More Michael Jackson trouble: Beatles

Discussion in 'Off Topic [BG]' started by Blackbird, May 8, 2005.

  1. Blackbird

    Blackbird Moderator Staff Member Supporting Member

    Mar 18, 2000
    This hasn't really hit the mainstream and my source is not as solid as I'd like, but it's been confirmed,


    Jacko Shocked: Bank Sells Out Beatle Loan
    Wednesday, May 04, 2005
    By Roger Friedman

    Michael Jackson was reportedly shocked Wednesday when he received word that Bank of America sold him out.

    I can tell you exclusively that Bank of America has sold Jackson's $270 million in loans to a private hedge fund. The group is called Fortress Investments, located in Manhattan. Their principals are Peter L. Briger Jr., formerly with Goldman Sachs; plus Wesley R. Edens, Robert I. Kauffman, Randal A. Nardone, and Michael E. Novogratz — all with substantial backgrounds in finance. Their specialty, according to their Web site, is rescuing "undervalued, orphaned and distressed investments throughout the United States, Western Europe and Japan."

    With this sale, Fortress now stands to become a 50 percent owner in Sony/ATV Music Publishing if Jackson should default on the loan. Technically, he is currently in default. Further, Jackson's deal with Sony comes to an end this December, at which time the company can buy him out for $200 million if he can't come up with a new buyer or enough money to pay back the loan. The Fortress deal is also rumored to include a $70 million loan Jackson has on his own publishing catalog, called MiJac.

    Jackson was apparently shocked, according to sources, when he got word about the sale on Wednesday morning from Bank of America. He had previously rejected a deal that would have netted him money, cleared debt, and left him in good shape with people who were longtime friends. But now he's in business with strangers.

    And if that weren't enough:

    Liz Smith- From Post today:

    AS IF Michael Jackson doesn't have enough trouble — now the late George Harrison's music company is suing the pop star and Sony Music, claiming millions in unpaid royalties over songs Harrison composed for The Beatles. (Many assume it was all Lennon/McCartney, but Harrison did his fair share of songwriting, and even Ringo contributed some whimsical ditties.)

    How the mighty have fallen...

    MAJOR METAL HARVESTER OF SORROW Staff Member Supporting Member

    He really went through all that money?
  3. Against Will

    Against Will Supporting Member

    Dec 10, 2003
    Big Sound Central
    Good Gravy.

    I guess, considering how meteoric his fame was, it's the only 'reaction' that could be conceivable. Honestly, why he didn't agree to that deal mentioned in the article shows there is definately something wrong with him; either paranoia, greed or arrogance.
  4. JimK


    Dec 12, 1999
    My vote's for arrogance.

    MJ doesn't even carry his own umbrella(parasol).
    ...a blurb on cable news today showed Bush at a Moscow airport AND carrying his own damn umbrella.
    To me, that about sez it all.
  5. LiquidMidnight


    Dec 25, 2000
    Karma's a funny thing.

    Now if only Sir Paul and Ringo can get a hold the songs that they should own.
  6. Blackbird

    Blackbird Moderator Staff Member Supporting Member

    Mar 18, 2000
    Fixed it for you.

    It's Lennon/McCartney, not McCartney/Starr.
  7. burk48237

    burk48237 Supporting Member

    Nov 22, 2004
    Oak Park, MI
    Yeah, He has a rough life, I had to lay off my Umbrella carrier last week!
  8. Finger Blister

    Finger Blister

    Jul 8, 2003
    I had no idea that seducing young boys and their families was so expensive.