May 24, 2017  

Jacko Facing New Lawsuit

July 12, 2005 (4:09 am) GMT
Not so long after his sentenced not guilty, the King of Pop is facing a new lawsuit this time over The Beatles library finances

Has just been acquitted of child molestation, the King of Pop is now facing another legal suit, this time over library finances. Based on the lawsuit filed Monday in U.S. District Court in Manhattan, a financial company specializing in asset acquisition named Prescient Acquisition Group Inc. claimed owed $48 million in fees for rescuing his stake in the publishing rights to songs by The Beatles.

It is mentioned that Jacko has enlisted it in November 2004 to provide financial advice and to secure refinancing of a $272 million debt to Bank of America. Thus, on behalf of Jacko and his company MJ Publishing Trust, Prescient secured $537 million in financing from Fortress Investment Group LLC, an amount enough to pay the singer's debt and exercise an option to buy the remaining 50 percent of the Beatles library he not yet own.

This was then claimed by Prescient to be entitled to an immediate payment of $24.8 million, which is 9 percent of the financing used to pay off the Bank of America debt and a $3.3 million advance to Jackson and his company. Hence, the company accused Jackson of breach of contract, saying that it had done what was expected in a written agreement and that Jackson and his company were not entitled to "retain the benefits of those services in equity and good conscience without paying to Prescient an amount to be determined at trial."

More Michael Jackson News

Follow us :

TODAY'S HEADLINES

  1. Meek Mill Is Being Sued Over Deadly Shooting Outside His Concert Last Year
  2. 'Game of Thrones' Season 7 Debuts Chilling Motion Poster
  3. T.I. Confronts Tiny About Alleged Floyd Mayweather Affair
  4. Orlando Bloom 'Apologizes' to Waitress Who Was Fired After Their 'Night of Incredible Sex'
  5. Meek Mill Celebrates Birthday on Private Jet in 'Glow Up' Music Video
  6. 'The Predator' and 'Alita: Battle Angel' Promo Posters Are Spotted at Licensing Expo
  7. Nicki Minaj Finally Responds to Nas Dating Rumors: We've Had Sleepovers
  8. 'Orange Is the New Black' Is Among Netflix's June 2017 Movie and TV Titles