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Michael Jackson sued for $48 million in New York
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Forum Regular
Join Date: Jul 2004
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Link:
Michael Jackson sued for $48 million in New York
A financial firm has sued Michael Jackson for $48 million in fees it says the singer owes for help in refinancing his bank debts and claiming a larger stake in a library of Beatles songs.
Prescient Acquisition Group, also known as Prescient Capital Corp., filed the lawsuit against Jackson in U.S. District Court in Manhattan late on Monday.
The suit said Prescient was employed in November, 2004 by Jackson's MJ Publishing Trust to help him secure refinancing of $537.5 million through another company.
At the time, Jackson was facing trial on child sex-abuse charges. He was acquitted by a California jury in June.
"We're going to take a look at the lawsuit and we're going to handle it in a good and professional manner and make sure appropriate contacts are made with everyone concerned," said Brian Oxman, a lawyer for Jackson.
The money from the refinancing allowed Jackson to pay off $272.5 million in bank debt and buy the other half of The Beatles library of songs he did not already own, the lawsuit said.
Prescient said Jackson and MJ Publishing Trust broke a deal which promised the firm fees worth 9 percent of any completed financing.
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Baninated
Join Date: Jul 2002
Location: The Moon
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I say they give the library to Paul. Let him pay them for it.
He should have had it in the first place.
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Posting Junkie
Join Date: Jun 2000
Location: Union County, NJ
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Originally Posted by Zimphire
I say they give the library to Paul. Let him pay them for it.
He should have had it in the first place.
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