Michael Jackson is close to closing on a super deal that will keep his moonwalkin’ shoes outta bankruptcy court- or at least save him the additional humiliation of showing up in bankruptcy court in his PJ’s, by refinancing hundreds of millions of dollars in loans
As part of the deal, he will also agree at some point in the future to give up a part of a prized asset — a song catalog that includes Beatles’ hits — to the Sony Corporation, people briefed on the plan said.
All these years, he’s been racking up debt to bankroll his very strange lifestyle – and last month, he closed Neverland after the State of California threatened to sue over unpaid ranch employee wages.
Don’t feel too bad for Michael, though – he entire catalog, of which Mr. Jackson owns 50 percent, has been valued around $1 billion, and aside from the Beatles collection, includes works of songwriters including Stevie Nicks, Sarah McLachlan, Destiny’s Child, Garth Brooks and Richie Sambora of Bon Jovi – and a vast archive of songs including “Blowin’ in the Wind” by Bob Dylan, “Sweet Caroline” by Neil Diamond and “E-Pro” by Beck. – Source
This guy is soooo weird! And to think – as a kid, we used to sit at the kitchen table and play the “Jackson 5″ card game. Oh how times have changed! (Ahem.. yes, I’m *THAT* old!)