Michael Jackson Estate Facing HUGE Debt???
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Although the executors of Michael Jackson's estate have settled most of his financial woes, they are struggling with a $300 million loan due at the end of the year.
The massive loan from Barclays PLC, which is backed by his 50% stake in SONY/ATV, matures at the end of the year.
In order to secure the loan in 2006, Michael looked to Sony for help even though he was already close to defaulting on a $270 million loan held by hedge fund Fortress Investment Group LLC.
The Jackson estate and Sony have discussed whether the company will guarantee refinancing of the debt backed by Michael's Sony/ATV stake.
And Sony wants them to do so! It could mean them paying hundreds of millions for a catalog that he already controls.
Considering the mess they got the Jackson family out of already, we're sure the executors will figure something out!
Read More: Michael Jackson Estate Facing HUGE Debt | PerezHilton.com <!-- m -->http://perezhilton.com/2010-06-21-micha ... z0rYWr3jeF<!-- m -->
Although the executors of Michael Jackson's estate have settled most of his financial woes, they are struggling with a $300 million loan due at the end of the year.
The massive loan from Barclays PLC, which is backed by his 50% stake in SONY/ATV, matures at the end of the year.
In order to secure the loan in 2006, Michael looked to Sony for help even though he was already close to defaulting on a $270 million loan held by hedge fund Fortress Investment Group LLC.
The Jackson estate and Sony have discussed whether the company will guarantee refinancing of the debt backed by Michael's Sony/ATV stake.
And Sony wants them to do so! It could mean them paying hundreds of millions for a catalog that he already controls.
Considering the mess they got the Jackson family out of already, we're sure the executors will figure something out!
Read More: Michael Jackson Estate Facing HUGE Debt | PerezHilton.com <!-- m -->http://perezhilton.com/2010-06-21-micha ... z0rYWr3jeF<!-- m -->
Comments
And I never believed that Michael was in debt like we were led to believe. It's my belief that Michael was trying to protect his assets from more money hungry people seeking an easy buck off of him and so he's led us to be believe he was broke. I say more power to him if that is what he did. We have no business knowing his financial affairs anyway. Does he know ours? LOL - like he'd really like to know mine anyway <!-- s:) -->:)<!-- s:) -->