I am working on another very important post, but this morning someone gave me a buzz in my ear (thank you!) and I don't think they realized the information that was contained in a link they sent.
Two very important points were written about back in December, 2008. Months before Michael's death. The idea that the Estate of Michael Jackson and others have purported Michael to be in such severe debt is drastically contrary in this article.
Here are some important facts:
AEG advanced to Tohme Tohme $3 million for payment to "Two Seas Records" according the contract with Michael Jackson. (See page 45 of here)
According to this writing dated December, 2008 Two Seas Records was never even a company to begin with.
"The Prince of Bahrain claimed to have signed Jackson legitimately to his own label, 2 Seas Records, for which he said he had paid Jackson a $7 million cash advance. However, testimony on Friday 21st November proved devastating for the Prince's case.
In the morning, the Prince's own employee took the stand and was forced to admit that 2 Seas Records - the company the Prince had signed Jackson up to - did not technically exist.
In the afternoon, Jackson's former manager Guy Holmes added insult to injury by revealing that Jackson only signed a draft paper, never a finalized contract.
In short, the Prince had used a void contract to sign Jackson to a non-existent company.
It was also revealed during the week's testimony that most of the purported $7 million advance was given to Jackson in the form of gifts long before he ever signed anything - some of it before the pair had even met.
In court, the Prince produced a list of items and cash sums for which he said he wished to be compensated - a list so petty as to seek reimbursement for, among other things, a tub of Ben and Jerry's ice cream"
"Sources tell the Lowly Newshound that if Jackson continues to pay off his loans at a steady rate, he will be debt free by the end of 2010."
"Good news for Jackson comes in the form of a new estimate on the Sony/ATV catalogue - often referred to as the 'Beatles Catalogue'. The catalogue, in which Jackson owns a 50% stake, was recently valued at $30 billion. As such, Jackson appears to be sitting on a $15 billion fortune, somewhat dwarfing his alleged $300 million debts."
"TOKYO (MarketWatch) -- Sony Corp. reported its first full-year net loss in 14 years on Thursday, blaming the slowdown in the global economy and strength in the Japanese yen.
But the company's losses for both the fourth quarter and fiscal year came in smaller than expected, and Sony expects to reduce its operating loss in the current fiscal year as it takes on more restructuring initiatives.
Sony SNE, +7.09% (6758) reported a net loss of 165.1 billion yen ($1.7 billion) for the fourth quarter and a net loss of 98.9 billion yen, or 98.59 yen per share, for the fiscal year ended March 31."
Two very important points were written about back in December, 2008. Months before Michael's death. The idea that the Estate of Michael Jackson and others have purported Michael to be in such severe debt is drastically contrary in this article.
Here are some important facts:
AEG advanced to Tohme Tohme $3 million for payment to "Two Seas Records" according the contract with Michael Jackson. (See page 45 of here)
According to this writing dated December, 2008 Two Seas Records was never even a company to begin with.
"The Prince of Bahrain claimed to have signed Jackson legitimately to his own label, 2 Seas Records, for which he said he had paid Jackson a $7 million cash advance. However, testimony on Friday 21st November proved devastating for the Prince's case.
In the morning, the Prince's own employee took the stand and was forced to admit that 2 Seas Records - the company the Prince had signed Jackson up to - did not technically exist.
In the afternoon, Jackson's former manager Guy Holmes added insult to injury by revealing that Jackson only signed a draft paper, never a finalized contract.
In short, the Prince had used a void contract to sign Jackson to a non-existent company.
It was also revealed during the week's testimony that most of the purported $7 million advance was given to Jackson in the form of gifts long before he ever signed anything - some of it before the pair had even met.
In court, the Prince produced a list of items and cash sums for which he said he wished to be compensated - a list so petty as to seek reimbursement for, among other things, a tub of Ben and Jerry's ice cream"
You'll also find in this same writing that Michael was on his way to becoming "debt free".
source: http://lowlynewshound.blogspot.com/2008_12_01_archive.html
Should you continue reading the contract with AEG, you'll find Tohme Tohme took more than an advance for just a fictitious company. The "advance" for the home rental was actually an advance made to Tohme. He was the one that secured the property. Lord only knows where the "additional" $2 million to "Artistico" (the manager of Michael, again Tohme) went and what it was for. According to this article Michael was to be debt free. If you've read my book, The Murder of Michael Jackson; The Conspiracy & Cover Up, then you'll also realize that Tohme was also accepting all the royalties for Michael's share of the Sony/ATV catalog, to the tune of $5.5 million dollars that Tohme himself stated he collected on "Michael's behalf" according to his lawsuit with the Estate of Michael Jackson.
As for the Sony/ATV catalog, the one that Michael said they were after? I grossly underestimated it's value in the book. According to the article referenced above:
"Good news for Jackson comes in the form of a new estimate on the Sony/ATV catalogue - often referred to as the 'Beatles Catalogue'. The catalogue, in which Jackson owns a 50% stake, was recently valued at $30 billion. As such, Jackson appears to be sitting on a $15 billion fortune, somewhat dwarfing his alleged $300 million debts."
It was at this same time that Sony, aka as the Michael Jackson Estate, was reporting losses. This is from the report on earnings dated May 14, 2009:
But the company's losses for both the fourth quarter and fiscal year came in smaller than expected, and Sony expects to reduce its operating loss in the current fiscal year as it takes on more restructuring initiatives.
Sony SNE, +7.09% (6758) reported a net loss of 165.1 billion yen ($1.7 billion) for the fourth quarter and a net loss of 98.9 billion yen, or 98.59 yen per share, for the fiscal year ended March 31."
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