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
Who is Debbie Rowe?
The woman he married so she would have his first two children.
Yes, she is.
Thanks I only know things about MJ when you ping me. Even then I have to take a swallow of Pepto Bismo before reading anything about this immoral POS.
I heard on Fox News that he released it; I thought it was weird that he announced he released it.
Yeah DR lied for Jacko in the trial and now she claims he abducted her kids. This woman is as dispicable as Michael.
They're just now starting to worry???
I thought so. She was strange in some ways to ever allow her self to be drawn into the weird world and parental fantasies of Jackson-but she seems by far, the most rational.
I hope she acquires custody of those children, before it's too late to reverse the insanity that Jacko has injected into their tragic young lives.
Jackson married his dermatologist's nurse Deborah Jeanne Rowe in 1996, with whom he claims to have fathered a son, Michael Joseph Jackson, Jr. (who publicly goes by the name "Prince"), and a daughter, Paris-Michael Katherine Jackson (the actual parentage is unproven). Jackson and Rowe were divorced in 1999. Rowe later said that she wanted Jackson to have the children as a "gift", which she had offered even while Jackson was married to Presley. She resultantly gave up her parental rights to the children, but as of 2005, a family court case is under way regarding visitation. The godparents of the two children are Macaulay Culkin and Elizabeth Taylor.
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‘Michael Jackson’s ex-wife, Debbie Rowe, went to bat for the pop star at his child molestation trial, but he played hardball with her in their recent child visitation deal, the Daily News has learned.
The top-secret agreement allows Rowe, whose gushing testimony last April helped save Jackson’s neck, only sporadic visits with Prince Michael 1st, 8, and Paris, 7, and she can’t even tell the tykes she’s their mom, sources said.
“Debbie is not supposed to tell the kids she is their mother. That topic is off-limits. But it will be revisited when they are older,” said a source familiar with the temporary, court-supervised plan.’
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She got a lot of money and a big house - and he got what Court TV has called an ironclad agreement that the kids are his.
I keep hearing about this on Court Channel. I know MJ's family is trying to peddle some TV show and I assume it's because they need money to start supporting themselves. This should get interesting.
She's as bad as he is, IMO. Those poor little kids.
Who the hell would be dumb enough to throw $2 million per month into this perverted freak's sinking ship?
Does this mean he'll let go of the Beatles portfolio?
It's time to send in the "Taxman" down "The Long and Winding Road" to collect "Something" from Michael. "It Won't Be Long" till "Sgt. Pepper's Lonely Hearts Club Band" can sing "Here come the Sun" and "Mr. Moonlight" will follow MJ around till "The End". He'll need a lot of "Help" after this "Hard Day's Night" "Because" "Lucy in the Sky with Diamonds" won't even bail "This Boy" out.
A tragic situation for the children, for sure.
In Surah 52 there is another description of the heaven and hell:
17 Surely those who guard (against evil) shall be in gardens and bliss
18 Rejoicing because of what their Lord gave them, and their Lord saved them from the punishment of the burning fire.
19 Eat and drink pleasantly for what you did,
20 Reclining on thrones set in lines, and We will unite them to large-eyed beautiful ones.
21 And (as for) those who believe and their offspring follow them in faith, We will unite with them their offspring and We will not diminish to them aught of their work; every man is responsible for what he shall have wrought.
22 And We will aid them with fruit and flesh such as they desire.
23 They shall pass therein from one to another a cup wherein there shall be nothing vain nor any sin.
Amazingly this paradise promised by the holy prophet satisfies even the pedophiles.
24 And round them shall go boys of theirs as if they were hidden pearls.
You just know those kids are gonna turn out perfectly normal, productive members of society...
I did read that Arafat was a homosexual and an overall pervert and that it was WELL KNOWN. I'm sure the flames are very HOT at Arafats current abode.!!
That is exactly what the Jackson family is "frantic" about - the goose that kept laying golden eggs is out of his beak!! These leeches might actually have to get a real job!!
The best thing that could happen is for these children to be "adopted" by some NORMAL people. As it is, it will take years to undo the damage inflicted by insane lifestyle that they have grown up under.
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