Bank sells Michael Jackson's $270 million worth of debt
UPI News Service, 05/06/2005
Michael Jackson's financial difficulties could cost him the rights to his own songs and to the Beatles catalog with the sale of his debt to a New York firm.
Fox News reports that the Bank of America has sold Jackson's loans, which total $270 million, to Fortress Investment Group, a New York-based private hedge fund. The collateral for the loans includes Mijac, which owns Jackson's song catalog, and his 50 percent stake in Sony/ATV Music Publishing, which owns the Beatles' catalog.
Jackson's lavish lifestyle, including the Neverland Ranch, and legal expenses have left him with little cash. He has been staying afloat with loans.
The New York Times says that Bank of America had no desire to get into the music publishing business, instead trying to work out arrangements with Jackson.
Fortress on its web site claims a "conservative, disciplined investment approach and tolerance of complex investment situations."