Michael jackson's debt is paid off

[Ramona122003]

The family members are correct. AEG had fronted Michael some money, i.e. paying the settlement in the lawsuit brought by the Bahrainian prince, and other things. Michael had a lot of debt, including to AEG. He would have been doing well financially if he'd completed the concerts. If he had not completed them, he would have been in serious financial trouble. There remains legitimate concern as to whether or not he was in good enough physical shape to sustain the effort of fifty concerts. The pressure on him was enormous. AEG execs have said the insurance physical showed that he was in great shape. Those same execs have also said they never SAW the results of the physical, so which is it?

If he'd cancelled, for whatever reasons, there would have been a massive debt to repay, and there most likely would have been no TII movie. The public (NON-fan) interest in the movie was largely because Michael died. The interest, by the (NON-fan) public, in "Michael-products" now is largely because he died . . . .

We will never know, now, if he could have sustained the effort of the concerts, to say nothing of a world-tour. He had not performed in over a decade. One would have thought he'd test the water (and his stamina) first? By doing, say, a set of ten concerts? And then there were fifty? But now, we'll never know. . . .

The insurance company themselves told AEG that Michael was healthy and only had a slight case of hay fever. Because the of the law, the insurance company is not allow to show the results of the examination to anyone except Michael. Although, I am sure the LAPD have the full results.

The insurance company is separate from AEG, so they have no interest to help them. If Michael was in bad shape, they either would not had insure him or made AEG pay a higher rate. Since neither happen, it is a pretty safe bet that Michael was in good shape, as the insurance company have stated.

The 10 concert argument is moot, because his contract had a min of 18 to a max of 31 to the option to add more. So Michael knew if the shows sold well, he would have at least 31 concerts. The worst case would had actually been the 18 set because that meant the tickets were not selling that well.

As I have stated before, Michael's debt was a non issue since he was already paying it off. In 2011 that debt would had been gone. If he just wanted quick cash he could had easily done other things other than a big tour.

 

[Autumn II]

The insurance company themselves told AEG that Michael was healthy and only had a slight case of hay fever. Because the of the law, the insurance company is not allow to show the results of the examination to anyone except Michael. Although, I am sure the LAPD have the full results.

The insurance company is separate from AEG, so they have no interest to help them. If Michael was in bad shape, they either would not had insure him or made AEG pay a higher rate. Since neither happen, it is a pretty safe bet that Michael was in good shape, as the insurance company have stated.

The 10 concert argument is moot, because his contract had a min of 18 to a max of 31 to the option to add more. So Michael knew if the shows sold well, he would have at least 31 concerts. The worst case would had actually been the 18 set because that meant the tickets were not selling that well.

As I have stated before, Michael's debt was a non issue since he was already paying it off. In 2011 that debt would had been gone. If he just wanted quick cash he could had easily done other things other than a big tour.

This is more in the sense of material for the Investigative Unit? I'll just say the doctor who performed the physical is also under investigation by the LAPD, and it's quite possible that the physical never, actually, happened, and the doctor simply signed off on it. If that is the case, then that would have been insurance fraud. . . hence. . . investigations. What AEG was told or not told about Michael's health, we have NO way of knowing.

Michael's debt WAS an issue, and a serious one. As just one example, Frank DiLeo said in his interview that Michael could not even afford to pay a video crew! This was the FIRST time in preparation for concerts that Michael did not have his own crew, and own the footage. Michael was in debt to AEG, to Colony Capital, and had lawsuits stacked up like airplanes over O'Hare airport in a fog. A tour would have helped him climb out of debt.. . .but only if he was in good enough physical shape to actually do the tour. As far as what else he could have done? We don't KNOW. This was the first time I can recall concerts being announced without Michael's having a record to promote. There was NO new album. We don't really know why, because he certainly had enough time to get one together.

Much remains unknown, but some things are known, and others are very likely. . . .

 

[Beachlover]

its a different thread but you need to read up on what happened back then cause your opinion is way off


his issue was with mottola as an individual not sony. he said that many times. he was very close to the owners in japan and that led to mottola being sacked after the mess with vince

Thanks. Will check on this. So, thinking it was 'an individual' was partly correct. I will check other threads and do my research. Appreciate it.

 

[Ramona122003]

This is more in the sense of material for the Investigative Unit? I'll just say the doctor who performed the physical is also under investigation by the LAPD, and it's quite possible that the physical never, actually, happened, and the doctor simply signed off on it. If that is the case, then that would have been insurance fraud. . . hence. . . investigations. What AEG was told or not told about Michael's health, we have NO way of knowing.

Michael's debt WAS an issue, and a serious one. As just one example, Frank DiLeo said in his interview that Michael could not even afford to pay a video crew! This was the FIRST time in preparation for concerts that Michael did not have his own crew, and own the footage. Michael was in debt to AEG, to Colony Capital, and had lawsuits stacked up like airplanes over O'Hare airport in a fog. A tour would have helped him climb out of debt.. . .but only if he was in good enough physical shape to actually do the tour. As far as what else he could have done? We don't KNOW. This was the first time I can recall concerts being announced without Michael's having a record to promote. There was NO new album. We don't really know why, because he certainly had enough time to get one together.

Much remains unknown, but some things are known, and others are very likely. . . .

This is an insurance company signing a big star, why would they lie about given him a physical? If he was sick or a high risk person, they would had not insure him or raised his rate. That is what insurance companies do in American. That is why some people cannot get insurance because they are high risk. If something happens to them, the insurance company have to pay for it and insurance companies do not like the pay, which is why they put all those clause in a contract.

If the physical never gave him examine or lied about the results, his ass would be in big trouble along with Murray. Of course the LAPD is investigating the physician. They looked at ever doctor that even touched Michael throughout the years and he was the next to the last one with Murray. Since no one has mentioned the insurance issue, chances are Michael's health was as stated.

Also yes, they were told by the insurance company that he passed his physical, which translate that he was healthy enough to tour. Which is why everyone was confused when he dropped dead.

Btw, Michael is not the first artist to tour without a new album, so I really do not see how this make any kind of point. He said in the movie why he was doing the tour, whether you chose to believe him is up to you. If Michael needed money, he could had done other things. Since these things have been listed before, I will not restate them. The tour was not the only option on the table, so it was a none issue.

You like to bring up the Investigative Unit, but I was simply correcting a statement you made in your last comment. You can think whatever you want, but anyone should be corrected when they state the facts wrong.

 

[Autumn II]

This is an insurance company signing a big star, why would they lie about given him a physical? If he was sick or a high risk person, they would had not insure him or raised his rate. That is what insurance companies do in American. That is why some people cannot get insurance because they are high risk. If something happens to them, the insurance company have to pay for it and insurance companies do not like the pay, which is why they put all those clause in a contract.

If the physical never gave him examine or lied about the results, his ass would be in big trouble along with Murray. Of course the LAPD is investigating the physician. They looked at ever doctor that even touched Michael throughout the years and he was the next to the last one with Murray. Since no one has mentioned the insurance issue, chances are Michael's health was as stated.

Also yes, they were told by the insurance company that he passed his physical, which translate that he was healthy enough to tour. Which is why everyone was confused when he dropped dead.

Btw, Michael is not the first artist to tour without a new album, so I really do not see how this make any kind of point. He said in the movie why he was doing the tour, whether you chose to believe him is up to you. If Michael needed money, he could had done other things. Since these things have been listed before, I will not restate them. The tour was not the only option on the table, so it was a none issue.

You like to bring up the Investigative Unit, but I was simply correcting a statement you made in your last comment. You can think whatever you want, but anyone should be corrected when they state the facts wrong.

There is quite a bit of factual material that can actually be found, if engaging in "investigations" is the goal. For one thing, the insurance company was not satisfied and had scheduled an exam (or "another" exam. . it's not certain if he actually took the first one. I could look up and post that material, but it's findable by anyone, so I won't take up the space with it)

I'm not sure what is your POINT? That everything with Michael was perfectly fine, but then he abruptly died, and that's the end of it? Not sure what, exactly, you want/need? There is plenty of material out there to back up assertions, so maybe best to post facts?

http://www.property-casualty.com/Ne...tion-Jackson-PreConcert-Physical-Results.aspx

NU Online News Service, June 30, 3:02 p.m. EDT

An event cancellation claim by the promoter of Michael Jackson’s planned London concerts could be complicated by medical questions surrounding his death, a legal expert said. Randy Maniloff, a partner in the Commercial Litigation Department at White and Williams LLP, commented that although promoter AEG Live said Mr. Jackson had passed a medical exam with “flying colors,” the methodology of that physical could be an issue when it comes to insurance coverage.


Mr. Maniloff said insurers could look into the results of the medical exam given that Mr. Jackson passed away soon after passing it. “Given that his death seems inconsistent with the supposed results of the medical exam, it’s certainly an issue to look into,” he said.
The medical exam, Mr. Maniloff added, is as fair game as anything in the application process, and he noted that whenever there is a big loss in such a short period of time, fingers are always pointed and the process becomes complicated.

The extent of cancellation in this case is significant, Mr. Maniloff said, and he added he thinks insurers should look into all areas of coverage. “It’s not a routine thing,” he said.
However, with respect to the medical exam, some key factors come into play. Firstly, Mr. Maniloff said insurers’ success in questioning the exam could depend on who chose the doctor.
If the insurers chose the doctor, he noted, that could be a factor in their ability to raise issues. If one carrier picked the doctor when there are multiple carriers on the risk, the other carriers may take issue with that.

Additionally, Mr. Maniloff said standards are high to prove any kind of fraud or misrepresentation in the application process. But fraud and misrepresentation may not even be as much of an issue as the process of the exam itself. One insurance professional who is heavily involved in securing event cancellation insurance coverages within the entertainment industry who spoke on background said medical exams for a short-term tour are generally not intense.

 

[Ramona122003]

There is quite a bit of factual material that can actually be found, if engaging in "investigations" is the goal. For one thing, the insurance company was not satisfied and had scheduled an exam (or "another" exam. . it's not certain if he actually took the first one. I could look up and post that material, but it's findable by anyone, so I won't take up the space with it)

I'm not sure what is your POINT? That everything with Michael was perfectly fine, but then he abruptly died, and that's the end of it? Not sure what, exactly, you want/need? There is plenty of material out there to back up assertions, so maybe best to post facts?

http://www.property-casualty.com/Ne...tion-Jackson-PreConcert-Physical-Results.aspx

NU Online News Service, June 30, 3:02 p.m. EDT

An event cancellation claim by the promoter of Michael Jackson’s planned London concerts could be complicated by medical questions surrounding his death, a legal expert said. Randy Maniloff, a partner in the Commercial Litigation Department at White and Williams LLP, commented that although promoter AEG Live said Mr. Jackson had passed a medical exam with “flying colors,” the methodology of that physical could be an issue when it comes to insurance coverage.


Mr. Maniloff said insurers could look into the results of the medical exam given that Mr. Jackson passed away soon after passing it. “Given that his death seems inconsistent with the supposed results of the medical exam, it’s certainly an issue to look into,” he said.
The medical exam, Mr. Maniloff added, is as fair game as anything in the application process, and he noted that whenever there is a big loss in such a short period of time, fingers are always pointed and the process becomes complicated.

The extent of cancellation in this case is significant, Mr. Maniloff said, and he added he thinks insurers should look into all areas of coverage. “It’s not a routine thing,” he said.
However, with respect to the medical exam, some key factors come into play. Firstly, Mr. Maniloff said insurers’ success in questioning the exam could depend on who chose the doctor.
If the insurers chose the doctor, he noted, that could be a factor in their ability to raise issues. If one carrier picked the doctor when there are multiple carriers on the risk, the other carriers may take issue with that.

Additionally, Mr. Maniloff said standards are high to prove any kind of fraud or misrepresentation in the application process. But fraud and misrepresentation may not even be as much of an issue as the process of the exam itself. One insurance professional who is heavily involved in securing event cancellation insurance coverages within the entertainment industry who spoke on background said medical exams for a short-term tour are generally not intense.

This is nothing surprising. This article was dated back June 30 when Michael's death was still very much a mystery. So, of course the LAPD was going to check his insurance examination. As I have said, they check every doctor that touched Michael over the years because of all the rumors of drug addiction and doctor shopping. If these rumors were true, then he should not had passed his examine with flying colors.

However, with the new information we have received over the last couple mouths, this article is dated. The leaked autopsy also backs up the insurance company's claims, so unless they are both in on the scam, chances are Michael was healthy.

Please post something more recent that shows the there were signs of insurance fraud. So far, they have not been a whisper of it except from internet news, which all should be taking with a grain of salt.

As for "the insurance company was not satisfied and had scheduled an exam", this could be something or it could be nothing. With Michael, he didn't always do things on time so this also does not strike me as odd.

 

[Julia]

I hope this is true, if it is than I am glad for Michael and his children.

Julia

 

[144000]

he did have second thoughts about selling it there were times when he couldn't take the pressure and burden that came with it he was a good businessman but he was human too

yeah..he was human...and he knew it, which was why he placed liquid in trusts and places where he could not get to it. he was smart in that way, by investing in hard assets. he wouldn't have been able to take the time off, he did, if he wasn't set for life. he's been smart since he was little. some don't want to believe it, but he didn't have to tour. but i'm done, here, cus one thing he knew is that people are obsessed with money...and they L.O.V.E. to talk about it..and this all really is tacky that we're talking about it. the obsession is proof of what noise was really made around Michael, concerning his finances, and why he was smart to do things his way. Donald Trump said MJ was smart in business, but apparently there are those who think even that endorsement is not enough. people who went after MJ financially, are people who are not patient with money and are envious of his acumen. again, compare his ways to the ways of people who sold their assets..they're out of business. MJ never was. there is good 'debt', and bad debt. MJ had good 'debt'(paid off by assets), because he didn't let anyone get to his liquid. people who disagree with his ways have bad debt. they think it's ok to get rid of everything to 'save themselves, financially' for the short term. they don't realize how SHORT that term would be. good 'debt' in MJ's situation is not really debt, but the media wanted to say there was only one debt, applied to MJ...and that is bad debt. i don't know why some people look at MJ, and see someone financially inept..well..i have an idea, but i won't go into it..but..hey..even his lawyer T Mez saw him as a brilliant businessman. so...ce la vie...people will see what they wanna see.[fake deals aside..like we are supposed to believe that everybody that goes into business with MJ is on the up and up? he said the business is full of sharks, charlatains(sp) and imposters.]

anyway, the courts said MJ was already insolvent before all the This Is IT hoopla began, and way before any dust started kicking up about posthumous album sales. but, hey, those who want to, will believe there is a loophole in that and still say he was in bad debt, before June 25.

 

[Maria MJ]

Michael always had huge earning power and he chose not to use it for years, I'm sure that devoting his time to his children rather than his career has given them more than some kids get in a long life with a parent.

The people who salivate over his cash flow fail to recognise how much wealthier he could have been if he had not been so generous.

EXACTLY
Michael's quality time with his children was worth a lifetime.
And yes he would have been much wealthier like so many celebs who turn their "philanthropy" into a public event while making sure they multiply their earnings for every donation they make. AKA they have their **sses well covered.
The immense difference is that Mike is GENUINE.

We have a wise saying in my country. Do the good and throw it to the sea.

 

[yaazgurl]

Re: Michael Jackson's debt is paid off

So, that means only six lawsuits with some sort of validity to them. It seems to me that I heard about a new lawsuit every day from either total nutcases or money-hungry a******s.
But hey, I'm happy for the estate if the debt has been paid off!

I htope the estate does not settle with All Good because they don't have a legitimate claim.

 

[StaceyMJ]

Re: Michael Jackson's debt is paid off

I htope the estate does not settle with All Good because they don't have a legitimate claim.

I'm pretty sure it'll be thrown out, they don't have a case at all from what I've seen.

 

[Sophielo]

I'm in agreement with the Allgood thing. I cant see how they have a legitimate claim. They claim that Frank signed a contract but he says he never did and only told them he'd talk to Michael about it. I hope that this claim gets thrown out.