Jackson sued over Beatles catalog

[twovirgins]

NEW YORK - A financial company specializing in asset acquisition sued Michael Jackson on Monday, saying it is owed $48 million in fees for rescuing the singer's stake in the publishing rights to songs by the Beatles.

Prescient Acquisition Group Inc. said in its lawsuit in U.S. District Court in Manhattan that the pop music celebrity enlisted it in November 2004 to provide financial advice and to secure refinancing of a $272 million debt to Bank of America.

On behalf of Jackson and his company MJ Publishing Trust, Prescient secured $537 million in financing from Fortress Investment Group LLC, enough for Jackson to pay off the debt and exercise an option to buy the remaining 50 percent of the Beatles library he didn't already own, the lawsuit said.

Prescient said it was 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.

Prescient 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."

A lawyer for Jackson did not immediately return a telephone message for comment Monday.

[HMVNipper]

Very interesting article, do you have a link to the source? Was it on the wires today?

[Rellevart]

I'm sorry, I think I just lapsed into a coma. When meetings here at the office start going into all that financial jargon, I immediately tune out. I need some Financial to English dictionary or something, like....this article = "Bad for Michael". :wink1:

[SF4-EVER]

This was also on the local news show this morning (ABC7Chicago).

And Rell...LOL! Not the best article to read first thing in the morning, is it?

[beatlebangs1964]

Yeah, I know what you mean...I was never able to get into discussions with lots of financial jargon. I never found financial topics overly interesting, so I do understand. Maybe a primer, a "how to" guide might not be a bad idea for those who feel this way. :wink1:

[LittleDarlin909]

How does one human being manage to rack up $272 million in debt :thinker: There are entire countries with smaller deficits!

[erinluv182]

Man, I'll bet Paul is watching this with great interest. He's so loaded- it must be frustrating to have the money for something that you want (and deserve) so badly and yet not be able to have it.

[Zimmerman The Gnome]

Man, I'll bet Paul is watching this with great interest. He's so loaded- it must be frustrating to have the money for something that you want (and deserve) so badly and yet not be able to have it.

I wouldn't be so sure Paul wants the songs rights back.Maybe 10 or 15 years ago but now he has a young wife and child and has more important things to think about. Everyone knows he wrote the songs as he does hmself so the need to own them is not great for me.

[twovirgins]

Very interesting article, do you have a link to the source? Was it on the wires today?
sorry I should have linked it I saw it on yahoo early this morning and now its already gone and it sounds like to me Prescient Acquisition Group Inc. will own the songs before long :(

[HMVNipper]

No worries, Erik, I found it on the AP wires too...and promptly forgot to post that I did. Sorry!

[erinluv182]

I wouldn't be so sure Paul wants the songs rights back.Maybe 10 or 15 years ago but now he has a young wife and child and has more important things to think about. Everyone knows he wrote the songs as he does hmself so the need to own them is not great for me.

Hmmmm.. hafta disagree with you on that one. Paul has a big interest in music publishing, and I really think that if the old Beatles songs were to become available again, he would pounce on it.

[Zimmerman The Gnome]

Hmmmm.. hafta disagree with you on that one. Paul has a big interest in music publishing, and I really think that if the old Beatles songs were to become available again, he would pounce on it.

Thats ok, I'll let you disagree with me! :teeth1:

[beatlebangs1964]

Gnome,

You are too kind. :wink1: :joker:

[lennonluvr9]

Yeah I'd have to disagree too. :smile1: I think if Paul was able to, he'd definitely jump on the chance to get them back

[ChrisG134]

Yeah I'd have to disagree too. :smile1: I think if Paul was able to, he'd definitely jump on the chance to get them back

I agree I don't think he's hurting for money.I'm sure he'd jump on it!

[beatlelover45223]

Yeah, I know what you mean...I was never able to get into discussions with lots of financial jargon. I never found financial topics overly interesting, so I do understand. Maybe a primer, a "how to" guide might not be a bad idea for those who feel this way. :wink1:

maybe we need a financial jargon for Dummies, they have them for everything else... :clown1:

[BeatleChick]

Thanks for posting that, Erik! I really hope that MJ has to give up the rights, and I would LOVE it if Paulie got 'em! How great would that be?!

Anyway... I'll talk to you later!

--Becca

[mccartneymaniac]

it would be nice if he would be agentleman and sell it to paul and yoko .