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Jacko Will Lose Beatles Catalog in '08Friday , 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 doesn’t mean that Jackson won’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, Michael’s brother, had the authority to enter into agreements on Jackson’s behalf. Stabler agreed to pay Prescient/Dash a nine percent fee for finding financing to replace Jackson’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 wasn’t needed, but Dash is asking for his fee on that amount.
Way more at link
Follow Ups:
Under ASCAP rules, the artists always retain original creative rights to their music. That means that Lennon/Mcartney still own the rights to the music and get royalties for its use. My question is where is that situated. Under the Apple Corps umbrella? What does the publishing rights mean? I understand the Beatles, through Apple can release their music. For example, when they rereleased Let It Be Naked, wasn't that their decision? Does Jacko get a piece of that release and does he have a decision-making voice in what Apple Corps does? This is very complicated.
to answer those queries.
he owns the publishing rights to some of their tunes. BIG difference. But you know everything......
Learn to read. This is the 2nd sentence.
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"I can report today that Jackson will lose his hold on the Beatles catalog and Sony/ATV Music Publishing on May 31, 2008. "
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Do you see the word publishing anywhere in there yet?
Your blind kicking our always results in you looking as stupid as I have shown you to be time after time.
Actually, Dui is right-sort of. He owns half of the publishing to MOST of the Beatles stuff and some solo compositions that were Lennon/McCartney listed. He had the whole lot, that is 100% of the publishing (which is 50% of the total share, if that makes sense) but sold off 50% some time ago. In $ this is huge.
what else is there?
... how is it possible to lose that much money... I must have dropped my wallet? Damn law suits? Of course I need a 16th Rolls Royce? Or did he pay too much to buy out of a contract at the same time as dying a death at the cash registers?
I'm only speculating, but he lives a "big life" and has a whole lot of people on the bankroll. And yes, his income dropped off a good deal the last 10 years
Wonder if McCartney wants it bad enough to make a new deal with Sony?
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