Michael Jackson Bailout Said to Be Close

  • Jackson: Advisers Made Sure He Wasn’t Dead


    In the middle of the night two nights ago, Michael Jackson’s valet got a call from his boss’s financial partners in New York. They’d heard rumors, started on websites, that Jackson had died overnight in Bahrain.


    The financiers were just putting the finishing touches on a deal that Michael Jackson was offered and should have signed last year—to sell half his remaining interest in Sony/ATV Music Publishing, pay his debts, and restore some order to his financial house.


    The new rumor was so upsetting that I am told a Sony Music financial officer spoke to the valet—probably a security guard who travels with Jackson named Kerry—and asked him if it were true. The guard then went into Jackson’s room and woke him up—it was the middle of the night in Bahrain—to make sure he was still alive.


    Luckily for all of them, Jackson was fine.


    But the deal, which was only concluded last night around 6 pm EST despite Jackson’s team leaking it to The New York Times and Wall Street Journal, was not yet done.


    Interestingly, it is almost the same deal that Jackson completely rejected a year ago. It turned out he was more comfortable making it with Arab advisers than with trusted old American friends who’d counseled and protected him through numerous self-created scandals.


    “Michael Jackson doesn’t really pay attention to who he gets in bed with, does he?†said a Jackson insider with a laugh. No kidding. The deal he’s agreed to make—and is still unsigned—was completed by two Arab lawyers in Bahrain and a mother-son team in Los Angeles. The mother is the daughter of Johnnie Cochran’s late mentor. The son is a lawyer who benefits from the mother’s status.


    The mother, Gaynell Lenoir, is typical of the kind of people who’ve come and gone in Jackson’s business life over the years. Lenoir, who is not an attorney, is the daughter of Gerald Lenoir, the late former partner and mentor of Johnnie Cochran. Her son, Frank Correa, was described yesterday in the Wall Street Journal as an attorney. But there’s no listing for him on findlaw.com, and a Sony insider who worked on the Jackson deal says he did not think Correa was a lawyer of any kind. They also claim to have a firm called Omni Global, although there’s no record of any business like that in California.


    Nevertheless, the pair, who inveigled themselves into Jackson’s business affairs last year, will pick up a fee of around $2 million just for acting as go betweens in the process.


    The Lenoir-Correa's didn't have to do much except encourage Jackson to accept a deal similar to the one he was offered a year ago. That group included John Branca, the lawyer who structured the Beatles deal in the first place in 1985; Charles Koppelman and Al Malnik, who saved Jackson from the chopping block several times in 2003-2004; and the bankers at Bank of America who tried to help him even as Jackson lied to them and cut deals behind their backs.


    In this episode I am told that Branca, who had a 5 percent stake in Jackson's music publishing holdings, extended the deal negotiations for two weeks until he was satisfied that he was protected. He got that protection in the form of a $15 million mortgage on Neverland, Jackson's nearly completely closed ranch. But late yesterday, as the deal concluded, Branca's 20-year association with Jackson ended as he was bought out entirely. No numbers are available, but it's likely he walked away with anywhere between $10 and $20 million.


    But it was Michael Jackson who wasted a year of his life and ours, destroyed many relationships, and caused over 70 families associated with his Neverland ranch to undergo necessary hardships. Instead, he trusted at various times his children's nanny; his out-of-work brothers, one of whom outed him in an unpublished book proposal; and of course the Nation of Islam. He also wasted about $20 million in interest and legal fees, sources said.


    The new deal Jackson has struck doesn't entirely solve his problems. Fortress essentially loaned him $300 million so he could pay them back $275 million in loans. That leaves him with $25 million, which he will squander on worthless souvenirs, shopping for trinkets, traveling first class, and plastic surgery. A debt clock will run on interest owed, too, which I bet no one has explained to him.


    On the upside, Fortress can no longer foreclose on Jackson. Sony—in a wise move that left Fortress powerless—arranged for a panic button, so to speak. The minute Jackson looks like he's in financial trouble again, Sony can assert its right to finalize its purchase of half of Jackson’s share of their partnership. If Jackson's half is really worth $500 million, then he would be due $250 million—less expenses, advances and other monies due to Sony. After taxes he would walk away with perhaps $100 million.


    And there are still pending lawsuits. Those don't go away. Not only that: Jackson’s ability to judge the characters of potential business associates is so nonexistent that he apparently is doing business with one of his former cronies, the German manager who once owned sex clubs in Hamburg.


    Is the saga over? Not likely. But the sympathy for Jackson is exhausted, I think. Today he begins with a clean slate. What he does with it is up to him.



    http://www.foxnews.com/story/0,2933,191760,00.html

  • Michael Jackson Restructures Finances
    Friday, April 14, 2006


    Michael Jackson is said to have restructured his finances according to a short statement released from Bahrain yesterday.


    Michael has "restructured his finances with the assistance of Sony Corporation of America," according to Grahame Nelson, an attorney of Qays H. Zu'bi Attorneys & Legal Consultants. The firm is based in Bahrain, where Michael now stays, and Nelson said he was speaking on Michael's behalf.


    "Following negotiations with several leading financial institutions, Mr. Jackson has concluded refinancing with affiliates of Fortress Investment Group, the lender that currently holds secured debts that were previously held by Bank of America," the statement continued, according to the Associated Press.


    It is said that the deal will mean Michael may have to eventually sell 50% of his share in the Sony/ATV catalogue, effectively leaving him with a 25% share of the whole catalogue.


    Last year, during Michael's well-publicised trial, John Duross O'Bryan - a forensic accountant who testified as a Prosecution witness - claimed Michael was in financial trouble. O'Bryan analysed Michael's financial records from 1999-2003. "Mr. Jackson's financial condition had been deteriorating up to and leading into February 2003," the accountant said. "The evidence shows that he's spending about $20 million to $30 million (per year) more than he's making." O'Bryan acknowledged most of Michael's wealth derived from three assets, Mijac publishing, (his own music catalogue) ATV/Sony publishing (also known as the Beatles catalogue) and Neverland Valley ranch.


    However, Michael's Defence attorneys claimed he had never filed for bankruptcy and is not broke. O'Bryan also admitted under questioning he had not appraised the music catalogues, leading the Defence to question his estimation of them. The attorney implied that the accountants' estimation of Michael's stake in the ATV/Sony catalogue fell short when he claimed it was around $200 million when he asked whether or not it was worth more than $500 million. On that occasion, Defence attorneys claimed Michael's financial well being wasn't as serious as O'Bryan had claimed.


    http://www.mjni.com/news/details.aspx?ArticleNo=1766


    Jackson rejig to avoid debt crunch


    (CNN) -- Pop star Michael Jackson has struck a deal with the co-owner of his lucrative song catalog, which includes many of the Beatles biggest hits, and several lending institutions to help pay off his multi-million-dollar debts.


    Details of the new agreement -- reached between Jackson and Sony Corporation of America, his partner in the Sony/ATV Music catalog -- have not been disclosed.


    The New York Times reported Thursday that Jackson agreed to give Sony the option to buy half of his stake in the catalog, which has been valued at about $1 billion, at an undisclosed price. The Times said it obtained its information from people briefed on the deal.


    The newspaper also said that as part of the deal, Jackson -- who has borrowed heavily against his stake in the catalog -- reached a refinancing agreement with Fortress Investment Group, the New York hedge fund that now holds those loans, to reduce his interest payments.


    Jackson bought the rights to the songs in the Beatles catalog in 1985 for $47.5 million, outbidding Paul McCartney. He later sold half of the enterprise to Sony and used the rest as collateral for loans from Bank of America.


    Last year, fearing that Jackson might default, the bank sold two loans valued at $270 million to Fortress. Jackson had secured those loans with his Sony partnership, his own music library and a partial deed to his Neverland Ranch near Santa Barbara, California.


    Thursday's statement was issued through a law firm in Bahrain, the Persian Gulf country where the 47-year-old Jackson has been living since shortly after being acquitted of child molestation charges in California last June.


    The refinancing agreement was structured by Citigroup and involved negotiations with "several leading financial institutions," the statement said. A Bahraini financial adviser, Ahmed Al Khan, advised Jackson on the deal, according to the statement.


    During Jackson's trial, prosecutors presented evidence from forensic accountants that he was deeply in debt and headed toward insolvency because was spending $20 million to $30 million more each year than he was making. However, Jackson's defense insisted his money woes were not as serious as prosecutors were making them out to be.


    In March, state labor officials in California ordered Jackson to pay $304,000 in back wages to employees at Neverland and slapped a stop work order on the ranch because its workers' compensation insurance had lapsed. He was also fined about $150,000 for violating state labor laws.


    Instead of arranging workers' compensation coverage for his own employees, Jackson has made arrangements with an employment agency to bring a total of 10 employees back to Neverland, including animal care workers, security guards and a ranch manager, according to Dean Fryer, a spokesman for the California Department of Industrial Relations.


    "The employee leasing agency has workers' compensation insurance. It is an acceptable way to bring workers on to the job site," he said.


    Santa Barbara County tax records also show Jackson failed to make property tax payments for Neverland in both December and April. He now owes $189,700 in back taxes and penalties.


    http://edition.cnn.com/2006/BUSINESS/04/14...n.debt.beatles/

  • <div class='quotetop'>ZITAT (666 @ 14. April 2006 - 14:21 Uhr) [snapback]92682[/snapback]</div>

    Zitat


    Warum immerwieder mit der Nase anfangen wenn es um Musik geht ? Das is hier doch gar net das Thema . Manche scheinen sich aber daran gern und immerwieder hochzuziehen um irgentwie zu zeigen das michael da ja möglicherweiße gelogen hat nich ;) Es wird mit der Zeit etwas lächerlich .
    [/b]


    Warum so gereizt bei dem Thema? ;D Dabei gehts ja nicht um die OP´s an sich, sondern ums Lügen. ;) Das ist nun schon das x.te mal das wir ihn dabei "erwischt" haben. :tatort

  • <div class='quotetop'>ZITAT (mjchris @ 14. April 2006 - 16:20 Uhr) [snapback]92712[/snapback]</div>

    Zitat


    300?
    das waren doch weit mehr.
    genauso wie man sagt die beatles hätten 1 milliarde verkauft :spinnen
    [/b]



    Tonträger nicht Platten. ;)

  • <div class='quotetop'>ZITAT (666 @ 15. April 2006 - 10:46 Uhr) [snapback]92831[/snapback]</div>

    Zitat


    [
    Ups ;D
    [/b]


    what? :D

  • <div class='quotetop'>ZITAT (Screamlouder @ 15. April 2006 - 10:41 Uhr) [snapback]92829[/snapback]</div>

    Zitat

    Warum so gereizt bei dem Thema? [/b]



    Einfach Falsch deine Annahme ;)
    <div class='quotetop'>ZITAT (Screamlouder @ 15. April 2006 - 10:41 Uhr) [snapback]92829[/snapback]</div>

    Zitat


    ;D Dabei gehts ja nicht um die OP´s an sich, sondern ums Lügen. ;) Das ist nun schon das x.te mal das wir ihn dabei "erwischt" haben. :tatort
    [/b]




    Für seine Überragende leistungen bekommt Sreamlouder eine 1 ins Notenheft .


    Darunter schreiben wir als Anmerkung :


    Wir sind immerwieder Hocherfreut und es erfüllt uns mit stolz das er uns immerwieder aufzeigt das Michael Jackson gelogen hat . Ja was bildet der sich ein net zu sagen das er schon 100 Ops hatte und Überhaupt all die anderen Lügen . :wau Wir haben als Fans das recht das zu wissen und die ganze Welt natürlich auch . Nein kein anderer Star ist so dreist die sagen immer die Wahreit und verschweigen nie etwas was sie vielleicht schlecht aussehen lassen könnte oder einfach keinen was angeht . Ja daran sollte sich der Jackson mal ein beispiel nehmen andere Stars machen sowas net kein Mensch macht sowas ausser dieser Michael Jackson natürlich . Mit verachtung blicken wir auf ihn herab die die wir besser sind die perfekten Menschen . .Danke Sreamlouder nur durch dich sind wir wir in der Lage hinter die Maske des Michael Jackson zu blicken und ihn als den Buchstäblichen lügner zu enlarfen der er nun mal ist . Und wenn ich es mir recht Überlege bekommt Screamlouder dafür eine 1 mit * weil er uns in jedem Thread auch wenn es net das Thema is daraufhinweißt .



    So aber jetzt darf er sich erst mal setzen und seinen Ruhm genissen

  • <div class='quotetop'>ZITAT (666 @ 15. April 2006 - 11:24 Uhr) [snapback]92840[/snapback]</div>


    :D:rofl:respekt:top

  • <div class='quotetop'>ZITAT (666 @ 15. April 2006 - 11:24 Uhr) [snapback]92840[/snapback]</div>


    Ich hab es dir bestimmt schon 20mal erklärt...und du hast es, wie ich lesen kann, immer noch nicht verstanden. Schade! :top

  • <div class='quotetop'>ZITAT (Screamlouder @ 15. April 2006 - 11:36 Uhr) [snapback]92843[/snapback]</div>

    Zitat


    Ich hab es dir bestimmt schon 20mal erklärt...und du hast es, wie ich lesen kann, immer noch nicht verstanden. Schade! :top
    [/b]




    Schade das du die Ehre net zu würdigen weißt sehr entteuschend aber gut du bist zu Bescheiden ich versteh das schon :top

  • <div class='quotetop'>ZITAT (666 @ 15. April 2006 - 11:38 Uhr) [snapback]92844[/snapback]</div>

    Zitat


    Schade das du die Ehre net zu würdigen weißt sehr entteuschend aber gut du bist zu Bescheiden ich versteh das schon :top
    [/b]



    Lenk nicht ab. ;)

  • <div class='quotetop'>ZITAT (Screamlouder @ 15. April 2006 - 11:45 Uhr) [snapback]92846[/snapback]</div>

    Zitat


    Lenk nicht ab. ;)
    [/b]



    Nein es ist dein Ehrentag das würd ich mir net erlauben :ehre

  • <div class='quotetop'>ZITAT (Screamlouder @ 15. April 2006 - 11:45 Uhr) [snapback]92846[/snapback]</div>

    Zitat


    Lenk nicht ab. ;)
    [/b]


    :tröst ;D

  • <div class='quotetop'>ZITAT (666 @ 15. April 2006 - 11:49 Uhr) [snapback]92847[/snapback]</div>

    Zitat


    Nein es ist dein Ehrentag das würd ich mir net erlauben :ehre
    [/b]



    :obenWie wärs wenn du einfach nichts postest, wenn dir nix zum Thema einfällt. Du weißt ganz genau was ich meinte und warum ich diese 2 OP´s-Nummer angeführt habe.

  • <div class='quotetop'>ZITAT (Screamlouder @ 15. April 2006 - 11:53 Uhr) [snapback]92849[/snapback]</div>

    Zitat


    :obenWie wärs wenn du einfach nichts postest, wenn dir nix zum Thema einfällt. Du weißt ganz genau was ich meinte und warum ich diese 2 OP´s-Nummer angeführt habe.
    [/b]




    Aber nein is Ok ich hab dich schon verstanden :ehre



    Ja und hier in diesem Thread ging es um hm Lügen ? Ne halt Moment Ops ? Ne auch net



    Ach jaaaaaaaaaaaa Geld jetzt is es mir eingefallen .Mensch und das ohne deine Hilfe :wau Fast net zu glauben

  • <div class='quotetop'>ZITAT (666 @ 15. April 2006 - 11:56 Uhr) [snapback]92850[/snapback]</div>

    Zitat


    Aber nein is Ok ich hab dich schon verstanden :ehre
    Ja und hier in diesem Thread ging es um hm Lügen ? Ne halt Moment Ops ? Ne auch net
    Ach jaaaaaaaaaaaa Geld jetzt is es mir eingefallen .Mensch und das ohne deine Hilfe :wau Fast net zu glauben
    [/b]



    ...ja finanzielle probleme die ihr ja gerne mal bestritten habt mit Verweis auf "Aber Michael hat doch gesagt..." :rofl lächerlich!

  • <div class='quotetop'>ZITAT (Screamlouder @ 15. April 2006 - 11:59 Uhr) [snapback]92851[/snapback]</div>

    Zitat


    ...ja finanzielle probleme die ihr ja gerne mal bestritten habt mit Verweis auf "Aber Michael hat doch gesagt..." :rofl lächerlich!
    [/b]




    Du wurdest dafür schon gelobt was willst du noch ? So bescheiden bist u also doch net .Eine eins reicht dir allso net :sad

  • <div class='quotetop'>ZITAT (666 @ 15. April 2006 - 12:00 Uhr) [snapback]92853[/snapback]</div>

    Zitat


    Du wurdest dafür schon gelobt was willst du noch ? So bescheiden bist u also doch net .Eine eins reicht dir allso net :sad
    [/b]


    Ja genau es geht ums Loben. ;D MEHR! SL braucht MEHR!
    Ehrlich gesagt gings ums große Ganze, was einige vielleicht mal reflektieren sollten...Vielleicht verstehen einige jetzt, dass MJ als Quelle genauso viel taugt wie die Bild und Co.

  • <div class='quotetop'>ZITAT (Screamlouder @ 15. April 2006 - 12:03 Uhr) [snapback]92856[/snapback]</div>

    Zitat


    Ja genau es geht ums Loben. ;D MEHR! SL braucht MEHR!
    Ehrlich gesagt gings ums große Ganze, was einige vielleicht mal reflektieren sollten...Vielleicht verstehen einige jetzt, dass MJ als Quelle genauso viel taugt wie die Bild und Co.
    [/b]




    Jaaaaaaaaaaa bestimmt tun sie das . :top

  • <div class='quotetop'>ZITAT (Screamlouder @ 15. April 2006 - 11:59 Uhr) [snapback]92851[/snapback]</div>

    Zitat


    ...ja finanzielle probleme die ihr ja gerne mal bestritten habt mit Verweis auf "Aber Michael hat doch gesagt..." :rofl lächerlich!
    [/b]


    :tröst ganz ruhig screamy, atme mal gaaaaaaaaaaaaaaaaaaaaaanz tief durch :D

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