Rus News Journal

Michael Jackson - not only the defendant, but also the bankrupt

Michael Jackson not only the defendant, but also is on the verge of bankruptcy. Hearings about it already appeared last year but then no sums were called. However now it became known that in sledushchy Tuesday the singer should pay Bank of America a debt in 70 million dollars, and such money, according to financial experts, at it now is not present. In May of last year at once two newspapers - Guardian and Daily Telegraph - have published sensational messages that to Michael Jackson who was considered till now as one of the richest bottoms - musicians in the world, bankruptcy threatens. According to magazine Forbes, Michael Jackson`s private means in 2002 made about 500 million dollars. However recently Jackson`s new disks use the lesser demand and are on sale hardly. Messages on Jackson`s insolvency have been called then by the judicial claim which was raised against it by legal firm Union Finance which Jackson in 1998 has charged to put in order the financial affairs. Under the statement of the lawyers representing interests of this firm in the Californian court, Jackson owes to it under abacus 12 of millions dollars which for any reasons he refuses to pay. Till now the well-known ranch Neverland in California c a zoo and the moon - park on which the set of children constantly stayed with Jackson, demanded grandiose financial injections. Also obliges to spend millions the extravagant way of life which is a part of image of the well-known singer. The singer continues to spend approximately 2 million dollars a month, including for expensive purchases. The singer also contains at itself the whole group of members Islam Nations and Leonard Muhammad became its basic adviser. Jackson rents the house in prestigious area Beverli - Hills for 70 thousand dollars a month whereas its well-known ranch Neverland is empty as he has declared that cannot live there more after the estate was defiled by police. According to one of Jackson`s employees, the singer does not understand that its songs any more do not bring in million incomes as the sales volume of disks has decreased all over the world. Jackson lives for a long time already on credit Many assert that Jackson lives for a long time already on credit. Earlier in article in Vanity Fair, affirmed that style of life of the singer and sharp falling of sales of its disks have led to that at bottoms - a star huge debts - 240 million dollars, extinguish which it in the near future is unable. However, then the lawyer 44 - a summer star Bryan Oksman has rejected all messages on Jackson`s financial problems. Now to correct Jackson`s monetary affairs the businessman from Miami El Malnik who this week met managers of the singer undertook, informs BBC. According to Michael Jackson`s advisers, its financial affairs become complicated that banks for the clear reasons do not want to prolong to it credits in communication by the begun process about corruption by Dzhekonom of children. Besides, business is complicated by messages that Jackson`s money is supervised ostensibly by one of leaders of the organisation Islam Nation Leonard Muhammad. According to New York Times, last year, at least, two groups of investors have refused to conclude transactions with Michael Jackson from - for charges in harassment to the minor boy. At the same time Jackson cannot count on new contracts with sound recording firms and concert tours while charges will not be removed. Michael Jackson on - former is the co-owner with company Sony Music Entertainment of copyrights to 250 songs Beatles which total cost is estimated in 800 - 900 million dollars. The catalogue of songs of Jackson is estimated in 75 - 90 million. Now, if payment is not delayed, it will take over Bank of America. Menezhdery hope what to delay date of payment of a debt till December, 2005. NEWSru. com