branca investigated and found out that he and Mottola were putting money in off-shore accounts together in a scheme to defraud MJ There is a lot more information on this in the transcrupts. Of course, the media didn't report this because they didn't want people to know the truth. Is it any wonder that the public is so uninformed, the media made sure that they only heard the prosecution's side. Michael was surrounded by people that he thought he could trust-Bob Jones, John Branca, Weisner, Backerman,Mottola,etc. and they were stabbing him in the back at the same time. [Edited 6/19/07 5:25am] | |
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All I can do is ingore this news since it comes from the master of fabrication and lies, Roger Frieman. "When Michael Jackson is just singing and dancing, you just think this is an astonishing talent. And he has had this astounding talent all his life, but we want him to be floored as well. We really don´t like the idea that he could have it all." | |
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skyecute said: rainman1985 said: How much of the catalog does Beatles material comprise? I always thought it less than half. The media always claims it's only the Beatles.
The Sony/ATV(Michael's part of the ownership) catalogue has about 250 Beatles songs. The rest of the catalogue has OVER 50,000 songs including songs by Elvis, Dylan, Springsteen, Celine Dion, Destiny's Child, Eminen, etc. This catalogue also owns ALL the music from the Acuff/Rose catalogue. The newest acquisitions Liebler and Famous catalogues, added even more songs to Sony/ATV. Therefore, the Beatles songs do NOT make up 2/3 of the Sony/ATV catalogue. When Michael MERGED(not sold) ATV with Sony his catalogue was considered the most valuable because of his TOTAL ownership of the Beatles catalogue. Because his catalogue was more valuable, Sony gave him $90 million CASH upfront and then merged ATV with Sony. The media falsely claims that Michael sold his half to Sony, he didn't. This was a total merger business deal; thus, this is why Michael is HALF owner of Sony/ATV. Because of this merger Sony/ATV was considered the 2nd or 3rd largest publishing company in the world. With the two newest acquistions, I wouldn't doubt if Sony/ATV will soon become the largest publishing company in the world. Sony can't do anything without Michael's(ATV) approval and therein lies the problem with people who want to see Michael "broke" or his career destroyed. Mottola decided that he wanted to own Michael's portion of the catalogue and that is when the problems and sabotage of Michael's album "Invincible" began. Michael openly declared that Sony and Mottola were mad because he owned HALF of the Sony/ATV catalogue. John Branca was a trusted business advisor of Michael for over 20 years and helped negotiate the acquisition of Beatle catalogue. During the trial, it was brought out that Branca and Mottola were working behind Michael's back and trying to steal the catalogue from him. From the courtroom testimony, it showed that Michael had Branca investigated and found out that he and Mottola were putting money in off-shore accounts together in a scheme to defraud MJ There is a lot more information on this in the transcrupts. Of course, the media didn't report this because they didn't want people to know the truth. Is it any wonder that the public is so uninformed, the media made sure that they only heard the prosecution's side. Michael was surrounded by people that he thought he could trust-Bob Jones, John Branca, Weisner, Backerman,Mottola,etc. and they were stabbing him in the back at the same time. [Edited 6/19/07 5:25am] Wasn't there a book that came out about the whole situation? I remember his problems didn't just involve Michael. Sony closed shop on MJJ Music and refused to release 3T's second album Deja Vu and they were shelved for 3 years until Janet and Michael's attorneys got them out of the contract. The original version of Invincible was supposed to be released in 1999 but Sony kept postponing it [/i] "We may deify or demonize them but not ignore them. And we call them genius, because they are the people who change the world." |
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Everybody always be tryin' to sue Mike. Go after the man with all the money. It's quite  Some people think I'm kinda cute
But that don't compute when it comes 2 Y-O-U. | |
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bboy87 said: skyecute said: The Sony/ATV(Michael's part of the ownership) catalogue has about 250 Beatles songs. The rest of the catalogue has OVER 50,000 songs including songs by Elvis, Dylan, Springsteen, Celine Dion, Destiny's Child, Eminen, etc. This catalogue also owns ALL the music from the Acuff/Rose catalogue. The newest acquisitions Liebler and Famous catalogues, added even more songs to Sony/ATV. Therefore, the Beatles songs do NOT make up 2/3 of the Sony/ATV catalogue. When Michael MERGED(not sold) ATV with Sony his catalogue was considered the most valuable because of his TOTAL ownership of the Beatles catalogue. Because his catalogue was more valuable, Sony gave him $90 million CASH upfront and then merged ATV with Sony. The media falsely claims that Michael sold his half to Sony, he didn't. This was a total merger business deal; thus, this is why Michael is HALF owner of Sony/ATV. Because of this merger Sony/ATV was considered the 2nd or 3rd largest publishing company in the world. With the two newest acquistions, I wouldn't doubt if Sony/ATV will soon become the largest publishing company in the world. Sony can't do anything without Michael's(ATV) approval and therein lies the problem with people who want to see Michael "broke" or his career destroyed. Mottola decided that he wanted to own Michael's portion of the catalogue and that is when the problems and sabotage of Michael's album "Invincible" began. Michael openly declared that Sony and Mottola were mad because he owned HALF of the Sony/ATV catalogue. John Branca was a trusted business advisor of Michael for over 20 years and helped negotiate the acquisition of Beatle catalogue. During the trial, it was brought out that Branca and Mottola were working behind Michael's back and trying to steal the catalogue from him. From the courtroom testimony, it showed that Michael had Branca investigated and found out that he and Mottola were putting money in off-shore accounts together in a scheme to defraud MJ There is a lot more information on this in the transcrupts. Of course, the media didn't report this because they didn't want people to know the truth. Is it any wonder that the public is so uninformed, the media made sure that they only heard the prosecution's side. Michael was surrounded by people that he thought he could trust-Bob Jones, John Branca, Weisner, Backerman,Mottola,etc. and they were stabbing him in the back at the same time. [Edited 6/19/07 5:25am] Wasn't there a book that came out about the whole situation? I remember his problems didn't just involve Michael. Sony closed shop on MJJ Music and refused to release 3T's second album Deja Vu and they were shelved for 3 years until Janet and Michael's attorneys got them out of the contract. The original version of Invincible was supposed to be released in 1999 but Sony kept postponing it [/i] LIstening to Why today, I was wondering what happened with 3T. "When Michael Jackson is just singing and dancing, you just think this is an astonishing talent. And he has had this astounding talent all his life, but we want him to be floored as well. We really don´t like the idea that he could have it all." | |
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