Jacko Will Lose Beatles Catalog in 2008

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Jacko Will Lose Beatles Catalog in '08
Friday , March 09, 2007
By Roger Friedman

Michael Jackson had better hold on to whatever money he pocketed in Japan this week during a promotional tour.
I can report today that Jackson will lose his hold on the Beatles catalog and Sony/ATV Music Publishing on May 31, 2008. That date, revealed here for the first time, is known as the "Liquidation Sale" among insiders.
And Jackson knows this. He even hired a famous law firm, White & Case, to evaluate the deal he made with Sony and Fortress Investments when he refinanced his shaky empire last year.
This doesnâ€™t mean that Jackson wonâ€™t still owe Fortress $300 million after the liquidation sale is over. He will, but he can pay them back from the money Sony pays him to buy out their half the music company. Its value is somewhere between $1.1 and $1.6 billion, according to a Fortress exec who was deposed last year in preparation for a $48 million lawsuit brought against Jackson by Darien Dash, cousin of hip hop entrepreneur Damon Dash, as Prescient Capital Group.
Recently, both Jackson and Prescient have asked the judge in the New York to speed things along, and an answer is pending. At question is whether or not Don Stabler, an accountant hired by Randy Jackson, Michaelâ€™s brother, had the authority to enter into agreements on Jacksonâ€™s behalf. Stabler agreed to pay Prescient/Dash a nine percent fee for finding financing to replace Jacksonâ€™s $270 million at Bank of America. Dash found Fortress, which offered over $500 million to help Jackson buy out Sony in his agreement. That much wasnâ€™t needed, but Dash is asking for his fee on that amount.
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Topic - Jacko Will Lose Beatles Catalog in 2008 - LWR 09:11:56 03/09/07 (9)

a Couple of Questions - nighteyes0 07:19:53 03/11/07 (1)

I am not qualified - LWR 07:37:10 03/11/07 (0)

He doesn't own the Beatles catalog, and never did. - Duilawyer 18:01:50 03/09/07 (3)

Put your blind little head back up your ass you stupid bitter POS - LWR 18:20:40 03/09/07 (2)

Re: Put your blind little head back up your ass you stupid bitter POS - Sour milk moon 19:38:46 03/09/07 (1)

Of course it is the publishing - LWR 19:44:09 03/09/07 (0)

I haven't followed Jacko in a long time, but... - dave c 12:12:12 03/09/07 (1)

Re: I haven't followed Jacko in a long time, but... - Sour milk moon 14:12:25 03/09/07 (0)

Re: Jacko Will Lose Beatles Catalog in 2008 - Sour milk moon 11:54:42 03/09/07 (0)

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