I heard he was 400 million in debt, but that some Big Investment Group had purchased all of his debt and was going to make the money back with the upcoming concerts....
I have no idea what will happen now, wether they are stuck with that debt or wether they had insurance against the upcoming shows.
I have no idea what will happen now, wether they are stuck with that debt or wether they had insurance against the upcoming shows.
did Sony (?) finally take all the Beatles rights that he once owned. There were stories that they were behind a huge manipulation of MJ for years and years to take him down so they could get the rights to the Beatles collection he owned. I thought they were close a few years ago..
It seems Bank of America was willing to give him loans if he put the Beatles collection and Neverland ranch up for collateral. They later sold his loans:
"Mounting debts eventually forced Jackson to the brink of default on a reported $270 million in loans held by Bank of America. Bank of America eventually sold off the loan package — some that package was secured by his stake in Sony/ATV, his Neverland ranch and a separate music publishing firm that owns the rights to Jackson’s own songs — to Fortress Investment."
