Guest Mole Report post Posted May 25, 2003 From AOL: LOS ANGELES (May 24) - Michael Jackson, the King of Pop who amassed a half-billion-dollar fortune over the past 20 years, is saddled with debt and teetering near bankruptcy, his former financial advisers say in a lawsuit. The lawsuit, set for trial June 18, claims Jackson's extravagant spending has created ''a ticking financial time bomb waiting to explode at any moment.'' Union Finance and Investment Corp. of South Korea filed the lawsuit in Los Angeles County Superior Court, claiming Jackson owes the firm $12 million in fees and expenses, plus interest. Jackson previously paid the firm $3 million, the firm said. The lawsuit also seeks punitive damages. Brian Oxman, a Jackson family attorney, said he does not believe the 44-year-old singer is near bankruptcy. ''I see no signs of this impending disaster,'' Oxman said. ''I cannot say it for 100 percent sure because nobody knows his financial statements. But I can say it for a reasonable certainty.'' Oxman also said that Union Finance has been paid for its work. The lawsuit was filed in April 2002 by Union Finance, described as one of South Korea's leading financial advisory firms. Jackson hired Union Finance in 1998 to help straighten out his finances, according to the lawsuit. ''When they were retained, plaintiffs believed that Jackson was incredibly wealthy,'' the lawsuit states. ''At the time plaintiffs agreed to work for Jackson, there was no clue that Jackson's extravagant lifestyle had all but bankrupted him.'' The firm said it soon discovered that Jackson had only two months' worth of available funds. Union Finance's lawyer said that he stands by the allegations in the year-old lawsuit and that he took Jackson's deposition last week in Beverly Hills. ''For whatever reason, Michael Jackson is not paying his debts,'' said Pierce O'Donnell, a leading entertainment finance lawyer. ''He has little or no means of income. He lives off a line of credit.'' He added: ''The day of reckoning is near.'' Forbes magazine last year estimated that Jackson was earning $50 million a year at the height of his popularity in the 1980s and '90s and had amassed $500 million over his career. Forbes estimated Jackson has $200 million in debts but a net worth of $350 million. Jackson's 1982 album ''Thriller,'' which has sold 26 million copies, is second behind the Eagles' first greatest hits album in all-time sales in the United States. But sales of recent Jackson albums have sagged. Jackson's assets include his Neverland ranch in the hills above Santa Barbara and homes in Southern California and Las Vegas. Most of Jackson's assets are in musical holdings worth an estimated $450 million, including 200 Beatles titles and songs recorded by Elvis Presley, Forbes reported. He is a voracious spender. In 2002, he racked up a $100,000 hotel bill on a brief trip to New York, according to Forbes. Union Finance said it helped Jackson obtain $200 million in loans through Bank of America between 1998 and 2000. In his deposition last week, Jackson said he didn't know how much he owed on the loans, O'Donnell said. AP-NY-05-24-03 0940EDT Copyright 2003 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. All active hyperlinks have been inserted by AOL. All I gotta say is, HAHAHAHA. That is what you get for touching children, you crazy bitch. Share this post Link to post Share on other sites
Guest godthedog Report post Posted May 25, 2003 jesus, what a dumb shit. how can you own & get royalties on the most popular catalog of songs in the world, and be in debt? that fucker should be forced to sell them to paul mccartney & john's estate, then grovel at paul's feet. then grovel at yoko's feet. Share this post Link to post Share on other sites
Guest razazteca Report post Posted May 25, 2003 Michael should charge admission for people to visit Never Land Ranch. Share this post Link to post Share on other sites
Guest TheArchiteck Report post Posted May 25, 2003 He better go on a overseas tour real quick then. Share this post Link to post Share on other sites
Guest razazteca Report post Posted May 25, 2003 If he did go on tour in Europe or where ever he would spend 100,000 Euros a night on the hotels and fancy food. And than make a big statue of himself and float it down the English Channel as promotion. Share this post Link to post Share on other sites
Guest Nevermortal Report post Posted May 25, 2003 I hope he starts to turn tricks for money. I'd do him just to say "Yeah, I fucked Michael Jackson." Share this post Link to post Share on other sites
Guest Human Fly Report post Posted May 26, 2003 How many times has he sued, or been sued in the past few years. It is insane, much like I suspect Michael is too now. Share this post Link to post Share on other sites
Guest Memphis Report post Posted May 28, 2003 Why the fuck doesn't he just do a tour or something? The guy puts on an unreal show and he always draws huge crowds for his live performances. Its MICHAEL JACKSON. Kick start a world tour and charge the living shit out of everyone in attendance. However, from what I hear MJ is terrified of SARS and a host of other international issues at the moment and has cancelled some live shows recently. Oh well, had to happen sooner or later. M Share this post Link to post Share on other sites
Guest razazteca Report post Posted May 28, 2003 MJ has been wearing that mask for years before the SARS scare started so I doubt he will ever leave Neverland Ranch to go on tour. Maybe its time to make another 2 Million video/short film with "famous" actors that nobody in USA will buy. Share this post Link to post Share on other sites
River City Rocker 0 Report post Posted May 28, 2003 Yeah, $250 million in debt and possibly climbing by the hour. That's more money then I'll ever see. Makes me think that people should be using Michael Jackson as the poster child for being unable to manage money: Man: See that bum begging for change? That's Michael Jackson, the former King of Pop. He had a fortune, man, a FORTUNE! He amassed over $500 million during his career, and he pissed it all away by spending it recklessly and not paying his bills! Do you want to end up broke and homeless, and drowning in a sea of red ink? Then I'd suggest you manage your money and save it! Kid: Dad, I'm seven years old! -Ben Share this post Link to post Share on other sites
Guest saturnmark4life Report post Posted May 28, 2003 That's weird, I heard he enjoyed a large INCREASE in CD sales following that documentary. An overseas tour would be his best bet, no question. Share this post Link to post Share on other sites
