Jacko sued for $48m

[Duleeshab]

Jacko sued for $48m

From correspondents in New York
July 13, 2005
From: Reuters


A FINANCIAL firm has sued Michael Jackson for $US48 million ($64.27 million) in fees it says the singer owes for help in refinancing bank debts and claiming a larger stake in a library of Beatles songs.

Prescient Acquisition Group, also know as Prescient Capital Corp, filed the lawsuit against Jackson in US District Court in Manhattan late yesterday. Lawyers for Jackson were not immediately available for comment.

The suit said Prescient was employed in November, 2004, by Jackson's MJ Publishing Trust to help him secure refinancing of $US537.5 million ($719.64 million) through another company. At the time, Jackson was facing trial on child sex-abuse charges. He was acquitted by a California jury in June.



The money allowed Jackson to pay off $US272.5 million ($364.84 million) in bank debt and buy the other half of The Beatles library of songs he did not already own, the lawsuit said. Prescient said Jackson and MJ Publishing Trust broke a deal which promised the firm fees worth nine per cent of any completed financing.

news.com.au

 

[copper]

his life is a disaster!

 

[Diorling]

his life is a disaster!

I do kinda feel bad for him, but if you dont make good decisions for yourself then there's nothing that can be done.

 

[morgan38]

Im sorry but I just cant feel bad for people who live recklessly and extravagently and then see it come crashing down.

 

[justinleaddict]

I do kinda feel bad for him, but if you dont make good decisions for yourself then there's nothing that can be done.

I agree. I think it's sad... but he is responsible for what is happening to him.


JUSTIN*

 

[*AndoraStar*]

... you can run, but you can't hide!

 

[ShOe GaL 19]

poor guy! hes gotten slapped with so many law suits...i feel bad for him! and seeing him only makes me feel 10 x worse! but i agree with you justinleaddict...everyone IS responsible for their own actions.

 

[Arksiel]

When it comes to the matter of financial problems, I don't have a lot of sympathy for Michael. Probably because, in an old conversation with Paul McCartney (Im sure I spelt his name wrong, ah well), where Paul was giving financial advice, he told Michael to purchase the rights to music. Michael intentionaly outbid Paul on his own work when the songs were up for sale due to the record company no longer holding the rights to them. (if my boyfriend was here he would point out that I didnt use the right terminology, but it gets the point across)

It seems so tragic that Michael Jackson owns the rights to the music, while neither of the surviving Beatles have a share. It also seems wrong. this means that he receives royalty payments, and has publishing rights for the songs. euch.

aiee, my first post in a while, and probably a controversial one. oh well, I stand by my opinion, dont hate me too much

but, his life does seem to be a bit of a mess right now, I can't even begin to make assumptions on the other issues because I know nothing about them!

 

[morgan38]

^Yea that was a horrible thing to do...especially considering he and Paul were friends. And then to sell the songs to cheesy commercials, deliberately going against the wishes of the band members. Ugh I just feel no sympathy for this guy.

 

[Plastic'sWife]

ok wait, isnt he like bankrupt? And on top of that they are suing him for millions...

 

[|PerfectTonight|]

It's a shame that suddenly everyone is finding the reasons to sue him, I can't blame him for that. People are extremely money hungry in the states and if situation is given they'll attack at any time.

 

[morgan38]

^maybe its not so much as some people are money hungry as Jackson has lived irresponsibly and now has to pay the price.

 

[Alexx]

ok wait, isnt he like bankrupt? And on top of that they are suing him for millions...

He's bankrupt, but has well over half a billion $ of assets locked up in his financial estate. He's just gonna have to start selling stuff / touring again.

 

[pucci_mama]

They are kicking a dog while it's down

 

[yourbestfriend]

no sympathy

 

[kaytlin]

that guy never gets a break...