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Jacko racing to 270M ruin
NY Daily News ^ | Dec. 8, 2005 | MICHELLE CARUSO

Posted on 12/08/2005 8:44:58 AM PST by COUNTrecount

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To: ken5050

True he'll lose a big chunk to taxes, but he'll still end up with a 9 figure chunk of change. The Fortress folks are experienced control-block distressed players, and are well equipped to handle (and predict) the complicating factors. It would be interesting to know what they paid for it, as that would give a very good clue as to what the ultimate sale price of the collateral will be. You can be sure they didn't buy these loans without some preliminary chats with serious buyers (at least for the Beatles catalog, California real estate is what it is).


101 posted on 12/08/2005 11:38:06 AM PST by GovernmentShrinker
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To: Billthedrill

Works the same way with small loans too. Default on your mortgage, and the mortgage holder can sell the house and make itself whole, but if there's money left over, it goes to the original homeowner.


102 posted on 12/08/2005 11:40:17 AM PST by GovernmentShrinker
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To: Slings and Arrows; Alberta's Child

Like my mother always said -- you never see a Brink's truck following a hearse to the cemetery. So true.


103 posted on 12/08/2005 11:42:25 AM PST by Polyxene (For where God built a church, there the Devil would also build a chapel - Martin Luther)
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To: Howlin

In the words of Diane Diamond "Be careful who you love" !


104 posted on 12/08/2005 12:38:18 PM PST by bonfire (dwindler)
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To: GovernmentShrinker
I honestly did not know that - never defaulted on anything in my life.

OK, now all I have to do is figure out who'll loan me $200 million. I got some ammo and old comic books as collateral...

105 posted on 12/08/2005 12:43:26 PM PST by Billthedrill
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To: G.Mason

I'm sure he'll have no problem supporting himself; baby-sitting will not be needed. He might, however, take a liking to camels....


106 posted on 12/08/2005 12:44:06 PM PST by hollywood (Stay on topic, please.)
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To: Billthedrill

The catch is that your collateral has to have enough value to more than cover the loan. Many people have had houses go the wrong way in market value, and when the bank foreclosed, it got the entire proceeds of the sale, wiping out the homeowner's original downpayment. Buy a house for $200,000, put down $40,000 of your own hard-earned money, market value goes down to $160,000, you can't make payments, bank forecloses, and you're out the house AND your $40,000. If you can play this the right way, you can get plenty rich with other people's money. Buy a house in a rising market with no money down (interest only mortgage), house goes up in value, you sell, and after paying off the mortgage, you have a colossal profit on no investment other than the monthly payments you made while living in the house. Risky game, though.


107 posted on 12/08/2005 1:31:36 PM PST by GovernmentShrinker
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To: babaloo

Jacksons "family" have always leeched off of HIM to support them in the style they wished to live. It is this family that bears a great deal of the blame for the condition of this pathetic soul. He was USED even by his own family because he was brining in the dough. I agree that the guy is basically trying to kill himself. He'll NEVER make another hit album again. He's a 44 year old HAS BEEN FREAK.


108 posted on 12/08/2005 1:32:36 PM PST by Canadian Outrage (All us Western Canadians NEED to SEPARATE from the rest of Canada because we are the ONLY Conservati)
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To: COUNTrecount

Okay... the kid on the left. Who's his daddy?

109 posted on 12/08/2005 1:39:32 PM PST by Not A Snowbird (Official RKBA Landscaper and Arborist, Duchess of Green Leafy Things)
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To: babaloo

The whole family is a pack of parasites.

I often wonder what happened to the white father of Jacko's kids. Its apparent they arent Jacko's. His wife,-ex-wife , whatever ,is as nutty as a fruit cake. Now it seems the Nanny is running things. This man belongs in an institution somewhere not in Bahrain molesting more kids. Jacko needs to be locked away for his own good.


110 posted on 12/08/2005 1:48:52 PM PST by sgtbono2002
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To: Canadian Outrage

They leeched off him to their ultimate detriment. Had they intervened early on and gotten him help when he first showed signs of turning into a freak that may have stopped his slide. Then again, maybe nothing they could have done would have helped him avoid what he became.


111 posted on 12/08/2005 1:57:01 PM PST by babaloo
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To: Howlin
I pray this is true. It wasn't too long ago I read he bought a large parcel of land and was in the throes of building an estate. Where does a man in this much debt get a loan to finance it? The Saudis are rich but certainly not stupid.

Interesting how his selfish family are SUDDENLY concerned about his mental stability when their meal ticket is in financial jeopardy.

112 posted on 12/08/2005 3:06:02 PM PST by StarFan
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To: COUNTrecount

The Beatles collection may be worth a Billion all together, but my bet it is worth alot more song by song...


113 posted on 12/08/2005 4:26:56 PM PST by Walkingfeather
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To: COUNTrecount

Shows what can happen when you hitch your wagon to a star...oops FALLEN star.

Who in their right mind would let MJ take out a loan on the family home when he has a total reputation for spending money like a shipload of drunken sailors???


114 posted on 12/08/2005 4:44:26 PM PST by ridesthemiles (ridesthemiles)
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To: Walkingfeather

The entire value of the Beatles catalog goes to the lender who is taking it for the non-payment. MJ put it up as collateral, and he has now lost it. Guess that gives Paul the chance to buy the catalog back from the lender.....

A friend of mine foreclosed on her ex for a sum of back alimony for less than $50K. She ended up with a piece of property worth over $1 million, which she also got with the other 2 mortgages. The net worth of the property was way over the $50K, but she kept it, refurbished it, and doesn't have to give him one red cent when or if she sells it. He gambled and lost. He was sure she would NEVER foreclose, and he bragged about that to all who would listen to him.


115 posted on 12/08/2005 4:49:00 PM PST by ridesthemiles (ridesthemiles)
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To: wreckedangle

So MJ owes Bank of America $270M. Sounds like Bank of America is in more trouble than MJ. I wouldn't want to be the guy at B of A who has to explain writing off that "bad debt"."

I'm at a loss to see how there will be a debt to write off. The catalog has a value, and until it is sold, one cannot call it a bad debt. There is a good chance the Bank will make a profit on the deal, selling the catalog.


116 posted on 12/08/2005 4:51:30 PM PST by ridesthemiles (ridesthemiles)
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To: SandyInSeattle

http://www.freerepublic.com/focus/f-chat/1530115/posts


117 posted on 12/08/2005 5:00:24 PM PST by COUNTrecount
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To: InvisibleChurch
sounds like paul has a good opportunity to get the beatle songs back

Not a chance. Sony/BMG will never allow that to happen. They are a far too valuable asset to lose. Sony/BMG has more resources than Sir Paul and will outbid any attempt by him to reclaim his songs.

118 posted on 12/08/2005 5:03:23 PM PST by Drew68
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To: COUNTrecount
"Michael's life is on the line, physically, and his finances are in ruins because he has listened to the wrong people,"

Well, at least it's not because he's a child-molesting @$$hole

119 posted on 12/08/2005 5:03:39 PM PST by muir_redwoods (Free Sirhan Sirhan, after all, the bastard who killed Mary Jo Kopechne is walking around free)
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To: HamiltonJay

All his assets will get auctioned off and if there is anything left over it will go to Mr. Whackjob's pocket. There it won't last long till his jackals, handlers, have cleaned him out.


120 posted on 12/08/2005 5:10:07 PM PST by GreenOgre (mohammed is the false prophet of a false god.)
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