Post by sunsetdriver on Feb 20, 2006 12:31:16 GMT 1
Jackson D-Day: It’s Here
Monday, February 20, 2006
By Roger Friedman
Today is a bank holiday, but tomorrow Michael Jackson faces the music, literally. His 60-day reprieve is over, and $270 million of loans held by Fortress Investments are due. Fortress can now call the notes whenever they want, snatching from Jackson his entire livelihood and his home.
Ignorance, though, is bliss, and according to my sources, when Jackson visited the home of his friend Mark Lester in Britain last week, the singer never once discussed his impending financial doom. He voiced no concern about the fact that 60 Neverland employees have gone without paychecks since December 23, and that many of them are now taking second jobs or trying to refinance their homes to secure funds so they can eat and pay bills.
As I wrote in this space on Friday, Sony Music is working hard to secure a deal in which Citigroup will buy the loans from Fortress. Sony will secure the debt, keep Jackson from bankruptcy court and Sony from having to deal with yet more partners. Fortress will get a nice piece of change for their year of holding the notes—possibly as much as $50 million.
And then there’s Jackson’s other problems: a looming court date in a $4 million lawsuit from former partner Marc Schaffel, a $48 million suit from the cousin of hip-hop entrepreneur Damon Dash and a custody battle with ex-wife Debbie Rowe over their two children, Prince and Paris. Last week, Rowe’s parental rights were reaffirmed by a California appeals court, paving the way for a real battle now including the question of whether Jackson faked passports to take the kids out of the U.S.
Last, but not least: the press release on Friday stated that Jackson’ charity single, “I Have This Dream,” featuring a cast of C-list celebrities, will be released in the next couple of weeks. As I reported in this space recently, the music for “Dream” was written by David Foster and Carole Bayer Sager for a contest. The contest winner, Ric Kipp, a Nashville songwriter, wrote the lyrics.
All four names (including Jackson’s) are on the copyright, but Kipp has not been acknowledged so far in any of the publicity. Talk about charity!
source: foxnews
Enrico
Monday, February 20, 2006
By Roger Friedman
Today is a bank holiday, but tomorrow Michael Jackson faces the music, literally. His 60-day reprieve is over, and $270 million of loans held by Fortress Investments are due. Fortress can now call the notes whenever they want, snatching from Jackson his entire livelihood and his home.
Ignorance, though, is bliss, and according to my sources, when Jackson visited the home of his friend Mark Lester in Britain last week, the singer never once discussed his impending financial doom. He voiced no concern about the fact that 60 Neverland employees have gone without paychecks since December 23, and that many of them are now taking second jobs or trying to refinance their homes to secure funds so they can eat and pay bills.
As I wrote in this space on Friday, Sony Music is working hard to secure a deal in which Citigroup will buy the loans from Fortress. Sony will secure the debt, keep Jackson from bankruptcy court and Sony from having to deal with yet more partners. Fortress will get a nice piece of change for their year of holding the notes—possibly as much as $50 million.
And then there’s Jackson’s other problems: a looming court date in a $4 million lawsuit from former partner Marc Schaffel, a $48 million suit from the cousin of hip-hop entrepreneur Damon Dash and a custody battle with ex-wife Debbie Rowe over their two children, Prince and Paris. Last week, Rowe’s parental rights were reaffirmed by a California appeals court, paving the way for a real battle now including the question of whether Jackson faked passports to take the kids out of the U.S.
Last, but not least: the press release on Friday stated that Jackson’ charity single, “I Have This Dream,” featuring a cast of C-list celebrities, will be released in the next couple of weeks. As I reported in this space recently, the music for “Dream” was written by David Foster and Carole Bayer Sager for a contest. The contest winner, Ric Kipp, a Nashville songwriter, wrote the lyrics.
All four names (including Jackson’s) are on the copyright, but Kipp has not been acknowledged so far in any of the publicity. Talk about charity!
source: foxnews
Enrico
