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Post by david g. on Mar 10, 2006 9:11:10 GMT -5
LOS ANGELES (Reuters) - Michael Jackson was ordered to shut down his Neverland Valley Ranch on Thursday by California authorities who have fined the pop star $169,000 for failing to pay his employees or maintain proper insurance.
Jackson's sprawling ranch in the central California foothills was closed, at least temporarily, by an agent of the State Labor Commissioner after the office discovered that his worker's compensation policy had lapsed in January.
"We went out there this morning and issued a stop order to the security guard at the front gate," state Department of Industrial Relations spokesman Dean Fryer told Reuters. "We asked to be escorted in to meet management, but we were refused and turned away, so we gave the order to (the guard)."
Fryer said local animal welfare officials had been asked to care for the inhabitants of Neverland's zoo.
He said that Jackson could reopen the ranch if he obtains workers compensation insurance but may face legal action by the state if he fails to pay the back wages.
Jackson, who was cleared last June of criminal charges that he sexually abused a young boy at Neverland, has spent much of his time since the trial in Bahrain and was not at his ranch when authorities arrived. His representatives could not immediately be reached for comment.
The order prohibits Jackson from employing anyone at the 2,800-acre (1,130-hectare) ranch until the insurance issues are resolved, Fryer said. "So it looks like this would mean for Neverland Valley Ranch that they would be closed down."
Jackson on Thursday was fined $69,000, or $1,000 per employee, for allowing his insurance to lapse. Earlier this week, authorities cited him for violating state labor law by failing to pay at least 30 employees since December of 2005. A letter for that citation imposes a $100,000 fine and demands that he make good on $306,000 in unpaid wages.
Fryer said his office learned of the workers compensation issue after a Neverland employee making an unpaid-wage claim remarked that a co-worker had been injured on the job and was uncertain about filing a claim due to the lapsed insurance.
If an employee were hurt at Neverland while Jackson was uninsured, Fryer said, "the medical expenses associated with that injury would have to be picked up by the state."
Prosecutors asserted during Jackson's child molestation trial that the pop singer was in precarious financial shape due to mounting debts.
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Post by david g. on Mar 10, 2006 18:11:23 GMT -5
abcnews.go.com/US/Entertainment/sto...=1706708&page=1Candidly Culkin Macaulay Culkin Talks With Barbara Walters About Child Stardom, Michael Jackson and His New Book March 10, 2006 — Macaulay Culkin isn't your typical child star. Sure, he made millions as the adorably mischievous boy in the "Home Alone" films. But at age 14, he walked away from Hollywood — and the fast-paced partying life that has landed so many child stars in rehab before they're out of adolescence. There is, however, something Culkin shares with many other child stars: He's struggling to find appropriate adult roles for himself. "It's a very fragile business that I'm in. … I'm incredibly picky, and I've always said that I'm more picky than my position allows me to be." He has returned to acting, appearing most recently as Roland, Mandy Moore's brother in the 2004 film "Saved!" But Culkin, still boy-faced at 25, says strangers continue to ask him to strike his trademark pose from "Home Alone," slapping his cheeks wide-eyed and slack-jawed. It's not something he relates to anymore, he said to Barbara Walters in an interview airing tonight on "20/20." "It's as if I'm stuck in the past, or something like that. And it's not something I really feel comfortable doing." 'Just a Cool, Groovy Little Book' Culkin's not particularly concerned about the lack of roles. "I'm only moderately jaded at this point," he said to Walters. He's saved his early earnings and says he's financially secure. So, he's not particularly worried about his career. "I am secure. Hopefully, you know, it'll all still be there. And my kids will go to college, and that whole kind of thing. I'm very fortunate, because I like my life. I like the way it is. I lead a very, very simple life." With his free time, Culkin has taken on a highly personal and unconventional project, publishing a new book called "Junior." With quizzes, cartoons, poems and musings, it's an unusual and playful pastiche. Culkin told Walters he wasn't expecting "Junior" to be praised as high literature. In fact, he prefaces his book with this statement: "I want to make one thing clear before we begin. I'm not a writer." So why would he publish a book? "I've always written, and it's never really been for anyone's benefit. … I just kind of put this collection together. I showed it to some people, and they said, 'That's great. Maybe you should make more of it.' And so I did. And it just kind of kept going, and it snowballed into this book," he said. "I just hope that it finds a small audience somewhere that will appreciate it and take it for what it is. I'm not expecting people to think it's the next great American novel, because I don't think it is. It's just a cool, groovy little book, and I hope people like it. That's all." On Michael Jackson's Seclusion Culkin insists the book is not an autobiography, but the main character, Junior, happens to be a child star. He describes events in Junior's life that certainly bear a resemblance to his own, but he doesn't touch on the aspect of his life that has fueled tabloid headlines over the years — specifically, his relationship with Michael Jackson. He says that he and Jackson speak only a few times a year, and that he hasn't spoken with him in several months. He says he sees the negative effects of child stardom in Jackson's life. "I think he's really disassociated himself from society. … If you could put him out in the world right today, I'm not sure if he could really function properly," he said. "I think he's really sheltered himself. I could have gone that route. I could have just shut myself off, and bought some piece of land upstate, and just kind of lived in my own world. But I didn't. I made a real clear choice when I was 14 years old to live, to have life experience," he said. Culkin says people "don't really understand" his relationship with Jackson. "People think that we're super-close. We have a connection, but at the same time, we talk like once a year, twice a year," he said. Culkin testified at the pop star's child molestation trial several months ago. He said that he and Jackson never had an inappropriate relationship. He also says he believes it's unlikely that Jackson had any inappropriate relationships with boys who stayed at his home. "I mean you never know anything with, without 100 percent certainty, but at the same time my opinion is if he didn't do anything to me, I don't think he would have done anything to anyone else," Culkin said. Culkin also spoke about another much-analyzed relationship in his life: his relationship with his father, Kit Culkin. The two haven't spoken for 11 years, and Culkin still has bitter memories of his father. "He would do these horrible, terrible things sometimes. And then I would bring it up to him later. … And he would say, 'It never happened.' That was the thing that hurt me the most, was that he really felt like he was a really good person who never did bad things. And that's just simply not true," he said. There is a relationship in Culkin's life that's making him happy. He's dating Mila Kunis, one of the stars of television's "That 70s Show." Culkin, already once married and divorced, said there's no talk of marriage yet. "We have a really good thing going right now. … Why change it in any way?" Culkin said he didn't focus too much on his difficult childhood, but he acknowledged it had left its marks on him. "I'm still not very comfortable in a group of people, or at least a group of strangers, but at the same time, I don't feel like I'm a broken person or that I'm shattered, because of my childhood. … I've lived in my own world for so long, and I still enjoy doing it." ------------------------
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Post by DavidGsHomie on Mar 14, 2006 16:04:38 GMT -5
Does anyone know of any updates about the Neverland problem? =(
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Post by david g. on Mar 14, 2006 17:34:26 GMT -5
Does anyone know of any updates about the Neverland problem? =( Jackson gets another day to pay $306,000 in Neverland wages Tuesday, March 14, 2006 (03-14) 12:12 PST Los Olivos, Calif. (AP) -- Michael Jackson got a day's reprieve Tuesday on a deadline to pay a $100,000 fine and $306,000 in wages he owes Neverland ranch employees. Jackson now has until 5 p.m. Wednesday to pay the penalty and remit back wages owed dozens of workers, who complained to the state that they had not been paid since Dec. 19. He could face a state lawsuit if he does not comply by then. Jackson no longer lives at the ranch full-time. He mainly has been living in Bahrain since being acquitted of child molestation charges last year. A call to Jackson's spokesman, Raymone K. Bain, for comment was not immediately returned. However, Jackson was "aware" of the extension, said Renee Bacchini, spokeswoman for the state Department of Industrial Relations. The extra day was granted after Jackson's financial representatives contacted the department to say "they are trying to come up with the money," Bacchini said. "They're trying to work with us," she said. Such extensions are not uncommon, she said. "That's a normal course of business," she said. "If somebody comes forward with good faith ... with anyone, we would be reasonable." The 2,600-acre ranch in Santa Barbara County remained virtually shut down Tuesday under an order issued by the labor department last week. Sixty-nine employees were ordered to stop work after it was discovered that their mandatory workers compensation coverage for job-related injuries had lapsed. Financial representatives for Jackson indicated they are complying with the order and "anybody who's out there on the ranch is not an employee of Michael Jackson," Bacchini said. A security guard could remain on duty if the guard was paid by a separate company that has workers compensation coverage, Bacchini said. Similarly, people remained at the ranch to care for the singer's exotic menagerie, which at times has included elephants and a giraffe. "There are people who are being paid to take care of the animals" but Jackson was not paying them, Bacchini said. She did not have other details. Officials previously said local animal welfare agencies had been notified of the shutdown and offered their help if needed. Jackson also faces a fine of $69,000 for allowing the workers compensation coverage to lapse. But he has 30 days to appeal that fine, which was issued last week.
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Post by DavidGsHomie on Mar 14, 2006 18:43:01 GMT -5
*Sigh* poor Michael. I hope everything turns out ok! Thank you David.
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Post by david g. on Mar 15, 2006 10:48:43 GMT -5
Trader's bid to buy Neverland AN entrepreneur, who started out selling cut-price clothes on Lancashire's markets, is bidding to buy the hottest property on the world market. Simon Yates, founder of the QS Discount chain, is to head a consortium of North West investors aiming to buy Neverland, the Californian home of Michael Jackson. The businessman, whose first job was working on the markets in Chorley and Preston, spent an hour last night talking to MJ’s close friend, Uri Geller, to kick-start the bid. He is due to fly to the Middle East next week hoping to discuss the deal. Mr Yates insists the bid is not a publicity stunt and said he was “deadly serious” about heading the group aiming to buy the $100m of real estate. However, Jackson’s official spokesman Raymone Bain exclusively told the Evening Post: “Neverland is not for sale. I don‘t know what authority they have to be making a bid for something not for sale.” Ms Bain also dismissed rumours the pop star was planning to make a new home for himself in London, branding suggestions he had been looking at houses or scouting schools for his children as “erroneous”. But Mr Yates said: “I am expecting the sale to go through for a significant amount of money. It will be a highly sought-after property, but the extent of my bid will be for the attention of Mr Jackson’s advisors only. “I know he is in Bahrain at the moment and if I could meet up with him while I am out in the Middle East that would be great, especially if it gives me an advantage in clinching the deal. “We are looking to expand the chain of stores over the next five years. This is further afield than we had planned, but it is not every day a property of this profile comes on the market.” The entrepreneur, who has already sounded out several Manchester money men about the deal, said if the bid is successful, he plans to rename the property the QS Neverland Discount Outlet. He said he would keep many of the fairground attractions and combine them with a ‘world-leading retail unit’ to create a family shopping destination based on the model QS has established in the North West. Yesterday, California state barred workers from Michael Jackson’s Neverland Ranch and fined the singer $69,000 (£40,000) because their compensation insurance policy lapsed. Regulators found that coverage for 69 employees at the ranch in Santa Barbara County lapsed on January 10. Jackson and his immediate family may still live at Neverland and he could keep the ranch running by hiring an outside company whose employees are covered by workers’ compensation. The ranch operators have five days to appeal against the order and fine. 15 March 2006 www.lep.co.uk/ViewArticle2.aspx?Sec...ticleID=1385633
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Post by david g. on Mar 16, 2006 12:21:38 GMT -5
www.mercurynews.com/mld/mercurynews...ia/14107344.htmState says Michael Jackson will pay Neverland workers back wages Associated Press LOS OLIVOS, Calif. - Averting a potential state lawsuit, Michael Jackson has agreed to pay hundreds of thousands of dollars in back wages owed to dozens of employees at his Neverland ranch, officials said Wednesday. "Jackson's representatives will distribute payroll directly to the employees" on Thursday, said a statement from the California Department of Industrial Relations. Jackson had been given a 5 p.m. Tuesday deadline - later extended to Wednesday - to pay up or face a lawsuit. "There is no need to take legal action in this matter at this time," said Robert Jones, acting California labor commissioner. Authorities sent a letter to Jackson's financial representatives on March 7 demanding he make good on back wages. The department said it had received complaints from at least 30 workers that they had not been paid since Dec. 19 and were owed $306,000 in wages. Jackson also was told he would have to pay about $100,000 in penalties. However, Jones said Wednesday that Jackson's payroll records still were being verified. The final calculated figure for back wages and penalties would be available next week, he said. A call to Jackson's spokeswoman, Raymone K. Bain, was not immediately returned. She earlier declined comment on the issue, saying Jackson does not discuss financial matters because he considers them private. A call left with Jackson's accountants, Bernstein, Fox, Whitman, Goldman & Sloan LLP, also was not immediately returned. The labor department also said Jackson's representatives had indicated that they were in the process of obtaining workers compensation insurance for 69 employees of the ranch. The state ordered all work at the 2,600-acre Santa Barbara County ranch to stop last week because the mandatory coverage for work-related injuries had lapsed. The order concerned some animal rights activists because it included keepers of Jackson's menagerie, which at times has included elephants and a giraffe. However, employees were permitted to keep working if they were being paid by another party who had workers compensation coverage. Investigators went to the ranch on Tuesday and determined that the stop order was being met. "Security is being handled by members of the Jackson family and a local veterinarian has put the animal caregivers on his payroll," the department statement said. Jackson still faces a fine for allowing the coverage to lapse. It originally was estimated at $69,000. "We will be calculating and collecting the exact amount," Jones said.
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Post by david g. on Mar 18, 2006 11:20:38 GMT -5
www.newspress.com/Top/Section/LOCALState intends to audit Neverland payroll Payday apparently came for workers at Neverland Valley Ranch. Now state labor authorities want to find out whether Michael Jackson paid his hired help their back wages in full. "We will now audit the payroll records to ensure that all employees were paid the proper amount owed them and that proper payroll withholdings were deducted," Robert Jones, acting labor commissioner, said in a statement Friday. More»
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Post by david rocks on Mar 20, 2006 16:39:18 GMT -5
im upset that mj closed down neverland:(....i was cryin:(..........its on the news everywhere.... ...man i loved that place to bits.... i guess i have to meet mj in dubai now ...its soo sad.....
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Post by david g. on Mar 25, 2006 23:22:57 GMT -5
DJ Whoo Kid Spends An Evening In Bahrain 'Chillin' ' With Michael Jackson 03.24.2006 7:57 PM EST
DJ says M.J. is a Kanye fan and may want to collaborate with 50. DJ Whoo Kid Photo: Jo Hale/Getty Images
If DJ Whoo Kid could pull off a collaboration between 50 Cent and the deceased Notorious B.I.G. and Tupac, why couldn't he unite 50 and Michael Jackson on wax?
According to the DJ, who recently spent several hours with the King of Pop in
"[Michael Jackson] said, 'I'm just chillin' ' — he actually said 'chillin!' " — DJ Whoo Kid Bahrain, it's a very real possibility.
Whoo Kid just came back from spending some time in the Persian Gulf nation with its ruler, Sheikh Abdullah bin Hamad Al-Khalifa, the Sheikh's son, John Legend, model Tyson Beckford and Jackson. Whoo Kid said he and Mike became so tight on the trip that he's trying to orchestrate a collaboration between 50 and M.J.
"I [saw] Michael Jackson sitting by the pool sippin' lemonade," Whoo Kid recalled of the beginning of his day with the royal family and others in Bahrain. "They didn't tell me he was going to be there — I didn't even expect Michael to be in the country. So I'm like 'F---ing Michael Jackson is here, sippin' lemonade!'
"I said 'What's up?' to him and acted like I wasn't groupie-sized. I gave him respect for all the sh-- he did, but in my head I was going crazy. He said, 'I'm just chillin' ' — he actually said 'chillin'!' F---ed my head up, so I walked away from him. Everybody gave him his respectful space."
Whoo Kid said he originally connected with Bahrain's royal family after he was recommended to DJ their parties by mutual contacts, including the Prince of Monaco and Seif Khadafy, son of Libyan dictator Moammar ("They're huge G-Unit fans," the DJ said).
During his trip, Whoo Kid also found himself invited to dinner with the sheik, Legend and Jackson. Apparently people were giving Jackson too much space at dinner — there was an empty seat next to him, which other guests were evidently too intimidated to fill. Finally Jackson, who'd laughed at some of Whoo Kid's jokes earlier in the day, called the DJ over to sit with him.
"Mike was like, 'Whoo Kid, come sit over here,' the DJ said in a high-pitched voice, mimicking Jackson. "I was like poinng! He was supposed to be there for like 45 minutes; he stayed for five hours. We was talking about Eminem. He was like, 'Is Eminem really retired?' I forgot that Eminem totally cremated him in one video ['Lose It'], but [Michael] didn't even bring it up. Then he started talking about 50."
Whoo Kid said that Jackson expressed some interest not only in working with 50 but also Kanye West on a new album. Whoo Kid arranged a phone conversation between Fif and M.J. awhile later.
As for the dinner itself, Whoo Kid said he was acting as a dietary and fashion consultant to Jackson.
"They had a whole lamb they brought to the table and Mike was eating some weird vegetables," Whoo Kid said. "I told Mike, 'You better get up on some of this lamb.' I said, 'Let me get some of this lamb ass.' The Sheikh was dying [laughing] because I kept saying 'lamb ass.'
"You can't talk to Mike all fluffy like everyone does," he continued. "I got him to curse — he said 'sh--.' I told him he needs to cut his a hair, get some million-dollar earrings, get a million-dollar watch and take all them spaceship clothes off. He said, 'I have to change my whole outlook.' He said he was trying to work out."
When his schedule permits, Whoo Kid says he plans to go back to Bahrain and hopefully record with Jackson for one of his mixtapes — a 50/ Michael Jackson collaboration is tops on his wish list. In the meantime, Whoo Kid has a slew of mixtapes dropping soon: There's one with Freeway coming (the prince is said to be making an appearance on that one), Lloyd Banks, 50 Cent and new CDs from Mase and Mobb Deep.
Whoo Kid said the next job he wants is to be musical ambassador of Bahrain.
— Shaheem Reid
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Post by david g. on Mar 28, 2006 11:01:40 GMT -5
Judge wants missing papers in Jackson-Rowe divorce case SCHOUAssociated PressLOS ANGELES - A judge on Monday ordered attorneys for Michael Jackson and ex-wife Debbie Rowe to submit copies of missing papers from the former couple's divorce file. Superior Court Judge Robert Schnider ordered Rowe's attorney, Marta Almli, to submit duplicate copies of Rowe's 2001 motion to terminate her parental rights to her two children with Jackson. Jackson's attorneys, Michael Abrams and Thomas Hall, were ordered to submit a copy of the entertainer's opposition to the motion. Jackson and Rowe divorced in 1999 after Rowe, citing irreconcilable differences, filed papers to end the marriage. A private judge oversaw the case. "The way this file looks, it's clear to me that documents have come in an untimely fashion," Schnider said. The missing documents must be submitted within 30 days, he said, and may be filed under seal. A hearing has been set for May 24. Jackson and his children moved to Bahrain soon after a jury acquitted him of child molest charges last year. He recently closed the house on his 2,600-acre Neverland Ranch estate in Santa Barbara County and has reduced his staff there to just a skeleton crew. www.mercurynews.com/mld/mercurynews...ia/14200259.htm
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Post by david g. on Mar 28, 2006 19:08:54 GMT -5
Jackson's New Authorized Book in Three Weeks?
Jackson's New Authorized Book in 3 Weeks?
Michael Jackson may be cold in the music world, but someone thinks he’s hot in the book biz.
Listed on Amazon.com right now is a new book called "My World: The Official Photobook, Vol.1."
There’s no publisher listed yet, but sources say that the authorized work is registered to the German company owned by Jackson’s former associate Dieter Wiesner.
Wiesner, you may recall, was one of the five unnamed conspirators in Jackson’s child molestation case last year. He wasn’t indicted, but Wiesner and his partner Ronald Konitzer were known as “the Germans” when they managed Jackson from 2001 to 2003.
They are considered to be the ones who bungled the handling of the Jackson-Martin Bashir documentary, and consequently the Arvizo family.
Shortly after Jackson was arrested in November 2003, Wiesner and Konitzer got the boot from Jackson’s affairs. But now I’m told that Jackson’s early February visit to Hamburg — the one where he stayed with the Schleiter family — was also to work with Wiesner on putting together “My World.”
The book contains photographs, poems and drawings. Supposedly, it will also carry the lyrics to a song Jackson told his fan clubs he was writing for them during the trial. It’s called “You Are So Beautiful,” not to be confused with the famous song of the same name written by Billy Preston and recorded by Joe thingyer.
Wiesner has frequently been described by Jackson and other witnesses in his various cases as trying to come up with business ventures for the pop singer. This book, which would be a souvenir on which Jackson’s fans could waste their money, would fit into that category.
With Jackson in financial distress, and cash poor, Wiesner was likely able to convince him to go ahead with this project.
According to sources, “My World” will go on sale around the world on April 17. Of course, we’ll take this with more than a grain of salt and down it with some Jesus Juice. But a purported copy of the book’s front and back covers were forwarded to me (see photo box).
Also, check out the photograph a fan took in Bahrain back on March 9 of Jackson with model Tyson Beckford. Even Sammy Davis Jr. didn’t have such glassy eyes. Jackson was probably suffering from jet lag.
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Post by david g. on Apr 13, 2006 10:13:23 GMT -5
Michael Jackson Bailout Said to Be Close New York Times Michael Jackson, the onetime pop-music king who has endured a lengthy slide toward insolvency, is close to a deal that would keep him from bankruptcy by refinancing hundreds of millions of dollars in loans, people briefed on the plan said last night. As part of the transaction, 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. Mr. Jackson, who spent years racking up debt to underwrite his lifestyle even as his music career faded, has appeared to teeter on the brink of ruin several times in recent years. Last month, he all but closed his sprawling California ranch called Neverland, a move that came after the California authorities threatened to sue over unpaid wages to ranch employees. Mr. Jackson used his stake in the song catalog as part of the collateral for about $270 million in loans from Bank of America. The bank sold the loans last year to Fortress Investment Group, a New York-based investment company that buys distressed debt. The entire catalog, of which Mr. Jackson owns 50 percent, has been valued around $1 billion, the people briefed said. As part of the new agreement, Fortress has agreed to provide a new $300 million loan and reduce the interest payments Mr. Jackson must make. Under the deal he has been negotiating, Mr. Jackson would agree to provide Sony which is co-owner of the Sony/ATV Music catalog with him with an option to buy half his stake, or about 25 percent of the catalog, at a set price, according to the people briefed on the deal. Should Sony execute its option on the music catalog, it would ensure that Mr. Jackson was able to pay his debts, these people said. Executives involved in the deal cautioned last night that some details had yet to completed and that the agreement could still collapse. Representatives for Sony and Fortress declined to comment last night. A representative for Mr. Jackson did not return a call. But executives involved in the deal said it came after months of talks that spanned the globe, with meetings from Los Angeles to New York to London to Bahrain, where Mr. Jackson has been living at the hospitality of Sheik Abdullah, the ruler's son. The deal also comes after years of efforts by an eclectic parade of financial advisers including the California billionaire Ronald W. Burkle and the Florida entrepreneur Alvin Malnik to offer Mr. Jackson guidance for extricating himself from his woes. Mr. Jackson's financial managers had been pressing him to shed a part of his stake in the Sony/ATV venture since before he stood trial last year on charges of child molestation. He was acquitted last summer. Many people close to Mr. Jackson have maintained that he could raise money to repay his loans or at least stay afloat by touring internationally or working out a series of television and book deals. But the consensus among his advisers was that he would face bankruptcy if he did not refinance. Sony has a longstanding interest in keeping Mr. Jackson solvent. If Fortress had moved to foreclose on Mr. Jackson, he might have been forced into bankruptcy protection, where his stake in the publishing company could be put up for auction. In negotiating the deal, Sony seeks to avoid the prospect that another bidder could gain ownership of the stake, which the company has long hoped to control. Sony has been trying to organize financial partners that could prop up Mr. Jackson's wobbly finances. In the fall, a Sony representative flew to Dubai to meet with Mr. Jackson and an adviser, Gaynell Lenoir, daughter of the late Gerald Lenoir, a lawyer who was a mentor to the lawyer Johnnie Cochran. Originally, they had tried to hammer out a deal in which Citigroup would acquire the loans, and offer Mr. Jackson a more favorable interest rate, around 6 percent, these executives said. Mr. Jackson had been paying more than 20 percent in monthly interest payments. Rather than sell the loans to Citigroup, Fortress agreed to match the bank's terms, the executives said. The various parties had agreed to the deal in principle a few weeks ago, the executives said, but the final pact was held up while the companies involved tried to address questions about potential exposure linked to Mr. Jackson's remaining legal problems. Prescient Capital, a New Jersey company that said it helped Mr. Jackson secure the original financing from Fortress, has sued him for breach of contract, accusing him of failing to pay millions of dollars in fees for providing financial advice. As a result, Mr. Jackson has finally been forced to loosen his grip on one of the richest of song catalogs. He paid $47.5 million in 1985 to acquire the ATV catalog, which had roughly 4,000 songs among them more than 200 tunes written by members of the Beatles. After 10 months of negotiations with ATV's owner, the Australian tycoon Robert Holmes à Court, Mr. Jackson bested other suitors including the music executives Charles Koppelman and Martin Bandier, the London-based Virgin Records and the real estate entrepreneur Samuel J. Lefrak. In 1995, as he confronted early financial woes, Mr. Jackson struck a deal to merge ATV with Sony's publishing arm. The arrangement also provided Mr. Jackson with a stake in new songs acquired by the venture, like "No Such Thing" by John Mayer. Aside from the Beatles songs, the venture has a vast archive including "Blowin' in the Wind" by Bob Dylan, "Sweet Caroline" by Neil Diamond and "E-Pro" by Beck The catalog also includes the works of songwriters including Stevie Nicks, Sarah McLachlan, Destiny's Child, Garth Brooks and Richie Sambora of Bon Jovi. The venture is also a big force in country music, having acquired the catalog of Roy Acuff and Fred Rose for $157 million in 2002. An archive of songs from the likes of Hank Williams and Roy Orbison is also included. www.gadsdentimes.com/apps/pbcs.dll/.../604130358/1011
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Post by david g. on Apr 14, 2006 10:33:50 GMT -5
Michael Jackson reaches refinancing deal Pop star Michael Jackson, in a bid to stave off insolvency, said on Thursday he has reached a deal with creditors to refinance more than $200 million in loans secured by his prized stake in the Beatles' song catalog.
The loans, which formally came due in December 2005, are held by the Fortress Investment Group, a New York private equity fund that stood to gain Jackson's 50 percent interest in Beatles publishing rights, valued at some $500 million, in the event of a default.
A statement issued from Jackson's representatives in the Persian Gulf state of Bahrain, where he currently resides, said the singer has "restructured his finances" with help from Sony Corp., which jointly owns the collection of more than 200 Beatles tunes through Sony/ATV Music Publishing.
Jackson "has restructured his finances with the assistance of Sony Corporation of America," said the statement issued by Grahame Nelson of Qays H. Zubi Attorneys & Legal Consultants, who said he was speaking for Jackson.
"Following negotiations with several leading financial institutions, Mr. Jackson has concluded refinancing with affiliates of Fortress Investment Group, the lender that currently holds secured debts that were previously held by Bank of America," the statement said.
Qays H. Zubi Attorneys & Legal Consultants was part of an advisory team that included Bahrain-based financial adviser Ahmed Al Khan, it said.
Jackson's U.S. spokeswoman, Raymone K. Bain, said Qays Zubi is an adviser to Jackson but she could not confirm the contents of the news release issued from Bahrain.
Sony ATV, Fortress and Nelson did not return calls from The Associated Press seeking comment after business hours.
It also said Citigroup bank "structured the transaction for the parties."
But terms of the new financing deal were not disclosed, and it was not immediately clear whether Jackson was forced to give up any of his stake in the song catalog.
The New York Times, citing sources briefed on the refinancing negotiations, reported earlier that Jackson would agree to provide Sony with an option to buy about 25 percent of the catalog, or half of his stake, at a set price.
Sony's interest in keeping Jackson solvent stems from its desire to avoid a default that would allow his stake in the publishing venture to go up for auction, and the possibility of another company bidding on it. Sony representatives were not immediately available for comment.
According to prosecution testimony during his trial on sex abuse charges last year, Jackson had borrowed heavily against his assets, including more than $200 million secured by his share in Sony/ATV. Those loans, first provided by Bank of America Corp., were later sold to Fortress.
Rights to the Beatles music passed to the conglomerate ATV through its purchase of the band's publishing company, Northern Songs, in 1969.
Jackson in turn acquired the 4,000-song catalog, including the Beatles titles, when he bought ATV from the late Australian tycoon Robert Holmes a Court in August 1985. Ten years later, Jackson cut his stake in the catalog to 50 percent after merging ATV with Sony's publishing. Jackson also kept a 50 percent stage in new songs added to the collection.
The Sony/ATV catalog also includes songs like Bob Dylan's classic "Blowin' in the Wind" and the works of such artists as Joni Mitchell and Stevie Nicks. But the Beatles' rights account for an estimated two-thirds of the collection's value.
Industry experts say the catalog is one of the most treasured in the world, especially since the recent explosion in music licensing ranging from movies and television ads to cell phone ringtones and video games.
Source: Reuters / AP / MJJForum
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Post by david g. on Apr 18, 2006 15:03:56 GMT -5
Michael Jackson Sails With Two Seas Abdulla Hamad Al-Khalifa, Michael Jackson, Guy Holmes April 18, 2006, 10:45 AM ET 'Crazy Frog' Exec To Head New Label Barry A. Jeckell, N.Y. & Lars Brandle, London Michael Jackson has taken a step towards a return to his musical career by signing an exclusive recording agreement with Bahrain-based Two Seas Records. The label is a joint venture between the embattled pop star and Abdulla Hamad Al-Khalifa. Jackson, who has been in Bahrain since shortly after his June 2005 acquittal on child molestation charges, is said to be working on new material. A new album is tentatively scheduled for release in "late 2007," according to a statement. "I am incredibly excited about my new venture and I am enjoying being back in the studio making music," Jackson says. U.K. record executive Guy Holmes has been tapped as CEO of the Two Seas label and will also be tasked with managing Jackson's other business interests. Holmes will also remain chairman of Gut Records, which last spring scored a massive U.K. hit with Crazy Frog's version of "Axel F," essentially a popular ringtone attached to a manic animated character. Gut has also released music from Tears For Fears, the Wildhearts, Sparks, Fannypack and Aswad. Holmes' Gut label is already promoting an association with Jackson, as a digital player on its Web site is streaming a Hi Tack remix of his 1983 hit "Say Say Say," subtitled "Waiting for U." In his earliest solo years, Jackson recorded for Motown, which had been home to his sibling group, the Jackson 5. The group shifted to Epic in the mid-1970s and in 1979 released Jackson's breakout solo album, "Off the Wall." His international superstardom was solidified with subsequent albums "Thriller" (1982), "Bad" (1987) and "Dangerous" (1992). His final studio set for the Epic was 2001's "Invincible," which debuted at No. 1 on The Billboard 200 and has sold more than 2 million copies in the United States alone, according to Nielsen Soundscan. Jackson accused the label of poor promotion, which led to a public spat with label parent Sony and its then president, Tommy Mottola. Epic has continued to mine the artist's career with a string of releases since then. Holmes appointment to effectively manage Jackson's career comes on the heels of reports last week that Jackson, in a move to stave off insolvency, has reached a deal with creditors to refinance more than $200 million in loans secured by his stake in the Beatles' song catalog. Jackson had been living off his 50% share of the Sony/ATV Music publishing catalog, which includes more than 250 copyrights from the Beatles. Jackson purchased ATV in 1985. Ten years later, in a deal orchestrated by his longtime attorney John Branca, Jackson merged ATV with Sony's music publishing division; the entire catalog is valued at around $1 billion. www.billboard.com/bbcom/news/article_display.jsp?vnu_content_id=1002345673
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