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| News vom 19.12.05 |
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| Gruppe: Administrator Rang: ghost  Beiträge: 973 Mitglied seit: 01.09.2005 IP-Adresse: gespeichert  | Sony May Step In to Help Jackson Sunday, December 18, 2005 By Roger Friedman Sony May Step In to Help Jackson Michael Jackson may have an unlikely ally as of tomorrow in the fight for his financial life. I am told that Sony Music, his partner in the $1 billion dollar Sony/ATV Music Publishing Company, is offering to step in and help Jackson with his $270 million worth of loans. The loans — $200 million of which are secured by Jackson's 50% share in Sony/ATV — were bought in April by Fortress Investments from Bank of America. Jackson is in default and could be foreclosed on as early as tomorrow. But sources inside Sony say the company has been in talks with Fortress for some time about clearing up Jackson's financial woes and bringing him current at least on monthly payments. "This would be in our best interests," said a Sony insider, who points out that if Fortress forecloses on Jackson, Sony would be farther away from owning his half of the company than they are now. Sony insiders also stress that Fortress would be unable simply to foreclose and put Jackson's assets on auction to any buyer. According to the covenants of the Sony agreement with Jackson, whomever has the assets cannot sell them without first offering them to Sony. The big question remains: How much does Jackson understand of all this and who exactly is advising him? My Sony sources say that Jackson is now totally represented by Sheik Abdullah bin Hamad Al Khalifa, Prince of Bahrain, and his associates. According to stateside sources, Jackson has not been in touch with most of his family or with his trusted aide, Evvy Tavasci, in months. Recent visitors to the Bahrainian palace are said to have spoken with the Prince but didn't see or speak to Jackson. Even more interesting is that Jackson's brother Jermaine, who got the ball rolling for his brother in Bahrain, is back in Los Angeles for the foreseeable future, perhaps wondering where he and his own family will live if Jackson is forced to sell his parents' home in Encino. That leaves Michael alone except for his children and their nanny, Grace Rwamba. Jackson and the Prince are still saying to friends that they hope to finance a record company that will be distributed in the U.S. and they also plan on releasing that much discussed charity single someday soon. Hurricane Katrina, if you recall, did its damage nearly four months ago. But Dec. 26h is the first anniversary of last year's deadly tsunami in Indonesia. Maybe Jackson can tie it to that instead. FOX411
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| 19.12.2005 15:16:25 |     | |
| MR. BIG |
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| Gruppe: Administrator Rang: ghost Beiträge: 973 Mitglied seit: 01.09.2005 IP-Adresse: gespeichert | Jackson could lose Neverland over £152m debt payment WILLIAM TINNING December 19 2005 Michael Jackson could lose his Neverland Ranch and his share of the Beatles song catalogue this week unless he pays some of the money that he owes to a firm of "distressed debt" specialists. It has been reported that Fortress Investments, based in New York, will move against the singer's assets tomorrow unless he comes up with repayments to cover a loan worth £152m it acquired from Bank of America last May after he failed to make a $350,000 repayment, the equivalent of nearly £200,000, the previous month. A missed payment to Fortress in October prompted a rescheduling of the debt until tomorrow. The singer, who has debts of $339m (£191m) could be obliged to sell his 2700-acre Neverland Ranch outside Santa Barbara, California, which includes zoo animals, a funfair, and has annual running costs of $5m. He could also lose half of the Sony/ATV Music Publishing catalogue of 300,000 songs – including more than 200 Beatles songs – he acquired in 1985 for $47.5m. It earns him $75m a year. Mijac, a publishing company, which owns the rights to his own songs and music by Elvis Presley and others, against which Jackson has borrowed $69m, is also at risk. Jackson is understood to have spent much of his time as a guest of the royal family in Bahrain since being cleared last June of all charges, including molesting a teenage cancer survivor at Neverland, following a 14-week trial. The verdict exonerated the singer, who insisted he was the victim of mother-and-son con artists and a prosecutor, Tom Sneddon, with a vendetta. Jurors also acquitted Jackson of getting 13-year-old Gavin Arvizo drunk and of conspiring to imprison his accuser and the boy's family at his huge estate. The Herald
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| 19.12.2005 15:18:53 | | |
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