This is the lead story on dotmusic.co.uk. Thought it may interest some...


"Michael Jackson is "a ticking financial time bomb" whose extravagant spending has left him close to bankruptcy, say his former financial advisers.

Union Finance and Investment Corp. claim the singer is saddled in debt - despite having ammased a $500 million fortune during his career - and are suing him for $12 million in unpaid fees and expenses, plus interest.

In a lawsuit filed last year in Los Angeles, the South Korean firm say Jackson hired them in 1998 in order to help him sort out his finances.

"When they were retained, plaintiffs believed that Jackson was incredibly wealthy," it states.

"At the time plaintiffs agreed to work for Jackson, there was no clue that Jackson's extravagant lifestyle had all but bankrupted him."

Union Finance say they soon discovered the singer only had two months' worth of available funds and claim to have helped him secure $200 million in loans (via Bank Of America) between 1998 and 2000.

Brian Oxman, a Jackson family attorney, says he is unconvinced that the star is near bankruptcy.

He told Billboard: "I see no signs of this impending disaster.

"I cannot say it for 100 percent sure because nobody knows his financial statements. But I can say it for a reasonable certainty."

Jackson's assets include homes in Southern California and Las Vegas in addition to his famous Neverland ranch in the hills above Santa Barbara.

The star also owns musical assets worth an estimated $450 million, including 200 Beatles hits and songs recorded by Elvis Presley.

A trial date has been set for June 18 at Los Angeles County Superior Court."

Yeah right. the guy has more $ than he knows what 2 do with. Don't forget what he pockets in royalties 4 thriller. He doesn't need 2 make another song. He is fine.

This article was mentioned on a tabloid show but they decided that it probably wasn't true as they said Forbes and other more reliable sources list his net worth at over $350 million.

Okay.

WORTH $350 million, and HAVING $350 million are two different things.

IF plasticman sold Neverland Ranch, SOLD the rights to all his songs, and the Beatles songs, and "Happy Birthday", etc, THEN, MAYBE, he'd have some money.

But as it stands, his surgical expenses, lawyer expenses, and studio expenses MUST be taking up whatever free cash he's got laying around.

I'm not an MJ apologist but I'm not buying this constant crap either. He has to have some money. If he doesn't, the who does? I realize he spends money like its nothing but still?

I still think he has shitloads of $$$. All this BS that he is in the shit financially comes from his own camp. That's where it starts and then it comes 4rom this person 2 that and the figures get twisted around. He would get huge royalties 4 Thriller. Like or not like, let's not forget how huge that thing was and it still sells a few copies. Then he must have some investments out there. I doubt some1 who had the balls 2 buy the Beatles catalague is poor. What BS. He probably sleeps on $ bills. He would b 1 calculating guy, and i doubt he would go spending like crazy or whatever if he didn't know whether there was another million $ around the corner,

I can't believe that.

By the way, does he still have the Beatles catalogue?

namepeace said:

Half, he merged it with Sony so he owns half of ATV and half of Sony... MJ makes money whenever J'Lo is on the freakin radio! He had to put up $50m straight to buy a Country music catalogue last year. He also put up $20m investing in MDP Entertainment, a film production company.

He has shares in real estate and hotels all around the world. He even stated in 1998 that he does half of this stuff under an anonymous name. Even Forbes know bugger all about his finances. They sit there cumulating out of date record sales figures as if that's his only form of income. Sony/ATV made $50m in profits alone last year according to their website... and the music industry is in decline NOW, so imagine what it's made over the years.

who cares?

Joshy84au said:

Sdldawn said:

u kno i love MJ,but im sick of hearing about everything else besides music or dance.

does it really come from his camp ellie? and why?

While I don't think Michael's situation is as bad as the media suggests,it's obvious that he doesn't spend his money wisely these days.I mean,who in their right mind would spend $30 million recording an album? Who in their right mind would pay Marlon Brando $1 million to appear in the "You Rock My World" video? And of course,there was that Las Vegas shopping spree where Mike was spending thousands of dollars on all that gaudy crap.No wonder there are rumors that he is going bankrupt.Hopefully,he can work everything out.I wonder,does he even LISTEN to his advisors at all?



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[This message was edited Wed May 28 0:47:13 PDT 2003 by DavidEye]

I think this is all yet another way to get Press..

who hasn't notice by now his "gameplan".. which is to be in the newspapers usually every 3 weeks.

3 weeks from now he will put out another story.

which of course will have NOTHING to do with music/releasing a new album.

same o' same..

locoarts said:

Get press by planting a story in the media saying you're near bankruptcy? Now that's a smart career move

And besides,this story comes from MJ's former finacial advisors,who are suing him.

This does NOT come from MJ's camp. This comes from the camp of Myung Ho Lee, MJ's FORMER financial advisor who is suing him. BIG NOTE, this is the SAME GUY who was the source for the Vanity Fair VOODOO article!!!

Also, Invincible did not cost $30m to make. Rodney Jerkins said it cost maybe half of that. The figure was being inflated by the press weekly.

Yeah in the end whatever. Man get on with the music, which u haven't done 4 ages. I agree with this the most. U put on great shows but the latest albums could b better. A world tour would b fantastic. Will that ever happen again?

He just needs to hold a yard sale and get rid of all those urns, that's all.

i think selling some of his furniture would bring him a billion $$$. lol

KeithyT said:

I'll give him $10 for them all

just steal the glove. That should get u $12:)