Gruppe: Administrator
Rang: ghost
Beiträge: 973
Mitglied seit: 01.09.2005
IP-Adresse: gespeichert
|
Jackson: Countdown to Disaster Begins
We all know Michael Jackson is in financial peril. There were some stories published this week that echoed what this column has been saying for four years.
On Dec. 20, Jackson's $270 million worth of loans are due. It would seem simple: Pay up or be foreclosed on. Regular Americans go through this all the time.
Jackson is not a regular person, so there are many twists and turns in his story.
For one thing, Jackson has been in violation of his agreement with Fortress Investments since July. He's made no payments on the loans, which include an $18 million lien against Jackson's Neverland Ranch, that the company bought from Bank of America in April. One of the loans is for $200 million and is secured by the singer's half-interest in Sony/ATV Music Publishing.
The $70 million loan, which carries the lien, is secured by Jackson's own publishing company, MiJac, which includes his own hits and some of other artists, including Sly Stone.
Fortress could have foreclosed on Jackson already, so the Dec. 20 date — while looking grim — is not necessarily dried in cement. In fact, I'm told that Peter Briger, who runs Fortress and is said to be a good guy, will probably extend the loans three to six months.
But Jackson's situation is unlikely to change much in that time. Sony, which owns the other half of the publishing company, is merely waiting to see what happens.
It's very simple: If Fortress forecloses, Sony will probably buy Fortress's half of the company. Other people could step in, but so far they haven't.
Jackson remains in Bahrain, but he's cut himself off from all of his regular contacts at home. Atlanta music business attorney Joel Katz is in Bahrain now, trying to set up a deal between Michael and the prince who's been hosting him. Katz would represent Jackson.
They tried this once already a couple of months ago, but it didn't work. Katz attempted to involve one of his other clients, Island Def Jam president L.A. Reid, but it didn't work. Reid and Jackson, sources tell me, didn't get along, and Reid left.
There was a report that Neverland was shut down, but that's a bit premature. I told you last month that Jackson has frequently missed payroll dates. His accountant spends a lot of time cobbling together money due every two weeks.
Somehow they've pulled it off. There are still people working at the ranch, just no guests. The rides are shut down. The zoo remains a question mark.
Jackson, I'm told, is no longer communicating with whatever is left of his company, MJJ Productions. The company is really just Evvy Tavasci, his loyal, longtime aide who runs things from her garage.
I told you a couple of weeks ago that Tavasci had been fired. Through intermediaries, she denied it. But I am told that's just semantics. Tavasci has not been able to get through to Jackson in some time. You have to feel for her. She's been left holding the bag. And it's empty.
FOX411
|
Suchen 
Kalender 
Galerie
Auktionen
Mitglieder 
Stats
Chat (0) new 
User-Map
Passwort zusenden 
Registrieren
