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View Full Version : Michael Jackson reaches refinancing deal



BAMAPHIN 22
04-14-2006, 10:36 PM
Pop star Michael Jackson, in a bid to stave off insolvency, said Thursday he has reached a deal with creditors to refinance more than $200 million in loans secured by his prized stake in the Beatles’ song catalog.

The loans, which formally came due in December 2005, are held by the Fortress Investment Group, a New York private equity fund (http://www.srch-results.com/lm/rtl3.asp?si=77&k=equity%20fund) that stood to gain Jackson’s 50 percent interest in Beatles publishing rights, valued at some $500 million, in the event of a default.

A statement issued from Jackson’s representatives in the Persian Gulf state of Bahrain, where he currently resides, said the singer has “restructured his finances” with help from Sony Corp. , which jointly owns the collection of more than 200 Beatles tunes through Sony/ATV Music Publishing.

http://www.msnbc.msn.com/id/12307209/

Roman529
04-14-2006, 10:38 PM
Michael Jackson is gonna end up dead broke just like MC Hammer. Sad. :(

ponchovilla
04-15-2006, 12:24 AM
:DWonder if he will do a commercial like Hammer did. That was some funny stuff. When the H fell off the house. Maybe Michael's monkey will fall off the house.:D

ponchovilla
04-15-2006, 12:26 AM
:DWonder if he will do a commercial like Hammer did. That was some funny stuff. When the H fell off the house. Maybe Michael's monkey will fall off the house.:D