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| News vom 21.12.05 |
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| Gruppe: Administrator Rang: ghost  Beiträge: 973 Mitglied seit: 01.09.2005 IP-Adresse: gespeichert  | Jax ex wants her kids BY MICHELLE CARUSO DAILY NEWS WEST COAST BUREAU CHIEF LOS ANGELES - Michael Jackson's ex-wife wants a judge to make him return their kids from the Middle East, while the pop idol's advisers continue "desperate" negotiations to save him from financial ruin, sources said yesterday. Debbie Rowe filed legal papers accusing the embattled entertainer of "abducting" Prince Michael I, 8, and Paris, 7, a source close to Rowe confirmed. "It's pretty scary for her. How would you feel if they were your children?" said Rowe's pal. The ex-dermatologist's aide has only seen the kids once since she won limited visitation rights last summer. Rowe, 46, and Jackson, 47, were divorced in 1999. Rowe gave up her parental rights in 2001, but changed her mind after Jackson was charged with child molestation in 2003. He was acquitted of all charges last June and has full custody of Prince, Paris and Prince Michael II, 4, who is not Rowe's child. Rowe's motion asks retired Judge Stephen Lachs, who oversees the former couple's custody and visitation matters, to order Jackson to bring the kids back and surrender their passports to the court. But it is unclear what authority Lachs can exert as long as Jackson remains in the Middle East, where he has been splitting his time between Bahrain and Dubai. Rowe's lawyer, Iris Finsilver, declined comment yesterday. Jackson's custody lawyer, Michael Abrams, could not be reached. Meanwhile, Jackson's advisers held a second day of "desperate" talks with Fortress Investments Group to forestall a $272 million foreclosure that would cost the singer his 50% share of the $1 billion Sony Beatles music catalog and possibly his Neverland Ranch. "The discussions are ongoing. They are trying to work something out," said a source. Jackson defaulted on loan payments to Fortress in October. Yesterday was to have been the deadline for foreclosure on the assets he had posted as collateral. Originally published on December 21, 2005 NY DAILY NEWS
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| 21.12.2005 14:10:49 |     | |
| MR. BIG |
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| Gruppe: Administrator Rang: ghost Beiträge: 973 Mitglied seit: 01.09.2005 IP-Adresse: gespeichert | Michael Jackson Advisors Try to Stave Off Default] The singer, whose loans for $200 million came due Tuesday, is seeking a six-month extension. By Charles Duhigg, Times Staff Writer Advisors to Michael Jackson spent Tuesday negotiating to keep the once self-proclaimed "king of pop" from defaulting on $200 million in loans guaranteed by the singer's stake in the Beatles' song catalog. People familiar with the negotiations expected Jackson's representatives to secure a six-month extension to repay Fortress Investment Group, which owns loans that came due Tuesday. Fortress purchased the debt from Bank of America Corp. in April. The loans are collateralized by Jackson's 50% partnership in Sony/ATV Music Publishing, a joint venture between the singer and the electronics company that owns a 4,000-song catalog containing such songs as Bob Dylan's "Blowin' in the Wind" and 251 Beatles hits. Jackson's share in Sony/ATV, which also owns his valuable catalog and Neverland ranch in the Santa Ynez Valley, is worth more than $500 million, according to court testimony. According to sources, Fortress will demand interim payments during the extension, and may insist on an interest rate that could reach as high as 9.5%, or more than $1.5 million a month. Fortress also owns another Jackson loan, for $70 million, that has not come due. The sources requested anonymity because negotiations were still going on. A spokeswoman for Fortress declined to comment on the negotiations. A spokeswoman for Sony/ATV declined to discuss specifics, except to say that the firm was "trying to be a good partner, and keep the partnership with Jackson going." Jackson's lawyers and spokeswoman did not return phone calls. If Jackson does default on his loans, he may be forced to sell a portion of his half-ownership in Sony/ATV. Such a transaction, however, could take months to complete and might result in a tax bill of $40 million, according to court testimony from earlier this year. Jackson was acquitted of charges of child molestation in June in Santa Maria, Calif. During that trial, court testimony revealed that the singer was strapped for cash, spending as much as $30 million more a year than he earned. During the last year Jackson was sued at least four times, accused of failing to pay $3.3 million in overdue bills. Jackson is living in the Middle Eastern nation of Bahrain, and it is unclear whether he is personally involved in his finances. Once represented by established career builders such as Sandy Gallin and Jeff Kwatinetz, Jackson has in recent years had an ever-changing circle of advisors, many with little experience in finance or the music business. Often, the singer's decision-making is based on "who has Michael's ear at the moment," as one longtime confidant put it in June. Jackson's financial troubles have worsened as his popularity has declined. Jackson's 1982 album, "Thriller," is No. 2 on the list of best-selling albums in U.S. history, shipping 26 million copies since its release, according to the Recording Industry Assn. of America. But Jackson's last album of new material, 2001's "Invincible," sold only 2.1 million copies, according to Nielsen SoundScan. Since 2003, domestic sales of Jackson's albums have declined to about 1 million a year. LA Times
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| 21.12.2005 14:11:58 | | |
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