Posted on 06/25/2009 7:42:19 PM PDT by Loyalist
AEG Live, the company that persuaded Michael Jackson to sign up for 50 nights at the O2 arena, is facing a liability of up to £300 million and a dark house for the next nine months.
It was Randy Phillips, head of the US entertainment company that turned the derelict former Dome into the UK’s most popular new arena, who persuaded Jackson to return for a stunning series of “farewell” concerts, beginning next month.
The announcement, fuelled by a rare public appearance by Jackson at the venue, sparked an online frenzy, some 360,000 registering applications before sales had even opened. Within hours, one million fans had attempted to snap up tickets for an initial run of ten concerts, which rapidly turned into 50.
Tickets were immediately placed on the secondary ticket market for up to £1,000. But Jackson’s last reported public announcement on his residency at the O2 suggests that a combination of managers, advisers, concert promoters and those seeking to recover his debts, had let events spiral out of the singer’s control. “I don’t know how I’m going to do 50 shows,” he said. “I’m really angry.”
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(Excerpt) Read more at timesonline.co.uk ...
Michael Jackson collected so many lawsuits, leeches, grifters and hangers-on that his estate won't have two cents to bury him.
Wonder how much a muslim burial will cost?
Allah is too pleased to provide Jacko with 72 virgin boys.
Solution:
Get Led Zepplin in there for 25 concerts.
Done.
So will his children be saddled with his debt?
Don’t the promoters of this kind of show insure themselves against their star keeling over? I’m almost positive they do that in Hollywood for major stars when they start a big budget movie.
I wonder if AIG insured them?
Some analyst today said that Jackson was half a billion dollars in debt. Those creditors will never get their money back...and one of them was Bank of America.
Doesn’t BofA now own the rights to the Beatles catalog since Jackson used that as collateral for one of his loans?
I think only U2 could come close.
Amid scepticism over whether the frail singer could complete the residency, especially among insurance companies, AEG Live said that it was prepared to “self-insure” the shows.
...or maybe not.
Q: Why did Michael Jackson place a call to Boyz-2-Men??
A: He thought it was a delivery service.
Nah. They'll get bail out cash from the Obama MisAdministration.
As mentioned above, I think Led Zeppelin would likely sell out 50 shows there as well.
<So will his children be saddled with his debt?
Why do people believe this stuff? You are only responsible for the debts you’ve incurred. I’ve seen commercials trying to sell insurance to the elderly with the rationale that their children won’t have to worry about the elder’s debt, but the children are not so burdened.
Now, whether the estate has anything left after debts are paid, that’s another story.
And if Jackson had insurance policies, those pass outside of the estate and directly to the beneficiary, so if his estate planning is in good shape, they might still wind up with something due to receiving proceeds from an insurance policy.
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