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posted by [personal profile] askye at 03:56pm on 12/02/2004
I normally would never ever post about Michael Jackson. I prefer not thinking about him and especially not looking at him but according to Yahoo news he's got a 70 million dollar loan that comes due on Tuesday.

That's right 70 MILLION dollar LOAN. Due Tuesday. And no money to pay it.

The article is here there's some stuff about two other loans he has (both for 250 million dollars) that I didn't understand.

And he's spending 2 million/mth.

In five days he owes 70 million dollars. I'm just boggling at the amounts of money. Two million dollars a month.
Feeeelings: dumbfounded
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posted by [identity profile] makaidiver.livejournal.com at 10:05pm on 12/02/2004
He was set for a millionaire's life for life the minute he bought the rights to the Beatles songs. He could do nothing for the rest of his life and the investment would pay off big bucks in perpetuity.

Yeesh.

It's still his and still an astonishingly rich piece of collateral, though. It'll be interesting to see what happens.
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posted by [identity profile] askye.livejournal.com at 11:31pm on 12/02/2004
I found a CNN article that said Sony would be interested in owning the Beatles collection out right, but a spokesperson or someone for Micheal Jackson said that he would never, never sell the Beatles catalouge becuase it meant too much to him. It's worth 900 million dollars by the way.

But even if he did sell, it's enough to cover some of his loans and that's it. He wouldn't actually see any of the money. According to a NY Times article I read he only sees half the money he earns the rest goes straight to the Bank of America to cover his line of credit.

He's have to start selling off his other possessions.



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I have no words

posted by [identity profile] serenada.livejournal.com at 11:15pm on 12/02/2004
On top of the 70-million-dollar loan, there is another 200-million-dollar loan guaranteed by the ATV music catalogue. The Jackson advisers who spoke to the Times said the singer was leveraged for an additional 250 million dollars to buy other music libraries by other stars.
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