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Topic: Jacko Must Make Beatles Sale Return to archive
April 14th, 2005 09:54 AM
Ten Thousand Motels Jacko Must Make Beatles Sale
Thursday, April 14, 2005
By Roger Friedman
Fox News

Jacko Must Make Beatles Sale

A deal to extricate Michael Jackson from his perilous financial situation is at hand.

I can tell you exclusively that the deal Jackson is being offered must be signed in the next few days, or he really will have his proverbial head on the chopping block.

I'm told Jackson will likely be presented with a deal sculpted by what I call his "permanent government" of lawyers and advisers, not the many shady characters who've come and gone over the years.

This "government" includes music publisher Charles Koppelman (who's also on the boards of Martha Stewart and Steve Madden's companies), attorneys John Branca and Al Malnik, Jane Heller of Bank of America and private investors represented by Goldman Sachs.

First, the deal: Sources say Jackson will be selling most of his 50 percent interest in Sony/ATV Music Publishing, aka the Beatles catalog.

In return, all his debts will be paid off, including $270 million in loans from Bank of America, all the debt piled up at his Neverland Valley Ranch and all loans against his own Mijac Music Publishing, which owns Jackson hits such as "Billie Jean" and "Beat It," as well as songs by Sly and the Family Stone and others.

Jackson will wind up with somewhere in the neighborhood of $10 million in cash, I am told.

He will retain ownership of all his tchotchkes, including the $2 million King Kalla diamond watch he had to buy from David Orgell jewelers.

He will still reap a $7 million to $8 million annual income as well. He'll also get some income from Sony/ATV.

Sources point out that Mijac is now worth around $100 million, and will be an even better asset once it's free from debt.

Jackson's immediate plan, if he accepts the deal, is to downsize his Neverland costs. This would mean eliminating the zoo and cutting back the carnival.

Ultimately, the wisest thing to do — should he be found not guilty by the jury in his child molestation trial — is sell the ranch and move to a more reasonably sized estate with lower maintenance costs.

Of course, the pending plan does not cover money he owes to ex-wife Debbie Rowe. Jackson ceased paying alimony to her last year, and is involved in a court fight over that and custody of the couple's two children.

One easy remedy to his financial woes, of course, would be to stop incurring overwhelming legal debts.

I'm also told that Jackson is once again without counsel for his business dealings. The reason? As with most of his problems recently, Jackson did not pay the lawyer who represented him most recently, sources say.

I am told there is some urgency to Jackson signing this deal.

Bank of America has, according to sources, lost its patience over his mounting debt. If for some reason he doesn't accept this latest proposal, I am told that he will really be in a dire situation.

Jackson, mind you, is not likely to sign this deal. Insiders tell me that he's encouraged his fans to spread the word that he's the victim of a "conspiracy" against him.

"Michael doesn't want people to think he lost the Beatles," says a longtime friend. "He wants his fans to think it was stolen from him. He has to be the victim."

My sources also say that Jackson considers Branca one of the "conspirators" since his former attorney would reap a 5 percent commission on this sale — almost three times as much money as Jackson will make.

But push has come to shove, to use a cliché, and Jackson is unlikely to find a better deal.

April 14th, 2005 10:36 AM
parmeda Awwww...this is just tooooooooo fuckin' bad, ain't it!

Once a sick fuck, always a sick fuck...
I'm enjoying watching this rat drown.

April 14th, 2005 11:47 AM
Nellcote Wonder when Macca will come up with the cake for this, as he was such a loser for letting the rights slip thru his fingers. John Lennon must be launching into a technocolor vomit about now....
April 14th, 2005 05:14 PM
Night Clerk I would have thought the catalog would be worth a lot more than that. Didn't the Beatles' CD "Number 1's" make about half that amount alone?

Yep, Jackson is a victim just like Barry Bonds is a victim.
April 14th, 2005 07:43 PM
glencar I haven't followed his trial very closely at all but I did catch one news flash that the mother of one of his victims saw Jacko licking her son's face in bed. So many people did wrong things in this scenario. Jacko deserves a long time in jail & the parents who let their offspring in the vicinity of him should feel some shame. BTW Can't Jacko just sell another Beatles song to Nike or someone for a quick $10M gain?
April 14th, 2005 10:15 PM
corgi37 I want the freak dead. I want his family dead. I want his Llama's dead.

He should just do the world a favour and neck himself. Failing that, i hope he gets butt-fucked every night in jail and his fellow inmates treat him as their collective bitch.

Either way, no matter what goes down, his career is over. He'll probably tour Uruguay and Romania, but thats about it.
April 14th, 2005 11:09 PM
Soldatti
quote:
corgi37 wrote:
Either way, no matter what goes down, his career is over.


He's over for a long time now, maybe since 1996.
April 15th, 2005 12:01 AM
Ten Thousand Motels
quote:
corgi37 wrote:
I want his family dead. I want his Llama's dead.



That's pretty harsh. What about poor Bubbles, do wish him dead too? Bubbles never hurt anyone. Can you imagine if Bubbles could talk like Koko the Gorilla,... man the stories he could probably tell.

April 15th, 2005 12:58 AM
corgi37 Hate to burst your bubble about Bubbles...

..but (you better sit down) he's dead!

April 15th, 2005 01:11 AM
Ten Thousand Motels
quote:
corgi37 wrote:
Hate to burst your bubble about Bubbles...

..but (you better sit down) he's dead!




He is? Oh well ....chimps usually have long life spans I think.
[Edited by Ten Thousand Motels]
April 15th, 2005 07:36 AM
egon http://www.liquidgeneration.com/poptoons/jackson_kit.swf
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