Michael Jackson near bankruptcy??? - Sitcoms Online Message Boards

bandito · 05-24-2003, 09:00 PM

the King of Pop who amassed a half-billion-dollar fortune over the past 20 years, is saddled with debt and teetering near bankruptcy, his former financial advisers say in a lawsuit.

The lawsuit, set for trial June 18, claims Jackson's extravagant spending has created "a ticking financial time bomb waiting to explode at any moment."

Union Finance and Investment Corp. of South Korea filed the lawsuit in Los Angeles County Superior Court, claiming Jackson owes the firm $12 million in fees and expenses, plus interest. Jackson previously paid the firm $3 million, the firm said. The lawsuit also seeks punitive damages.

Brian Oxman, a Jackson family attorney, said he does not believe the 44-year-old singer is near bankruptcy.

"I see no signs of this impending disaster," Oxman said. "I cannot say it for 100 percent sure because nobody knows his financial statements. But I can say it for a reasonable certainty."

Oxman also said that Union Finance has been paid for its work.

The lawsuit was filed in April 2002 by Union Finance, described as one of South Korea's leading financial advisory firms. Jackson hired Union Finance in 1998 to help straighten out his finances, according to the lawsuit.

"When they were retained, plaintiffs believed that Jackson was incredibly wealthy," the lawsuit states. "At the time plaintiffs agreed to work for Jackson, there was no clue that Jackson's extravagant lifestyle had all but bankrupted him."

The firm said it soon discovered that Jackson had only two months' worth of available funds.

Union Finance's lawyer said that he stands by the allegations in the year-old lawsuit and that he took Jackson's deposition last week in Beverly Hills.

"For whatever reason, Michael Jackson is not paying his debts," said Pierce O'Donnell, a leading entertainment finance lawyer. "He has little or no means of income. He lives off a line of credit."

He added: "The day of reckoning is near."

Forbes magazine last year estimated that Jackson was earning $50 million a year at the height of his popularity in the 1980s and '90s and had amassed $500 million over his career. Forbes estimated Jackson has $200 million in debts but a net worth of $350 million.

Jackson's 1982 album "Thriller," which has sold 26 million copies, is second behind the Eagles' first greatest hits album in all-time sales in the United States. But sales of recent Jackson albums have sagged.

Jackson's assets include his Neverland ranch in the hills above Santa Barbara and homes in Southern California and Las Vegas. Most of Jackson's assets are in musical holdings worth an estimated $450 million, including 200 Beatles titles and songs recorded by Elvis Presley, Forbes reported.

He is a voracious spender. In 2002, he racked up a $100,000 hotel bill on a brief trip to New York, according to Forbes.

Union Finance said it helped Jackson obtain $200 million in loans through Bank of America between 1998 and 2000. In his deposition last week, Jackson said he didn't know how much he owed on the loans, O'Donnell said.

DarleneIllyria · 05-24-2003, 10:05 PM

I'm not too surprised. Eh, let me rephrase that. I'm kind of surprised, but in a way, I'm not too surprised. That's what happens when you overload your ass. Um, pardon my language for a second, but why the fuc* did he rack up a $100,000 hotel bill. I don't know, call me crazy, but if I even had the smallest doubt I was having money trouble, I would've found a cheaper hotel to stay in.

I really feel sorry for him now. It's quite a tumble down when you were on the top of the money chain and you slowly start tumbling down it and you land flat on your ass at the bottom. If he ever gets his debts cleared for and he gets some of his fortune back, I hope he doesn't blow it on silly stuff. jmo

Brian · 05-25-2003, 01:18 AM

Did anybody see that two-hour Jackson special on ABC with Martin Bishir? The part with Bashir and Jackson in that store shows how much of a compulsive spender he is. Literally everything he saw he bought.

sara · 05-25-2003, 01:44 AM

If Micheal does go bankrupts maybe Paul can finally buy the Beatles songs.

bandito · 05-25-2003, 11:12 AM

Quote:

Originally posted by BJL
Did anybody see that two-hour Jackson special on ABC with Martin Bishir? The part with Bashir and Jackson in that store shows how much of a compulsive spender he is. Literally everything he saw he bought.

I saw that special. It made me sick to see someone blow that kind of money on things, when there are so many poor ppl in this country that could use it for many better things. Heck I'd just like to have the money the freak spent on his nose jobs!

isiahthomas · 07-10-2003, 04:09 PM

I heard about Michael going bankrupt too. I believe it cause just from seeing him on that special with Martin Bashir buying all that stuff in that store in Las Vegas tells u how he just likes to waste money on stupid stuff. Did ya'll see all those fake wax statues he had of people in his hotel room during that interview that looked like real people? Michael is the weirdest dude on the planet LOL. He's a weird dude with money LOL. He visited his old hometown of Gary, Indiana recently & he visited his old house that he grew up in as a child & he also went to his brothers old high school. He was on the BET awards recently when James Brown was presented the lifetime achievement award.

05-24-2003, 09:00 PM	#1
bandito Going Topless Forum Veteran Join Date: Sep 28, 2002 Location: The Steel City Posts: 6,320	Michael Jackson near bankruptcy??? the King of Pop who amassed a half-billion-dollar fortune over the past 20 years, is saddled with debt and teetering near bankruptcy, his former financial advisers say in a lawsuit. The lawsuit, set for trial June 18, claims Jackson's extravagant spending has created "a ticking financial time bomb waiting to explode at any moment." Union Finance and Investment Corp. of South Korea filed the lawsuit in Los Angeles County Superior Court, claiming Jackson owes the firm $12 million in fees and expenses, plus interest. Jackson previously paid the firm $3 million, the firm said. The lawsuit also seeks punitive damages. Brian Oxman, a Jackson family attorney, said he does not believe the 44-year-old singer is near bankruptcy. "I see no signs of this impending disaster," Oxman said. "I cannot say it for 100 percent sure because nobody knows his financial statements. But I can say it for a reasonable certainty." Oxman also said that Union Finance has been paid for its work. The lawsuit was filed in April 2002 by Union Finance, described as one of South Korea's leading financial advisory firms. Jackson hired Union Finance in 1998 to help straighten out his finances, according to the lawsuit. "When they were retained, plaintiffs believed that Jackson was incredibly wealthy," the lawsuit states. "At the time plaintiffs agreed to work for Jackson, there was no clue that Jackson's extravagant lifestyle had all but bankrupted him." The firm said it soon discovered that Jackson had only two months' worth of available funds. Union Finance's lawyer said that he stands by the allegations in the year-old lawsuit and that he took Jackson's deposition last week in Beverly Hills. "For whatever reason, Michael Jackson is not paying his debts," said Pierce O'Donnell, a leading entertainment finance lawyer. "He has little or no means of income. He lives off a line of credit." He added: "The day of reckoning is near." Forbes magazine last year estimated that Jackson was earning $50 million a year at the height of his popularity in the 1980s and '90s and had amassed $500 million over his career. Forbes estimated Jackson has $200 million in debts but a net worth of $350 million. Jackson's 1982 album "Thriller," which has sold 26 million copies, is second behind the Eagles' first greatest hits album in all-time sales in the United States. But sales of recent Jackson albums have sagged. Jackson's assets include his Neverland ranch in the hills above Santa Barbara and homes in Southern California and Las Vegas. Most of Jackson's assets are in musical holdings worth an estimated $450 million, including 200 Beatles titles and songs recorded by Elvis Presley, Forbes reported. He is a voracious spender. In 2002, he racked up a $100,000 hotel bill on a brief trip to New York, according to Forbes. Union Finance said it helped Jackson obtain $200 million in loans through Bank of America between 1998 and 2000. In his deposition last week, Jackson said he didn't know how much he owed on the loans, O'Donnell said.
	__________________ bandito

05-25-2003, 01:44 AM	#4
sara Member Senior Member Join Date: May 21, 2002 Location: grandville michigan Posts: 2,296	If Micheal does go bankrupts maybe Paul can finally buy the Beatles songs.
	__________________ Help stamp out and eradicate superfluous redundancy!

05-24-2003, 10:05 PM	#2
DarleneIllyria Gone Forum Star Join Date: Oct 15, 2000 Posts: 19,086	I'm not too surprised. Eh, let me rephrase that. I'm kind of surprised, but in a way, I'm not too surprised. That's what happens when you overload your ass. Um, pardon my language for a second, but why the fuc* did he rack up a $100,000 hotel bill. I don't know, call me crazy, but if I even had the smallest doubt I was having money trouble, I would've found a cheaper hotel to stay in. I really feel sorry for him now. It's quite a tumble down when you were on the top of the money chain and you slowly start tumbling down it and you land flat on your ass at the bottom. If he ever gets his debts cleared for and he gets some of his fortune back, I hope he doesn't blow it on silly stuff. jmo

05-25-2003, 01:18 AM	#3
Brian Member Forum Celebrity Join Date: Jun 23, 2001 Posts: 20,451	Did anybody see that two-hour Jackson special on ABC with Martin Bishir? The part with Bashir and Jackson in that store shows how much of a compulsive spender he is. Literally everything he saw he bought.

07-10-2003, 04:09 PM	#6
isiahthomas Member Forum Fanatic Join Date: Aug 20, 2002 Location: Cleveland, Ohio Posts: 10,704	I heard about Michael going bankrupt too. I believe it cause just from seeing him on that special with Martin Bashir buying all that stuff in that store in Las Vegas tells u how he just likes to waste money on stupid stuff. Did ya'll see all those fake wax statues he had of people in his hotel room during that interview that looked like real people? Michael is the weirdest dude on the planet LOL. He's a weird dude with money LOL. He visited his old hometown of Gary, Indiana recently & he visited his old house that he grew up in as a child & he also went to his brothers old high school. He was on the BET awards recently when James Brown was presented the lifetime achievement award.