Michael Jackson Nears Financial Ruin
‘Michael Jackson is in his 11th hour of financial peril.
On Tuesday, Dec. 20, he will be declared officially in default by Fortress Investment Group on loans of $270 million. Jackson, knowing this day has been drawing near for the last year, has done nothing whatsoever to ameliorate the situation, sources tell me.
On the 20th, Fortress will have the ability to foreclose on the loans and take possession of Jackson’s half-interest in the $1 billion Sony/ATV Music Publishing company, as well as the entire MiJac Music Publishing company.’
Read more at Jackson Nears Financial Ruin
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December 21st, 2005 at 8:03 pm
Sources says, Brent Ayscough, a civial attorney for Jackson told Rueters that representatives for Jackson and Fortress were working to renegotiate the terms of the loans l to give Jackson more time to avoid default.
He also suggested that the possibility of imminent foreclosure on Jackson’s stake in Sony/ATV was unlikely.
December 22nd, 2005 at 4:33 am
First I’d like to say this: While I haven’t been a fan of Jackson’s since I was a young child I recognize that he is a phenomenal talent. On one hand and at one time, Michael’s name was synonymous for a gift that even most established entertainers would kill for. In that manner he is iconic. Hence, his still present fan base. That kind of talent doesn’t die.
On the other hand, the same spirit that fuels the type of confidence and creativity he embodied can be broken. Sadly and wastefully, I might add, I think Jackson’s spirit is exactly that, BROKEN. Terribly so.
It was obvious that the trial itself took a toll but the aftereffects have been like insurgency bombs, setting off small explosions in every direction. He may have survived the core event but the resulting smoke satellites out into ANY future endeavor he attempts. I’m not convinced he can overcome that.
His latest ails are evidence of his brokeness. Michael had nearly a year to address this matter with Fortress. Yet in his paranoia he turned down an offer that could have rescued him and chose instead to ignore his dire financial circumstances. He has also chosen to physically take himself as far away from his reality as nearly possible to a beautiful, yet surreal sandy retreat thousands of miles away from home. Not a bad choice when seeking to clear one’s head but not a good choice either considering the fires smoldering in his wake.
This doesn’t sound like the actions of someone who has a firm grip on reality but the exact opposite. Sadly, his lack of response displays a deep depression and an utter disconnect.
It’s not in my nature to wish ill on anyone but I’d have to be blind not to see Michael has HUGE obstacles to overcome in his quest for erstwhile glory. In all honesty, I hope he proves me wrong but I don’t see him triumphing here. I think we’re witnessing the dimming and eventual dying out of a once blinding star.
December 22nd, 2005 at 4:39 am
Man, this site sucks! I’ve just spent ten minutes typing and attempting to send a post. I sent it three different times and it never once took. What a pain!
December 22nd, 2005 at 5:45 am
I am really believing MJ deserves the pain and suffering that is coming back to haunt him now. Who does he really think he is? Does he respect anyone? Does he respect society and the laws within a society? Maybe a guilty verdict and sitting in jail would have been more pleasant for him. Mj continues to lie, deceive, steal, disrespect and harm anyone and anything in his arms reach.
read below - only a portion of the article
from http://www.foxnews.com
Jacko: A DOJ Investigation Over False Passports?
Where do I start? In the middle of Michael Jackson’s complex and pending financial disaster, the singer faces new trouble in a more serious venue.
Sources tell me that Jackson is being investigated by the Department of Justice for lying to get his kids new passports and taking them out of the U.S. illegally.
At the same time, Jackson’s lawyers asked the private ex-family court judge they hired last year to step aside in their custody battle with the singer’s ex-wife, Debbie Rowe.
Jackson and Rowe hired retired Judge Stephen M. Lachs to adjudicate their long-running and unique conflict over Prince Michael and Paris Jackson.
But according to sources, now Jackson’s lawyer Michael Abrams has filed a motion with Lachs asking him to recuse himself from the case, even though he was hand-selected.
December 22nd, 2005 at 5:48 am
remainder of article…………
The reason? Abrams is saying that Lachs is predisposed to Rowe. Sources on Rowe’s side, however, find that laughable, since the case has taken more than a year and gotten almost nowhere, thanks to Jackson first being on trial for child molestation and then leaving the U.S. with no intention of returning.
The Rowe-Jackson situation is complicated by the fact that Rowe is the only biological parent of the two kids. She married Jackson, had the children and then agreed to divorce and a settlement that contained a confidentiality agreement.
Jackson stopped paying her last year, claiming she’d broken the agreement by giving an interview about her horses to a syndicated TV show.
And there’s more: Rowe, according to sources, has filed a motion with Lachs claiming that Jackson took Prince and Paris to Bahrain in the United Arab Emirates without her permission.
This part of the story is tricky: at the time that Jackson decided to take the kids abroad, their passports were being held by the family court, thanks to the pending custody case.
Jackson — according to Rowe — lied to the passport service by saying he had sole custody in order to get new passports. This brought in the Department of Justice, which is taking the complaint seriously.
A source there told me, “We can’t comment on investigations or whether there is one going on. But there are specific laws about parents taking kids out of the country.”
The source also conceded that it’s easy for one parent to commit fraud by lying to the passport office and removing children illegally. Rowe, Jackson’s lawyers will argue, had no rights. But Rowe’s side can show that she had her parental rights restored by Judge Lachs about two months before Jackson split for Bahrain.
The judicial recusal is another thing, however. Judge Lachs has 10 days to decide if he will step down. If he chooses to stay, the matter goes to judicial review. One theory for Abrams and Jackson’s possibly next move is to buy time.
Jackson, sources tell me, is hoping to soon claim residency in Bahrain when his six-month stay is completed.
Meanwhile, I have to say how amused I am to see dozens of articles concerning Michael Jackson in the last two days based on reporting from this column. Almost none of them gave us any credit. But readers of this column know better, and not to trust other outlets. Many of them got the story completely wrong.
yvette - i know its early on the west coast, sorry to piss in your wheaties.
December 22nd, 2005 at 9:06 am
Thanks for a great post Roseena, You brightened my whole day! I LOVE the ending…I actually laughed out loud it tickled me so. I’m still worried about the animals though. I’m hoping someone steps in and takes control of them soon.
December 22nd, 2005 at 12:32 pm
There you go again, listening to those talking heads.
Roseena. You can’t help being a Jackson fan. You’re here everyday reading and posting bogus news. If you can care less about the guy, whey are you here???
You’re getting just as bad as Sue, talking out of the side of your neck!
December 22nd, 2005 at 1:03 pm
Oh- I don’t eat wheaties, you eat them.
December 22nd, 2005 at 1:29 pm
Michael Jackson’s ex-wife has denied that she ever said he was not the biological father as previously reported, an Iris new paper claimed that Debbie Rowe, who was married to MJ between 1996 and 1998, said they used a sperm bank.
Rowe says she was in the in the US when the interview was allleged to have taken place. Her lawyer, Iris Finsilver said, Rowe was in the zus with the zflu and would never make such an allegation as it would harm her right to visit her children.
Just can’t trust the media outlets… it’s best to wait and see what happens.
December 22nd, 2005 at 1:44 pm
Wonderful post Cheetah.
I would have to agree with you that this once blinding star is dimming as we speak. Why did this happen? I too feel the trial took it’s toll on him. His private life was put out for all of us to see and judge. I don’t know anyone that would not be unhappy to have their innermost thoughts and actions spewed all over the media. In MJ’s case, it burst the bubble of invinceability I think. He finally realized he can’t do whatever he wants, that he will have to answer to someone at sometime for his indiscretions. Of course there are the die hard fans that will love him no matter what, the ones blinded by the truth, but I’m sure he lost a lot of fans and friends during the trial. Several people turned against him and I’m sure it hurt. Now he has run away, to live in another country. He’s in hidding…. hidding from what? The Fox news article says no one has seen him.. that he speaks through the Prince of Bahrain. Even his family is worried for his mental health. So if the DOJ finds that he did remove the children illegally, what will happen? Let’s hope they are returned to thier Mother where they will be safe and maybe have a chance at a semi normal life!
December 22nd, 2005 at 1:47 pm
Do you have a link to back that up Yvetter? Where did you “hear” all of this about Debbie Rowe?
December 22nd, 2005 at 3:43 pm
Court records are made public. If there has been any filing by Rowe simply look them up.
December 22nd, 2005 at 4:51 pm
Roseena YOU COPIED THAT!!~! It did not come from your mouth!~!!
December 22nd, 2005 at 5:02 pm
Gessh Yvetter,
She stated it was an aritcle, even gave the link to where the artilce was! If you would take the time to read and comprehend what you read you would know that!
December 22nd, 2005 at 5:26 pm
There you go, being critical again. That’s why I call you redneck! I know where she got it but she cited it improperlly~!
December 22nd, 2005 at 5:42 pm
Attorney Friedman: ” Investigation over passports”.
December 22nd, 2005 at 7:17 pm
I will be posting Debbie Rowe’s words from her transcripts when she terminated her parental rights in October 2001. She understood once she severs her parental relationship with the kids she can NOT turn back. She said, “Michael is a good father and he should have the kids. “. she aslo said, ” she saw the kids every 45 days and she felt she was an intrusion on them and she did not want it to be that way for the kids. She said, Those are Michael children and she wants to terminate the relationship on that day. ” Her attorney, Finsilver wrote up the agreement and both parents signed off on the agreement.” Now, if you would ask any family law attorney, they are going to go by the court order. Another thing, she was asked about the media and if she were to read something in the media about Michael and the kids, “she would let it go because she understands how the media will put a spin on a situation.
I will post the transcrips tomorrow for you all to see. I don’t think she’s got a chance here folks. She gave up her children and said she would not be a good mother. I agree, if she ’s flipflopping now, there is some unstability here to say the least.
I’ve been in that kind of situation, a custody battle and once you give up your rights, you do NOT get them back. Espcially here in California.
Stay tuned~
December 22nd, 2005 at 7:35 pm
Thanks for the props, Sue. You know, something you said got me to thinking. I respect the fact that Jackson still has fans but I’ve long since grown out of that type of “idealism” when it involves human beings. The Michael beneath the hype walks on two feet, eats, drinks, craps…With the years of image consulting and public relations stripped away he’s just like you and I , HUMAN. I think that revelation may come as a surprise to some people, Michael included.
He’s getting what he’s getting but I don’t know if it’s what he deserves. From such a young age he’s lived a life of entitlement. “Entitlement” and “invincibility” has been his “reality”. These qualities are not innate facets of character. He wasn’t “born” that way. He was “taught” that way. Somebody should have kept him better grounded. It’s difficult to feel the ground beneath your feet when you’re accustomed to floating. It’s also impossible to deprogram yourself. I don’t think he’s ever truly had to bear the weight of his own actions. I don’t think he fully understands what “consequences” are.
For that matter he isn’t the only one.
As long as we as a worldwide society are willing to elevate people to Godlike statuses we’re going to create megalithic idols like Jackson for lieges of people to pay homage to. Because of this we bear some of the weight of his demise. It’s unfair and vindictive to place someone on a pedestal but then cackle in glee when he comes tumbling down. After all we are all only human.
December 23rd, 2005 at 2:10 am
fool yvette - incorrectly citing?
laugh. I think you are still feeling the sting of being caught “red handed” plagiarizing. At least I gave credit to site and acknowledged it was being pasted for YOUR benefit.
December 23rd, 2005 at 2:13 am
Cheetah - I really respect your posts. Even when i do not agree, or fully agree, with them because they are very balanced and you clearly can support and back your points, comments, and thoughts. Unlike others in this blog (yvette) not to mention any names. : )
I am going to continue my reply to your post in another comment. I think the larger the post, the higher the risk of having it hi-jacked into cyber space.
December 23rd, 2005 at 3:00 am
Jackson disobeys laws (again), and deceived the people who trusted him, (again). Read the article titled “No Christmas at NeverLand” on the http://www.foxnews.com site.
It basically reveals that in addition to jacko allowing his animals to starve and get sub-standard care, and on top of him illegally taking his kids out of the country, he also decided to quit paying his Ranch staff. Imagine that, MJ betraying those closest to him….hmmmm, didn’t we see that behavior from him in the past. He is dishonest to the same people who compromised their reputations and put their neck on the line to defend him in court. If he had no intention on paying these people, he should have terminated their employment months ago. But that would have been too normal, too honest, too upfront of an action for the king of pop. His behavior and obscene refusal to respect law and order and decency in the world makes me ill. However, he will reap what he sews.
December 23rd, 2005 at 3:06 am
You know, Yvette, I vaguely remember the provisions discussed in the agreement you’ve mentioned above. I think you’re right. Debbie Rowe did relinquish custody of her kids. I wonder about a woman who would do this. Yet we’re talking “2001″. Conditions for MJ since that time have deteriorated. As I can recall Rowe wasn’t spurred into action until after Jackson’s life started to spiral heavily downward. I would wonder even more about a woman who witnessed the kind of effects Michael, even as we speak, is still experiencing, and by virtue, his children, and done nothing about it.
Things are different. The conditions which she signed the contract under have changed.
Fortunately, children are not chattel. They can not legally be bought and sold. A contract can not and should not absolutely decide their fates. They have zero control over the conditions they find themselves in so an “advocate” needs to step in on their behalf. Who better an advocate than their own mother?
Do you remember the recent news story in which a schizophrenic woman dumped her kids into a river? Had those children been represented by a powerful advocate their lives might have been spared. Don’t get me wrong. I’m not suggesting that MJ is schizophrenic nor am I suggesting that he would hurt his children. God forbid, neither is Rowe. The questions is this: Considering how dysfunctional MJ’s life has become now, considering what he’s been through and how he’s been affected, considering his lifestyle and present troubles, wouldn’t another environment be better for his children?
There are child psychologists and judges who need to assess the mental stability of the children and adjudicate the circumstances. Rowe’s lifestyle needs to be considered an alternate for the children if their father’s is found to be damaging. If things are really square with Michael, what does he have to fear?
I also don’t believe “sperm” should have anything to do with custody. “Father” is a nurturing role. There are many parents out there who do not share biology with their children yet do a fine job. Given Michael’s recent experiences one could see how he’d be paranoid but he needs to remember that the people associated with the custody battle are not working “against” him. They are working “for” his children.
December 23rd, 2005 at 3:18 am
Yvette - 1 quick comment to you.
In a recent post, you stated you ENJOY using slurs of racial accusations and “white sheet” “red neck” comments. here is one of YOUR quotes:
“All of the gestures of which I use such white sheet is all to strike a nerve, and it worked! hahaha.”
So basically, you have admitted to exploiting the pain and suffering African Americans have experienced as a weapon (crying wolf syndrome)against anyone who angers you by expressing a different opinion than your own. Is that not cruel? It is. I do not want to get into the racial debate, i merely wanted to point out that you “sold out” (knowingly inappropraitely used and disrespected) history in attempt to take a low-blow at your fellow posters.
December 23rd, 2005 at 3:37 am
Cheetah
I gather from your post that you believe “bad parenting” while being raised can be to blame for a person’s bad behavior as an adult. If I recall, you have a professional background relating to social issues (I think) so I value your point, but I believe that approach/explanation has been overused, if not abused. Mj may have not had the typical traditional childhood, but there are millions of cases, most even worse than his, and they found the ability to grow up and be “OK”. Whether or not mj ever had to “bear responsibility” or understands consequences, or if his dad whipped him daily, it does not excuse him from his behaviors and wrongdoing. If we (society) took the approach of “he was taught that lifestyle, he was put on a pedestal, and besides, we’re all human” to every person who commits crimes, we would have a nation full of anarchy.
December 23rd, 2005 at 3:40 am
Thanks, Roseena. You know I see where you’re going with your posts and understand the points you make. I just wonder if these are actually single, intentionally devious acts on the part of Jackson or are they the results of the whole “disconnect” he appears to be suffering from? I’m not convinced that he’s mentally stable enough to “plot” in earnest. I’ve rarely seen a clearer picture of depression and disconnect, though. Additionally, some accounts of his recent activities conject that he’s been over medicating as well. Your assessment of him would make him a borderline sociopath. I’m not discounting it, but I’m also not quite ready to believe that yet.
December 23rd, 2005 at 4:11 am
Cheetah,
Maybe I can be a little harsh with my assessments. MJ could be dealing with other issues/problems (like drugs or mental issues) that are leading him to bad choices or at least making it difficult for him to see the difference between right and wrong, and caring about it.
But then i look closer at his current actions, at the fact that he is productive in his chosen task of becoming a citizen of bahrain, which requires effort and “work” more or less. In addition, he put effort forth into finangling his children out the country (illegally). So MJ must have some drive and desires in life as he works towards those goals. Why can’t that same person be responsible for his estate, bills, staff, children, ex-spouse, pets, …etc.
Oh gees, the sun is rising on the west coast by now, yvette will be joining in with her horrible rants and accusations. I think our window of respectful conversation (even if views differ) will be slammed shut soon……
December 23rd, 2005 at 4:43 am
I was under the impression that some Bahrainian Sheik was handling all of MJ’s affairs now.
December 23rd, 2005 at 4:56 am
Well, from what i gather, there are steps and requirements that need met before he is granted perm residency in bahrain. Below is a statement from the foxnews article dated today:
There have been reports from Bahrain lately that Michael has started taking Islamic instruction as his residency allowance period comes to an end. This would complete the plan begun two years ago when brother Jermaine introduced Jackson to the Nation of Islam, which then took over his life.
December 23rd, 2005 at 9:12 am
I hear you Roseena, all of you nspeculatgion is good at best. When one has acute depression the disconnects come in. Things like bills, and day to day life closes in on a depressed person. After the trial, I can understand one being depressed. A person just can’t pull things together in a New York minute. It takes time. I would not go as far to say he should have no legal custody of his children, they most likely keep him going every day. But children are resliant, they can bounce back into a normal enviormnet. MJ has not made a googd financial choices but it’s who ever has his eaar at the moment.
Getting back to to the custody issues, The law is strict hrer in CA . I went through a similar situation about 1-2 years ago. Debbie didn’t want thos children and to undo what has already been done is going to be teddious to say the least. First off, she would half to get rid of her motorcycle or buy a car for transpotation. Again. you half to womder about her mental stability. she sayas one thing and changes it she . The changes it. Court system is not going to put up with that. Courts work at a snails paste, Then again. she is the one who signed thechildren over to MJJ. It will take a lot of time and money to change this. To be honest with you, maybe the childre would be better off with another family member. What shout be required is a psyological of both parents. they offer that here in Calif.
But MJJ has gon through a lot, keep in mind he stioll has Grace , the nanny to help out with the children too.
I think we will all have to wait and see what takes place.
Again., once you give up your children, its going to be difficult for her to get them back It’s not easy!
I’m having asthma today so my typing skills aew limited
December 23rd, 2005 at 9:19 am
Speculation! This medication I take, advair. makes my hands trimble. Sorry for that.
MJJ and Rowe have a dire task at hand.
December 23rd, 2005 at 9:24 am
All of these problems which MJJ is facing is enough to nake anyone depressed. I would highly recommend a psycological evaluationj for them both before granting custody to either parent. That is a must!
December 23rd, 2005 at 9:57 am
Yvette - you and i agree on an issue! The placement of the kids needs evaluated …neither parent may or may not be suitable for various reasons. i cant remember if i posted my feelings on rowe earlier or not, but i think she is a freak, for a lack of better words. I need to read more on the custody battle/prior agreements/paternity concerning the kids. I remember the tv interview with rowe where she shared the story of how michael literally grabbed the baby (not sure which one) immediately after she gave birth and the cord was cut and he wrapped the baby up and ran with him to cuddle and bond. He did this even prior to the dr’s examining the baby and rowe said she was perfectly fine with that. I thought “is she nuts, as a mother, i would never allow my baby to be wisked away like that”
I hope your asthma attack subsides soon.
December 23rd, 2005 at 12:39 pm
Good points, Yvette! I’m not familiar with the child custody laws in CA but you’re right on when you say that both parents need to undergo a mental evaluations. I also hadn’t heard about the episode Roseena brought up with the birth. Scary. Rowe may truly have issues also. Another family member may be better suited. One thing is for certain, none of this can be resolved as long as Michael and the children are in Bahrain. Something really needs to be done about that.
December 23rd, 2005 at 1:48 pm
After reading the last few posts of Roseena, Cheetah and yes.. even Yvetter..I agree with all of you. I had forgotten the insident Roseena brought up about MJ wisking the baby away right after birth. I remember Ms.Rowe talked about it in a interview and I too thought how could she let him do that!! It sure made her sound like nothing more than a breeder sow. But then, they were married and I actually thought that it was a “normal” marriage, untill the truth came out. The laws here in CA are very strick when it comes to children and custody. I also think BOTH parents need a psyological evaluation before custody can be decided. As for the motorcycle Yvetter, she doesn’t need to get rid of it…that’s a bit harsh. I’m sure she has another mode of transportation. After all, MJ paid her well for his children!
December 23rd, 2005 at 2:26 pm
Sue-p you think she has another mode of transportation, nadda, she has horses./ and that is not exceptable. She is selfish in her own way. Rowe needs a automobile for transporting those kids. They are at the age wherehthey want to play sports and little league games. She can’ t take them on a motorcycle. But they both need to be psyologically evaluated, that is fact. She’s just a luny as he is. If infact she gave up her parental right, it’s going to be hell getting them back. No wonder the judge is asking to steo down, he does’t know how to make the call. This will be interesting to see played out!
Thanks Roseena about your concerns with my asthma.
Stay tuned~
December 23rd, 2005 at 6:06 pm
We’ve finally all found a consensus!!!!! yea!!!
December 23rd, 2005 at 6:34 pm
YVETTER…OMG
Did you actually say that “She’s just a luny as he is”? Do you know that you actually AGREED with all of us that think MJ is not playing with a full deck?
Excuse while I pick myself up off the floor! It’s got to be the asthma… I know I get dizzy sometimes when I have an attack. (I have asthma too) How do you know that Ms. Rowe only has a motor cycle and not own any other vehicles? As for Paris, Prince and Blanket playing sports… somehow I don’t see those children doing that. Although.. it would be nice to see them get outside in the sun and fresh air without those awfull veils. Breathe easy….
December 23rd, 2005 at 7:16 pm
I know that because she said she did! Blanket is not her child, only Prince and Paris. And yes, he is acting strange these days. but she too is strange. It still does not mean I dislike him. I do not have all the facts nor do you. Trust me, the lady is a biker and there are no room on a bike for children!!!
December 24th, 2005 at 3:27 am
Hey all -
I have a half day today - I just wanted to wish everyone a very Merry Christmas - (sue, yvette, cheetah and others)
enjoy your holiday, your families!
Roseena
December 24th, 2005 at 3:34 am
Merry Christmas, Rosie. Enjoy! You too Sue, Yvette and everyone else. Have a happy holiday season!
December 24th, 2005 at 6:13 am
Merry Christmas to you all, Rosie, Sue and Cheetah! Be safe and Bless you all
Thanks!
December 24th, 2005 at 6:29 am
Thank you all! Merry Christmas to you too. Have a safe and Happy Holiday. Remember the reason for the seaon.
December 31st, 2005 at 8:49 am
Hey all!
Did you all have a good Christmas? The New Year is almost here. He’s hoping for a wonderful year for all of us. Good debates & discussions… and no more name calling…lol
January 5th, 2006 at 6:41 am
I hope everyone had a wonderful Christmas and New Years.
Is the site Administrator still on vacation? We need some new Micheal news posted to get things flowing!
January 5th, 2006 at 2:43 pm
Hey, hope everyone had a very merry christmas and a happy new year holiday. Rosssena is right, we need some new postings!