Posted on 12/20/2005 5:15:12 AM PST by Rebelbase
LOS ANGELES - Michael Jackson's advisers scrambled to cut a deal yesterday to halt a $272 million foreclosure that would strip the pop star of his share of the Sony Beatles music catalog and, possibly, his cherished Neverland Ranch.
As the New York-based Fortress Investments Group prepared to seize the pop star's assets today to cover his unpaid debt, his advisers burned up phone lines pleading for a six-month extension, sources said.
"There are discussions underway to stop the foreclosure. An extension is likely to be granted," said a source familiar with Jackson's business woes.
The deal would involve "several" benefactors agreeing to make the monthly payments on Jackson's $272 million loan package at a whopping 9.5% interest rate - which comes to more than $2 million a month.
If a payment plan can be arranged, Fortress might be willing to hold onto the loans for six more months because the 9.5% rate would beat current stock market returns, the business source said.
Spokesmen for Fortress and Sony refused comment yesterday. Jackson attorney John Branca could not be reached for comment. Fortress bought Jackson's loans - one for $200 million, another for $70 million - from the Bank of America last spring after the singer defaulted on the smaller note and revamped his finances.
Jackson, 47, had failed to make payments to Fortress and was declared in default in October, the business source said.
The loans are secured by Jackson's 50% share of the $1 billion Sony-ATV music catalog, which includes rights to the Beatles tunes, and his 2,700-acre Neverland Ranch.
If Fortress forecloses, now or in the future, it can sell Jackson's assets to recover the debt.
Many observers think Fortress is likely to sell the music catalog first, which would likely fetch more than the amount Jackson owes. If that happened, Jackson might be able to keep Neverland because his debt to Fortress would be satisfied.
"It's all up in the air at this point," said the business source.
Jackson, who has been lying low on a visit to Dubai in the United Arab Emirates in recent weeks, has refused to speak to concerned family members who have reached out to him, sources said.
"Michael doesn't take their calls. His brother Randy has put together a proposal to resolve the financial mess, but he can't get past the nanny," said a family source.
Several frantic Jackson family members, worried about the singer's state of mind, were planning to head to Bahrain, where the pop star had been staying with that country's royal family since last summer, to stage an emergency "intervention." But they have put the plan on hold due to uncertainty about Jackson's whereabouts, a family source said.
Originally published on December 20, 2005
His jaw, replaced with a titanium prosthetic during a facial enhancement surgery in 1996, had fallen off, and was being held on his face by duct tape, limiting his speech to a series of grunts and high-pitched squeals.
A great week for you!
Mape will be getting skewered by a new book, and M Jackson could go bank rupt before the week is over!
But they couldn't together the airfare. Just another slightly dysfunctional family. Somehow it's probably Bush's fault.
Honestly, they couldn't get it?
"Yasser Arafat was a renowned pederast"
I thought there was something about Arafat that was not right. How come the MSM did not pick up on this?
The sky is falling again. I thought he already died of global warming.
But there is some good news for Jacko, I just saved a load of money on my car insurance by switching to GEICO.
This rescue will never happen..that's
$12 million down the rat hole..no one is that stupid...it's an attempt to get some PR spin..
My guess, only. Very expensive proposition.
That too.
The MSM would never print anything negative about Arafat. The Bottom line is that he was an inveterat terrist and pervert to boot.
The MSM would never print anything negative about Arafat. The Bottom line is that he was an inveterate terrorist and pervert to boot.
And the goose ain't laying anymore golden eggs.
LOL! Yep, that too.
Well, things just getting worse for Mikie; MSNBC reporting that Debbie Rowe is now claiming he abducted her children!
Is Debbie Rowe the Mother of Jacko's kids?
Do you reckon he evens knows what is going on?.... I think he's so isolated that he has no idea.
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