Michael Jackson on the brink of insolvency (Bankruptcy)!

[1stdeadeye]

Check this link!

MJ has a 70 million dollar loan due on Tuesday 17 Feb 04 and doesn't have the money to pay it off. No one will extend him new credit because of his pendiung charges and the fact that he has allowed the Nation of Islam to become involved in his affairs!

[1stdeadeye]

Maybe his record sales would improve if he stopped hanging around with RKelly:

[cphilip]

Well I realize his liabities are large but his assets are far larger. Cash flow is another issue. I mean note value of just the Beatles Music. 900 million. More than anyone is saying his loans are. By far. And that doesn't take into account his own music or any other stuff he owns that could be liquidated. No I don't see bankruptcy. I see liquidations though.

[1stdeadeye]

Or maybe if he realized that Truth in Advertising Laws would hurt his sales, he would grow up.

Latest re-release of one of his classic albums with Truth In Advertising Compliance:

[1stdeadeye]

Originally posted by cphilip
Well I realize his liabities are large but his assets are far larger. Cash flow is another issue. I mean note value of just the Beatles Music. 900 million. More than anyone is saying his loans are. By far. And that doesn't take into account his own music or any other stuff he owns that could be liquidated. No I don't see bankruptcy. I see liquidations though.

Ah but most of his assets are collateralized. His creditors could force him into bankruptcy to liquidate his holdings.

Value does not equal cash though. You could have a million dollar home with no loan on it, but you can't really spend the equity if no one will give you a loan on it!

[cphilip]

I was just reading an editorial today about R Kelly being NAACP's award winner this year. The writer was a Black man and he was INCENSED that R Kelly was chosen. He could not believe it. I mean here is a guy that is defending himself against having sex with minors and taping the act who was caught red handed and his defense in court is to claim the evidence should not be admitted because it was found during a drug search not a search for child Pornography. This is his only defense. And this guy was hot under the collar about him being honored as a example for black youth to look up to. The NAACP is saying they are not awarding anything but his music. But this guy points out,and rightfully so, that it doesn't matter if he is musicaly talented the message your sending is to look up to him as a black role model and there are plenty of fine black roles models that do not play gangsta or commit crimes that SHOULD be chosen! This is part of the problem with role models. Kids see these gangsta rappers getting ahead and shooting people and then here they go and AWARD them for it! He is right. I feel for him in his plight to change that sort of thing. I wish him well and was glad he spoke out and said it.

[cphilip]

Originally posted by 1stdeadeye


Ah but most of his assets are collateralized. His creditors could force him into bankruptcy to liquidate his holdings.

Value does not equal cash though. You could have a million dollar home with no loan on it, but you can't really spend the equity if no one will give you a loan on it!

Sure but his royalties are paid out monthly on those. He has a cash flow. But he CANNOT spend 2 million a month AND pay for all those lawyers and it be enough. Poor baby...

He could sell for a loss. And still probably make some money. Maybe not 900 million. But still not be pennyless

[1stdeadeye]

Correct Uncle Phil!

Remember though that Bankruptcy doesn't equal broke. (See Donald Trump ).

His outrageous spending is killing him. Also, he has a huge pending suit against him from his former management company for breach of contract. They are the ones who consolidated all of his debts. He will not be pennyless, but he will have to live within his means very soon!

[dansim]

think of it as monoply, your stuck with all that cool property and no cash to pay that damn 16 dollar rent to the scum lord on baltic

[Zygote]

He could always sell off the Elephant Man's bones for a quick buck.