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Michael Jackson faces staggering debt

 
 
Reply Mon 31 Jul, 2006 09:04 pm
Here is a brilliant showman who became very wealthy. He then turned strange and seems to have lost it now.
Amazing what wealth can do to some people.
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Michael Jackson faces staggering debt
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Published: Monday, July 31, 2006
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Michael Jackson is saddled with debt of more than $350 million (all figures U.S.) and facing over $100 million in possible legal judgments.
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This is the shocking revelation in a lawsuit filed July 25 by lawyers for the pop star.
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Los Angeles law firm Ayscough & Marar (A&M) is suing Jackson for more than $216,000 in legal fees owing since last year.
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According to the suit, lawyer Brent Ayscough was retained in February 2005 to obtain "orders sealing civil cases from the press" and "orders staying discovery" while Jackson's criminal molestation trial was going on.
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"Mr. Jackson simply has not paid his bills in material breach of the written contract with A&M," reads the statement of claim.
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A&M claims the singer has a long list of creditors.
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According to the lawsuit, Jackson owes Fortress Investment Group $325 million and Stabler & Associates $100,000.

Former lawyers seeking money from Jackson include Brian Oxman ($1.25 million), Michael Sydow ($1 million), Bob Zanger ($1.2 million), Zia Moddaber ($400,000), and Michael Abelson ($100,000) and Lavely and Singer ($100,000).

Jackson also owes his brother Randy $1.65 million as well as Randy's assistant Tyuna Zilke $50,000.

A&M also claims accountant Allan Whitman is owed considerable money and "there are other creditors as well."

There are also a number of lawsuits pending against Jackson - including claims of $64 million and $48 million - and an application from ex-wife Debbie Rowe for $4.5 million.

One of Jackson's properties was recently re-financed for $2.2 million and he has a deed of trust against his Neverland property in the amount of $20 million.

"This is another debt of Mr. Jackson," claims Ayscough in the lawsuit.
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Type: Discussion • Score: 1 • Views: 1,477 • Replies: 29
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Chai
 
  1  
Reply Wed 2 Aug, 2006 06:02 am
"turned strange"?
0 Replies
 
detano inipo
 
  1  
Reply Wed 2 Aug, 2006 06:31 am
'strange': unusual, surprising, difficult to understand.
0 Replies
 
Chai
 
  1  
Reply Wed 2 Aug, 2006 07:23 am
the emphasis was on "turned"
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shewolfnm
 
  1  
Reply Wed 2 Aug, 2006 07:29 am
I remember hearing something about this 2 years ago I think.

He was going to shut down neverland because the electric bill and employee cost to run it was close to 1 million dollars .



Turning? strange....?

I think ol'boy was born strange. Laughing
0 Replies
 
lezzles
 
  1  
Reply Wed 9 Aug, 2006 10:10 am
I am the first to admit I'm no expert on big business - but who would take him on as a client with a list of debts like that - and then expect to get paid for their services??
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NickFun
 
  1  
Reply Wed 9 Aug, 2006 10:13 am
I might be able to get him a job at Dairy Queen until he gets this all paid off.
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detano inipo
 
  1  
Reply Wed 9 Aug, 2006 10:41 am
Not a bad idea. He would make a good Dairy Queen.
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snood
 
  1  
Reply Wed 9 Aug, 2006 11:38 am
When I first saw Michael Jackson, he was a cute kid with an undeniably huge talent. He was mesmerizing to watch, and the Jackson Five's early beats are a part of Americana. After he hit puberty and early manhood (around the time of the Off the Wall LP), his idiosyncrasies started to show - not the least of which was his unfortunate need to mutilate himself to look other than what he is.
All the child molestation charges and sundry weirdness cannot be denied, but it's not how I knew him for the first 10 years of his career.

He is definitely weird, but his music will be a part of American culture forever.
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detano inipo
 
  1  
Reply Wed 9 Aug, 2006 12:17 pm
Michael Jackson ranks with Astaire and Kelly when it comes to dancing and pleasing the public.
He had this obsession to look white and totally ruined his good looks with many operations.
The millions that poured into his bank account acted like a micro-wave on his brain.
Gore Vidal was a genius. He is still admired by most Americans because he behaved himself. He moved to Ravello and lived quietly in the most beautiful house on earth.
0 Replies
 
Chai
 
  1  
Reply Wed 9 Aug, 2006 12:57 pm
You know, I would seriously like to see a phychological profile on him.

I'd like to try to figure out what happened and when it all went dinky dau.
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kelticwizard
 
  1  
Reply Sun 27 Aug, 2006 12:49 am
In addition to buying the rights to all the Beatles songs, I believe he owns the rights to many other hit songs as well.

Commercials have largely taken to playing the hits of the past, many of which I am sure belong to Jackson.

I'll bet that song catalog he owns would put a big dent in that debt.
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Miller
 
  1  
Reply Sun 27 Aug, 2006 01:46 am
Michael Jackson needs to sue all of his handlers, who
cheated and manipulated him.
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detano inipo
 
  1  
Reply Sun 27 Aug, 2006 07:57 am
Good old nose job fool does not need handlers to act like a moron. I once saw a documentary on him and he tried to impress the interviewer.
They went shopping and he bought a few million dollars worth of clothes and things for his living room.
0 Replies
 
kelticwizard
 
  1  
Reply Sun 27 Aug, 2006 08:42 am
I saw that documentary. I don't believe it was a couple of million dollars of things he bought, I think it was more like $400,000. Jackson just tore through the store, I want this, I want that, I'll take this, frequently not even pausing more than a second or two to purchase something that costs several thousand dollars.

The manager of the store got ten percent, so in a couple of hours he made forty thousand dollars.

And this documentary was made when people were already talking about Jackson's legal bills, settlements to children and other massive expenses. He did this when he was already under severe financial pressure.

I really don't know whether to hate the guy or feel sorry for him. When he admits on camera that it is a wonderful thing to share one's bed with someone, even a child, either

A) He is an individual who has withdrawn into his own world of total juvenile innocence. Sounds far-fetched, I know, but when you have the financial resources to surround yourself with people who will pander to you, plus a press who for so many years fawned all over you, I think it might be possible.

Or....

B) He is a pedophile, pure and simple. No different from Gary Glitter or the guys who flock to Thailand. In which case, I really don't feel sorry for him at all.
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Miller
 
  1  
Reply Sun 27 Aug, 2006 01:38 pm
detano inipo wrote:
Good old nose job fool does not need handlers to act like a moron. I once saw a documentary on him and he tried to impress the interviewer.
They went shopping and he bought a few million dollars worth of clothes and things for his living room.


It was his money, wasn't it?
0 Replies
 
Miller
 
  1  
Reply Sun 27 Aug, 2006 01:40 pm
Mike is a clever business man and for sure, he'll survive all this stink.
0 Replies
 
Slappy Doo Hoo
 
  1  
Reply Sun 27 Aug, 2006 02:51 pm
Miller wrote:
Mike is a clever business man and for sure, he'll survive all this stink.


No, he's an idiot. A clever business man wouldn't put himself into near bankruptcy because he has to have a f'n amusement park in his back yard.

And his rights to the Beatles catalog isn't enough to cover the debt he's in.
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Miller
 
  1  
Reply Sun 27 Aug, 2006 09:48 pm
Slappy Doo Hoo wrote:
Miller wrote:
Mike is a clever business man and for sure, he'll survive all this stink.


No, he's an idiot. A clever business man wouldn't put himself into near bankruptcy because he has to have a f'n amusement park in his back yard.

And his rights to the Beatles catalog isn't enough to cover the debt he's in.



He'll recover, now that he's left the US.
0 Replies
 
kelticwizard
 
  1  
Reply Sun 27 Aug, 2006 10:36 pm
Quote:
According to the lawsuit, Jackson owes Fortress Investment Group $325 million and Stabler & Associates $100,000.


That "according to the lawsuit" bit might be extremely significant. Sometimes lawsuits are filed with claims many times the amount the claimant reasonably expects to get.

For all we know, Jackson might actually end up owing less than $100 million, which might well be in his power to pay and have something left over.
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