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More Money Problems for Jacko
Posted in Celebs, Rumor on the June 20, 2007
Notorius BIG and Puffy said it the best – mo’ money, mo’ problems. Michael Jackson is looking to put a stop to a $48 million federal lawsuit against him. A New Jersey company claimed to have helped with Jackson’s fragile money situation but a settlement was reached just before jury selection.
Terms of the settlement are not known but Fox News reports that a $5 million payment would be made by Jackson at the end of the year.
The suit was that of a breach of contract filed in 2005 by Darien Dash and Prescient Acquisition Group. The suit cites that Jackson hired the company in 2004 to refinance a $273 million bank loan and secure another $537 million loan to pay outstanding debts and buy out the remaining stake in the Beatles catalog. Jackson in return had to pay a finder’s fee of 9% or $48 million.
His money problems have been well documented. Child molestation cases have been piled against him. His personal belongings put into auction. Now I’m just waiting for his nose to fall off.
