[quote]Michael Jackson is facing accusations that he failed to pay his bills.

Prescient Capital of Englewood Cliffs, N.J., sued Mr. Jackson yesterday for breach of contract, asserting that he owed $48 million in fees for work the company did to secure financing for Mr. Jackson to cover debts at Bank of America.

Mr. Jackson had borrowed more than $270 million from the bank, pledging as collateral his publishing assets, including his stake in Sony ATV Music Publishing, which owns the rights to 251 Beatles songs, among many others.

The lawsuit, filed in federal district court in Manhattan, contends that Prescient Capital played a role in introducing Mr. Jackson to the Fortress Investment Group of New York, which bought the pop star's loans from Bank of America this year. The deal resulted in repayment of some $272 million in loans owed to the bank and an advance to Mr. Jackson of $3 million under a restructured loan, the suit said.

Prescient contends that Fortress in fact committed itself to providing a total of $537.5 million, which the suit said would be enough to repay the bank loan and apply money toward acquiring the rest of the Beatles' catalog.

Steven Altman, a lawyer for Prescient, said, "My client simply wants to be paid for the work they performed."

According to the lawsuit, Mr. Jackson hired Prescient in November to aid in the search for new funds to repay his bank debt. Prescient said it came into contact first with Transitional Investors, another fund, and through it, linked up with Fortress. Mr. Jackson has refused to pay, the suit said.

That has been conveyed most recently by a Jackson financial adviser, the billionaire Ron Burkle.

Brian Oxman, a lawyer who has represented Mr. Jackson's family, said he had not seen the lawsuit and could not comment. Fortress declined to comment.

Source: NY Times[/quote]

Michael can NEVER rest. Can he?

Here are more idiots who want money.

Well its his own fault.

Yea I saw this too on the Yahoo homepage. People are just so insane. Everyone wants a piece of Michael and his fame and fortune, don't they? That is just sad. They can at least wait for him to get back on his feet before they start sueing.

I wish they would just leave the poor man be!!! God hes been through enough these past years. Let him alone so he can have some time with his kids and family. GOD!!! Hes only human you know. I love him to death and I want him to be happy! I hope he gets out of this. I want him to relax!

[color="DarkGray"][size=7]You know what? I don't really care. If he didn't pay the bills, he'll do it later or he'll just get sued. If this is an act of injustice, it will come out. That's the bottom line. Why even talk about it, in the scheme of things this ain't that important.[/size][/color]

they just want money!!! that's all.

Nah you dont say! Frankly if someone owed me $48 mil den i would want it back.

They obviously just don't know when 2 quit do they? If u ask me I really think it's time 2 just leave Michael alone they need 2 stop being sooooooooooo Dang on mean and freaking immature and leave him the pluck alone he has never done anything 2 them so y mess with him ?I really think that Michael will pay them back but they should'nt be all on his case about it geez that's just how u drive a nice man insane. I love u Michael and pluck everyone that is trying 2 hurt u cause I know u are strong and u can get through this .

[quote]he owed $48 million in fees[/quote]

IS NO ONE READING WHATS GOING ON? THE MAN OWES MONEY, WHY SHOULD THEY LEAVE HIM ALONE. PLUCKING HELL!

Edited July 13, 200520 yr by J??z

What is up with everyone wanting 2 sue Michael can't they just leave him alone and give it a rest?Geez

He owes them alot of money! I give up *HHIS*

The madness never ends

Love ya Mike

they should leave MJ alone for a while hes been very unwell during his trial and deserves a rest not more trouble

Finally:D

It will come out in the wash

Oh no...poor michael

[color="Crimson"][size=7]PEOPLE! PAY ATTENTION ALREADY!!![/size][/color]

[quote name='Curtis' date='Jul 13 2005, 01:33 PM']I'm on this one with Jabba, if Michael Jackson ows them money, Michael Jackson should pay them the money back...
[right][post="38901"]<{POST_SNAPBACK}>[/post][/right][/quote]

Maybe, but it's not Michael's fault.
It's other people that have handled this business for him, his business team, so the people that arranged this for Michael should have taken care of this. Michael had many things on his mind at the time and expected his team to take care of this. If they have failed to finish of the matter correctly he should sack them. They have only given him more trouble. I hope they didn't steal the money that was supposed to be payed to that firm .... I wish he'd get the right people to look after him, this is just not working ...
Cheers,
Geri

[quote name='Curtis' date='Jul 14 2005, 11:43 AM']Then that's naive from Michael Jacksons part, expecting that his team would handle it, you can't take anything for granted.
[right][post="39447"]<{POST_SNAPBACK}>[/post][/right][/quote]

Usually that's what you hire and pay those people for, securing deals for you and that. I have met many of those people ... It's a job people train for ... It's not really naive of Michael, almost everyone has these people working for them and they are supposed to handle your deals correctly, it's how business works and they should do it right, because these guys earn bucketloads!!!
Cheers,
Geri

$48 Million --- oooooweeee :S