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View Full Version : Jackson Cuts Deal To Avoid Bankruptcy; A Hard Day's Night


Mother_Marjorie
Apr 13th, 2006, 11:55 AM
A hard day's night for Michael Jackson
Papers say the self-proclaimed King of Pop may sell half of his stake in a song catalog that includes Beatles hits to pay debt.
April 13, 2006: 6:51 AM EDT


NEW YORK (Reuters) - Singer Michael Jackson is close to a deal that would help him to avert bankruptcy by refinancing hundreds of millions of dollars in loans, according to news reports Thursday.

The New York Times, citing people briefed on the plan, said the ongoing negotiations would also require him at some point in the future to offer Sony Corp. part of his interest in a song catalog that includes scores of hits from The Beatles.

Jackson would agree to provide Sony, which is co-owner of the Sony/ATV Music catalog, with an option to buy about 25 percent of the catalog, or half of his stake, at a set price, the Times said.

Jackson bought the catalog 21 years ago at a price far below its current $1 billion valuation. To this day, it generates revenue for Sony every time one of its songs is played on the radio, according to the Wall Street Journal.

Jackson and Sony officials could not immediately be reached for comment.

jrm
Apr 13th, 2006, 11:57 AM
If he was to sell everything he has ... he's still stinky rich!

Shenay La Soul
Apr 13th, 2006, 05:08 PM
Tragic all the way around particularly having to tap into his catalogue to bail him out. :sad:

griffin
Apr 13th, 2006, 05:31 PM
link:

http://today.reuters.com/news/articlenews.aspx?type=entertainmentNews&storyid=2006-04-13T151704Z_01_N1399162_RTRUKOC_0_US-MEDIA-SONY-JACKSON.xml

kiwifan
Apr 13th, 2006, 05:40 PM
A hard day's night for Michael Jackson
Papers say the self-proclaimed King of Pop may sell half of his stake in a song catalog that includes Beatles hits to pay debt.
April 13, 2006: 6:51 AM EDT


NEW YORK (Reuters) - Singer Michael Jackson is close to a deal that would help him to avert bankruptcy by refinancing hundreds of millions of dollars in loans, according to news reports Thursday.

The New York Times, citing people briefed on the plan, said the ongoing negotiations would also require him at some point in the future to offer Sony Corp. part of his interest in a song catalog that includes scores of hits from The Beatles.

Jackson would agree to provide Sony, which is co-owner of the Sony/ATV Music catalog, with an option to buy about 25 percent of the catalog, or half of his stake, at a set price, the Times said.

Jackson bought the catalog 21 years ago at a price far below its current $1 billion valuation. To this day, it generates revenue for Sony every time one of its songs is played on the radio, according to the Wall Street Journal.

Jackson and Sony officials could not immediately be reached for comment.

Well considering the way he wasted his money to get to this point...

...he'll be selling the rest of the catalog off in 2008 :rolleyes:

What a waste of talent. :fiery:

drake3781
Apr 13th, 2006, 05:49 PM
What if MJ simply liquidated all of his assets, put what was left into the bank, and moved into a simple townhouse in the suburbs of a medium-sized middle-American city?


Cut the lawn every week, planted a flower bed, wallpapered and painted as needed, walked the kids and dog in the evening, joined the local pool.

Took a week-long vacation every year, maybe a drvie to Florida over the winter, or take the kids to D.C.to see the Capitol and Smithsonian.

Stamp Paid
Apr 13th, 2006, 05:51 PM
What if MJ simply liquidated all of his assets, put what was left into the bank, and moved into a simple townhouse in the suburbs of a medium-sized middle-American city?


Cut the lawn every week, planted a flower bed, wallpapered and painted as needed, walked the kids and dog in the evening, joined the local pool.

Took a week-long vacation every year, maybe a drvie to Florida over the winter, or take the kids to D.C.to see the Capitol and Smithsonian.

:scared:

drake3781
Apr 13th, 2006, 06:00 PM
:scared:

:lol:

meyerpl
Apr 13th, 2006, 06:11 PM
What if MJ simply liquidated all of his assets, put what was left into the bank, and moved into a simple townhouse in the suburbs of a medium-sized middle-American city?


Cut the lawn every week, planted a flower bed, wallpapered and painted as needed, walked the kids and dog in the evening, joined the local pool.

Took a week-long vacation every year, maybe a drvie to Florida over the winter, or take the kids to D.C.to see the Capitol and Smithsonian..........
.......had what's left of his nose removed, paid some woman to bear him another child and named it "Pillow" to go along with "Blanket", occasionally cut a check for a few million dollars for one of the boys he met at the local pool, purchased Tom Thumb's remains to go along with the Elephant Man's, shared an occasional whisky & Coke with a twelve-year old, went shopping at the mall with a sack over his head, made his kids wear bags over their heads, and occasionally slept with a monkey......what if?

harloo
Apr 13th, 2006, 07:36 PM
What if MJ simply liquidated all of his assets, put what was left into the bank, and moved into a simple townhouse in the suburbs of a medium-sized middle-American city?


Cut the lawn every week, planted a flower bed, wallpapered and painted as needed, walked the kids and dog in the evening, joined the local pool.

Took a week-long vacation every year, maybe a drvie to Florida over the winter, or take the kids to D.C.to see the Capitol and Smithsonian.

This would be a great idea. He could keep his percentage of the Bettle's catalog and live moderately. :worship: :lol:

spartanfan
Apr 13th, 2006, 10:30 PM
or how about he get off his sick twisted ass and start touring again, he might make a buck or two.

meyerpl
Apr 13th, 2006, 11:07 PM
How can you tell if Michael Jackson has company? There's a big-wheel parked in front of his house.

drake3781
Apr 13th, 2006, 11:45 PM
How can you tell if Michael Jackson has company? There's a big-wheel parked in front of his house.

:lol: :o :tape:

Pheobo
Apr 14th, 2006, 01:06 AM
I hate how that son of a bitch has Beatle's rights.

darrinbaker00
Apr 14th, 2006, 05:19 AM
I hate how that son of a bitch has Beatle's rights.
I just do not see how Michael Jackson could possibly go broke. Each time a Beatles song is played on the radio anywhere on this planet, Michael Jackson makes a nickel. Over the course of a year, those nickels add up to a good chunk of change. The next three generations of Jacksons should never have to work a day in their lives.

Sevenseas
Apr 14th, 2006, 09:37 AM
Things should have never come to this point. Such wasted golden years… :sad: :sad: