Michael Jackson could lose his 50% stake in The Beatles' back catalogue....

[Analog]

The singer's lawyers are in talks to prevent him defaulting on loans secured by his stake in the songs.

Jackson's lawyer Brent Ayscough said he wanted Fortress Investment Group to give the singer more time to repay.

He bought the coveted publishing rights for $48m (£27m) in 1985. They are now valued at $500m (£283m).

'Spendaholic' claim

Now jointly owned by Jackson and Sony, the 4,000-song catalogue contains more than 200 Beatles tunes including such hits as Yesterday.

It also includes songs such as Bob Dylan's Blowin' in the Wind and the works of artists such as Joni Mitchell and Stevie Nicks.

A default on the loans, due to be repaid on Tuesday, would enable New York private equity fund Fortress Investment Group to seize Jackson's 50% stake.


Prosecution testimony during his trial earlier this year - at which Jackson was cleared of child abuse charges - stated that the US singer had borrowed heavily against his assets.

Assistant district attorney Gordon Auchincloss described him in court as a "spendaholic" who had debts of $300m (£170m) and faced liabilities of $400m (£227m) by the end of 2005.

But Mr Ayscough said on Monday: "There is no doomsday, or anything like that."

He added: "Nothing's going to happen tomorrow. At the moment people are still talking."

Jackson has been living in Bahrain since his California trial ended in June.

http://news.bbc.co.uk/1/hi/entertainment/4544518.stm

 

[Aimster]

He ran away to a foreign land where people love him

He is going to molest kids there.

In Arab countries they cut off your penis .. or they just hang you ....

 

[Red Dawn]

Good, that freak should never have owned them in the first place. Paul Mcartney said that Whacko Jacko bought them out from under him when he was prepared to buy them.

 

[compuwiz1]

Originally posted by: Red Dawn
Good, that freak should never have owned them in the first place. Paul Mcartney said that Whacko Jacko bought them out from under him when he was prepared to buy them.

Somehow, I have a feeling Paul will be alright. Jacko, however is doomed. 😉

 

[Red Dawn]

Originally posted by: compuwiz1

Originally posted by: Red Dawn
Good, that freak should never have owned them in the first place. Paul Mcartney said that Whacko Jacko bought them out from under him when he was prepared to buy them.

Somehow, I have a feeling Paul will be alright. Jacko, however is doomed. 😉

Jacko was doomed the moment he decided wo turn himself into a freak show!

 

[Shadowknight]

Paul McCartney should be pleased; he had a gentleman's agreement with Jackson to buy the rights at an auction, but then Jackson went and outbid him anyway. Also, what is he spending his cash on that he is so destitute? How do so many rich, formerly big time celebrities blow their fortune and wind up in trailer parks?

 

[Analog]

I wonder how the beatles actually lost it in the first place? Seems like they would want to keep their rights from the beginning.

 

[compuwiz1]

Originally posted by: Shadowknight
Paul McCartney should be pleased; he had a gentleman's agreement with Jackson to buy the rights at an auction, but then Jackson went and outbid him anyway. Also, what is he spending his cash on that he is so destitute? How do so many rich, formerly big time celebrities blow their fortune and wind up in trailer parks?

Heh, discreet child pr0n is not cheap these days, especially if you have to fire up the corporate lear jet to go get it. :Q