Michael Jackson settles suit
Napísané: 19 Jún 2007, 16:50
Michael Jackson settles suit
The $48 million suit was filed against singer by Prescient Capital in 2005 for breach of contract after the advisory firm helped him secure financing to pay off debts.
June 18 2007: 4:52 PM EDT
NEW YORK (Reuters) -- Debt-laden pop singer Michael Jackson reached a settlement Monday over a breach of contract claim by New Jersey-based finance house Prescient Capital.
Prescient sued Jackson and his MJ Publishing Trust in July 2005 for $48 million, alleging breach of contract after providing financial advice to Jackson and his various companies.
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Jackson family memorabilia will be up for sale at an auction in Nevada. KTNV's Denise Saunders reports.
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Prescient said it helped Jackson secure a commitment for a total of $537.5 million in financing to enable him pay off a $272.5 million debt to Bank of America (down $0.17 to $49.91, Charts, Fortune 500) and possibly to exercise his put option to purchase the 50 percent interest in Sony/ATV Music Publishing he does not currently own. Prescient secured funding from New York-based hedge fund Fortress Investment Group.
Meat Loaf: It's my 'Bat Out of Hell'
Sony/ATV, the world's fourth-largest music publisher, is jointly owned by MJ Publishing Trust and Sony (down $0.38 to $54.15, Charts). Among its valuable catalog of songs are most of the hit songs of the Beatles and songs penned by Jackson himself.
Michael Jackson has been reported to be struggling with debt, which saw him seek refinancing to avoid losing publishing rights to his valuable catalog of songs, which also includes songs by Bob Dylan and John Mayer.
A spokesman for Jackson told Reuters the settlement means that both the Beatles' and Jackson's songs and others in the library are "safe and sound."
Court documents showed a voluntary dismissal of the breach of contract claim.
The terms of the settlement were not disclosed in filings at the U.S. District Court for the Southern District of New York.
The $48 million suit was filed against singer by Prescient Capital in 2005 for breach of contract after the advisory firm helped him secure financing to pay off debts.
June 18 2007: 4:52 PM EDT
NEW YORK (Reuters) -- Debt-laden pop singer Michael Jackson reached a settlement Monday over a breach of contract claim by New Jersey-based finance house Prescient Capital.
Prescient sued Jackson and his MJ Publishing Trust in July 2005 for $48 million, alleging breach of contract after providing financial advice to Jackson and his various companies.
Video More video
Jackson family memorabilia will be up for sale at an auction in Nevada. KTNV's Denise Saunders reports.
Play video
Prescient said it helped Jackson secure a commitment for a total of $537.5 million in financing to enable him pay off a $272.5 million debt to Bank of America (down $0.17 to $49.91, Charts, Fortune 500) and possibly to exercise his put option to purchase the 50 percent interest in Sony/ATV Music Publishing he does not currently own. Prescient secured funding from New York-based hedge fund Fortress Investment Group.
Meat Loaf: It's my 'Bat Out of Hell'
Sony/ATV, the world's fourth-largest music publisher, is jointly owned by MJ Publishing Trust and Sony (down $0.38 to $54.15, Charts). Among its valuable catalog of songs are most of the hit songs of the Beatles and songs penned by Jackson himself.
Michael Jackson has been reported to be struggling with debt, which saw him seek refinancing to avoid losing publishing rights to his valuable catalog of songs, which also includes songs by Bob Dylan and John Mayer.
A spokesman for Jackson told Reuters the settlement means that both the Beatles' and Jackson's songs and others in the library are "safe and sound."
Court documents showed a voluntary dismissal of the breach of contract claim.
The terms of the settlement were not disclosed in filings at the U.S. District Court for the Southern District of New York.