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Bahrain Loan Adviser sue Michael Jackson's Estate

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Oct. 1 (Bloomberg) -- Michael Jackson’s estate was sued for $1.2 million by a Bahrain financial adviser that claims it helped the singer obtain $320 million in loans in 2005.

AQ Consulting WLL was hired by Jackson to help refinance $300 million Jackson owed to Fortress Investment Group LLC, AQ claimed yesterday in a complaint in federal court in New York.

AQ said it secured a commitment from Citigroup Inc. to refinance the debt. Fortress, which had a right of last offer with Jackson, then agreed to refinance the loans itself. AQ got Jackson an additional $20 million in loans, it claimed.

According to AQ, Jackson agreed to pay the firm 1 percent of the total refinancing, or $3.2 million. He paid $2 million at the time of closing and agreed to pay the rest from future earnings, the financial adviser said.

Jackson died in 2009 at 50, leaving about $500 million in debt. Since his death, the estate, the owner of interests in songs by the Beatles and other artists, has generated more than $250 million.

John Branca, one of the executors of Jackson’s estate, didn’t immediately return a voice-mail message seeking comment on the suit.

The case is AQ Consulting WLL v. Branca, 1:10-cv-7496, U.S. District Court, Southern District of New York (Manhattan).

Source: http://www.businessweek.com/news/20...on-s-estate-sued-by-bahrain-loan-adviser.html
 
Jackson died in 2009 at 50, leaving about $500 million in debt. Since his death, the estate, the owner of interests in songs by the Beatles and other artists, has generated more than $250 million.
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amazing how one figure goes up while the other one goes down LOL

presume this will be thrown out as theres a deadline to when claims can be filed. or did they file a claim with the estate and it was rejected
 
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that's why Mike backed Sisterella...art imitates life. sue is the new steal. since Mike was 14.

thieves in disguise, wanting to steal from Mike's children.
 
the more people sue, the more the lawyers take, the more the kids lose...
Michael was fighting all thse sharks alone by himself !! i wish the excutors the best of luck since this seems never gonna end !

it is really like the fun forums game who is the last poster !
 
elusive moonwalker said:
amazing how one figure goes up while the other one goes down LOL
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EVen more amazing is that he had all these so called financial experts advising him and he had $500 million dollars of debt. The estate should be suing them for incompetence.
 
Gonna get tossed out. The loan was redone through a different company...thus this guy has no merit.

Next case.....
 
gerryevans said:
EVen more amazing is that he had all these so called financial experts advising him and he had $500 million dollars of debt. The estate should be suing them for incompetence.
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not sure if thats a joke or not sorry. this guy was a loan advisor. nothing wrong with having debt.thats how u make more money if you a business. and u are investing in things. aslong as your assets are more than the debt than thats just business. coperations dont have 100's of mill laying around in cash to invest.the real issue were his accoutants that he sued who mananged to pay themselves but not the bills
 
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