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| News vom 20.12.05 |
| MR. BIG |   
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| Gruppe: Administrator Rang: ghost  Beiträge: 973 Mitglied seit: 01.09.2005 IP-Adresse: gespeichert  | Jackson on brink of foreclosure BY MICHELLE CARUSO DAILY NEWS WEST COAST BUREAU CHIEF LOS ANGELES - Michael Jackson's advisers scrambled to cut a deal yesterday to halt a $272 million foreclosure that would strip the pop star of his share of the Sony Beatles music catalog and, possibly, his cherished Neverland Ranch. As the New York-based Fortress Investments Group prepared to seize the pop star's assets today to cover his unpaid debt, his advisers burned up phone lines pleading for a six-month extension, sources said. "There are discussions underway to stop the foreclosure. An extension is likely to be granted," said a source familiar with Jackson's business woes. The deal would involve "several" benefactors agreeing to make the monthly payments on Jackson's $272 million loan package at a whopping 9.5% interest rate - which comes to more than $2 million a month. If a payment plan can be arranged, Fortress might be willing to hold onto the loans for six more months because the 9.5% rate would beat current stock market returns, the business source said. Spokesmen for Fortress and Sony refused comment yesterday. Jackson attorney John Branca could not be reached for comment. Fortress bought Jackson's loans - one for $200 million, another for $70 million - from the Bank of America last spring after the singer defaulted on the smaller note and revamped his finances. Jackson, 47, had failed to make payments to Fortress and was declared in default in October, the business source said. The loans are secured by Jackson's 50% share of the $1 billion Sony-ATV music catalog, which includes rights to the Beatles tunes, and his 2,700-acre Neverland Ranch. If Fortress forecloses, now or in the future, it can sell Jackson's assets to recover the debt. Many observers think Fortress is likely to sell the music catalog first, which would likely fetch more than the amount Jackson owes. If that happened, Jackson might be able to keep Neverland because his debt to Fortress would be satisfied. "It's all up in the air at this point," said the business source. Jackson, who has been lying low on a visit to Dubai in the United Arab Emirates in recent weeks, has refused to speak to concerned family members who have reached out to him, sources said. "Michael doesn't take their calls. His brother Randy has put together a proposal to resolve the financial mess, but he can't get past the nanny," said a family source. Several frantic Jackson family members, worried about the singer's state of mind, were planning to head to Bahrain, where the pop star had been staying with that country's royal family since last summer, to stage an emergency "intervention." But they have put the plan on hold due to uncertainty about Jackson's whereabouts, a family source said. Originally published on December 20, 2005 New York Daily News
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| 21.12.2005 14:06:39 |     | |
| MR. BIG |
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| Gruppe: Administrator Rang: ghost Beiträge: 973 Mitglied seit: 01.09.2005 IP-Adresse: gespeichert | Jackson Loses His Family Home Tuesday, December 20, 2005 By Roger Friedman It’s December 20, 2005, a day that Michael Jackson thought would never come. Nevertheless, it’s here, and things are worse than he can imagine. Jackson, I can tell you exclusively, is now in default on a $2.2 million loan which he secured last April with his family’s estate in Encino, California. The loan was arranged through a mortgage broker by grocery magnate Ron Burkle, and not paid by Burkle himself. Indeed, Burkle does not even know the dozen or so people who put up the money and they don’t know him. The leader of the group is Thomas W. Smotrich, a Southern California philanthropist who made his money in commercial real estate. Yesterday I was told that Jackson missed his December payment, which had a grace period up until the tenth of the month. For the moment, Smotrich and his group will not foreclose, but the option is theirs should they change their minds. The Encino home is not part of the $270 million worth of loans held by Fortress Investments and which come due today. Luckily, Jackson’s mother, Katherine, will have a roof over her head anyway. Daughter Janet has bought her a home in Las Vegas, sources say. What remains to be determined is what will happen to all the other people who live in Hayvenhurst, including Jermaine Jackson and some of his children. Meanwhile, the Jackson situation remains dire today, with no one in direct contact with the singer as his deadline has come and gone. It’s amazing to think we’ve finally arrived at this day considering how much money Michael has made, and how much he’s spent on absolute junk. What certainly astounds the many “insiders” and “sources” who are quoted in this column and have, at different times, endeavored to save Jackson from himself, is his total divorce from reality at this point. What happens next is anyone’s guess, but this much we can surmise: it won’t be pretty. FOX411
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| 21.12.2005 14:07:58 | | |
| MR. BIG |
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| Gruppe: Administrator Rang: ghost Beiträge: 973 Mitglied seit: 01.09.2005 IP-Adresse: gespeichert | EXCLUSIVE: MJ -- Child Abductor? Debbie Rowe files abduction papers in court By TMZ.COM STAFF (Dec. 20) -- A secret hearing was held Monday near Palm Springs, Calif., in which Debbie Rowe, Michael Jackson's former wife and the mother of two of his children, filed legal papers accusing the singer of abducting the children. Rowe has filed a custody suit against Jackson, which has been removed from the courts and handled through private arbitration. TMZ was present for the hearing. Before it began, TMZ producer Patti Bartos-Fellows was shown a legal document entitled "Children Returned to US; Surrender Passports and Child Abduction Order." This document was filed by Rowe, requesting that the judge sign an order requiring Jackson to return the children to the United States. TMZ has confirmed through sources that Rowe is going full force in her custody battle, arguing that Jackson underhandedly took the children to Bahrain to thwart her effort to obtain custody. We're told Rowe is concerned for the children's safety and that she has been denied contact with them. Jackson had been paying Rowe a hefty annuity until last year when he cut her off for allegedly violating their confidentiality agreement, a move she is currently contesting in court. Rowe surprised many people, including prosecutors, at Jackson's child molestation trial earlier this year by taking the stand and praising her ex. This led some observers to wonder if her testimony would pave the way for a settlement between the two. That clearly did not happen. Before the proceedings began, both sides vigorously objected to TMZ's presence in the hearing room and Judge Lachs asked producer Bartos-Fellows to leave. The Judge did not rule on the abduction motion.
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| 21.12.2005 14:08:42 | | |
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