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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction -- Ignore unavailable to you. Want to Upgrade?

To: Alan Smithee who wrote (36511)	6/13/2005 5:47:50 PM
From: MulhollandDrive	Respond to of 90947

ah, celebrity justice

To: Alan Smithee who wrote (36511)	6/13/2005 6:47:47 PM
From: mph	Read Replies (1) \| Respond to of 90947

Jackson Acquitted But Money Woes Persist Brett Pulley, 06.13.05, 5:02 PM ET NEW YORK - Now that Michael Jackson has been found not guilty of child molestation and related charges, one of the first things the onetime King of Pop must do is get his business and financial affairs in order. Facing a debt load of about $340 million and dwindling prospects for generating new sources of income, Jackson is expected in the coming weeks to work on restructuring his finances. The debt, which was recently purchased from Bank of America (nyse: BAC - news - people ) by a hedge fund, Fortress Investment Group, comes due later this year. Jackson's primary objective, according to a source close to the singer, is to restructure the debt and avoid being forced to sell his valuable music publishing businesses, which together are worth over $650 million. But if Jackson is unable to generate income by releasing new music or performing live concerts, he will have to count on the income that he receives from those publishing assets to pay the interest on the loans. Jackson's most prized holding, his 50% stake in Sony/ATV, a music publishing business that owns more than 300,000 songs, including 200 titles from the Beatles, generates $50 million to $75 million a year in income for the singer. Jackson's partner in the venture is Sony (nyse: SNE - news - people ), which also owns his label, Epic Records. Additionally, Jackson owns Mijac Music, a publishing company that includes many of his own hits as well as hits from such acts as Sly and the Family Stone, Elvis Presley and Dion. Jackson, one of the top-selling artists of all time, also receives royalties from his own music, the sales of which have diminished greatly in recent years. Mijac is valued at about $100 million. But Jackson has borrowed $69 million using Mijac and his Neverland home as collateral. Neverland is valued at $55 million. To service the interest on that loan, which was made by Bank of America, Jackson is required to maintain a pool of $3 million. However, he recently missed a $350,000 payment to the pool, prompting his lenders to threaten to call the loan, according to sources close to Jackson. Jackson has been facing a cash crisis for some time. In addition to the $69 million loan, he has received another loan for $270 million, secured by his 50% stake in Sony/ATV. Jackson's stake in that business is valued at about $450 million. That loan, however, is due at the end of this year, meaning that Jackson's financial troubles will mount if not addressed. ______________________________________ We should all have such financial woes.<g> I thought it funny that this little insert appeared next to the story: By This Author Brett Pulley • Money Can't Buy Me Love • Money Can't Buy Me Love • Diamonds, Cars and Confessions