Sony May Keep Jacko From Bankruptcy

[BJ_M]

Sony May Step In to Help Jacko

Michael Jackson may have an unlikely ally as of tomorrow in the fight for his financial life.

I am told that Sony Music, his partner in the $1 billion dollar Sony/ATV Music Publishing Company, is offering to step in and help Jackson with his $270 million worth of loans.

The loans — $200 million of which are secured by Jackson's 50% share in Sony/ATV — were bought in April by Fortress Investments from Bank of America. Jackson is in default and could be foreclosed on as early as tomorrow.

But sources inside Sony say the company has been in talks with Fortress for some time about clearing up Jackson's financial woes and bringing him current at least on monthly payments.

"This would be in our best interests," said a Sony insider, who points out that if Fortress forecloses on Jackson, Sony would be farther away from owning his half of the company than they are now.

Sony insiders also stress that Fortress would be unable simply to foreclose and put Jackson's assets on auction to any buyer. According to the covenants of the Sony agreement with Jackson, whomever has the assets cannot sell them without first offering them to Sony.

The big question remains: How much does Jackson understand of all this and who exactly is advising him?

My Sony sources say that Jackson is now totally represented by Sheik Abdullah bin Hamad Al Khalifa, Prince of Bahrain, and his associates.

According to stateside sources, Jackson has not been in touch with most of his family or with his trusted aide, Evvy Tavasci, in months. Recent visitors to the Bahrainian palace are said to have spoken with the Prince but didn't see or speak to Jackson.

Even more interesting is that Jackson's brother Jermaine, who got the ball rolling for his brother in Bahrain, is back in Los Angeles for the foreseeable future, perhaps wondering where he and his own family will live if Jackson is forced to sell his parents' home in Encino.

That leaves Michael alone except for his children and their nanny, Grace Rwamba.

Jackson and the Prince are still saying to friends that they hope to finance a record company that will be distributed in the U.S. and they also plan on releasing that much discussed charity single someday soon.

Hurricane Katrina, if you recall, did its damage nearly four months ago. But Dec. 26h is the first anniversary of last year's deadly tsunami in Indonesia. Maybe Jackson can tie it to that instead.

[adam]

I've been following this. Jackson has been ignoring his debts for years. Recently he just went on vacation and meanwhile everything shut down at Neverland Ranch. No food for the animals, electricity shut off, payroll not met.

But the thread title is incorrect. Jackson is no where near bankruptcy. He's just at risk of having assets seized to pay for his debts. He is worth well more than the $270 million he owes.

[ZAPPER]

I agree that the title of this thread is wrong. It should be "The Freak We Love to Hate". I don't even know where to begin with the personal attacks, but as far as the money goes, I don't think that he will ever be in a hurting position like not having food on the table. Bankruptcy is a money straitgy (SP) and by now nobody can know how much he has "offshore" and safe from his creditors.

[yoda313]

straitgy

strategy




I know we all do it (the simple stupid typos )

[ZAPPER]

straitgy

strategy




I know we all do it (the simple stupid typos )

Yea I knew it wasn't right, but after three guesses I said screw it and put in the little note that I didn't know how to spell it

[yoda313]

We've all been there

It's amazing what you can forget even though you know you know it

[zzyzzx]

[thecoalman]

That picture looks fake, what really creeps me out is that it isn't.

[enstg8er]

(de)evolution of a face......
http://anomalies-unlimited.com/Jackson.html