"Fortress Investment Group LLC" now owns Jackson's Beatles catalog...

[Bush_Eats_Beef]

...unless someone bails him out in the next 90 days.

http://www.fortressinv.com/default.aspx

Jacko Shocked by Sale of Loans

http://www.foxnews.com/story/0,2933,155529,00.html

Michael Jackson was reportedly shocked Wednesday when he received word that Bank of America had sold him out. I can tell you exclusively that Bank of America has sold Jackson's $270 million in loans to a private hedge fund. The group is called Fortress Investments, located in Manhattan. Their principals are Peter L. Briger Jr., formerly with Goldman Sachs, plus Wesley R. Edens, Robert I. Kauffman, Randal A. Nardone and Michael E. Novogratz — all with substantial backgrounds in finance.

The firm's specialty, according to its Web site, is rescuing "undervalued, orphaned and distressed investments throughout the United States, Western Europe and Japan." With this sale, Fortress now stands to become a 50 percent owner in Sony/ATV Music Publishing if Jackson should default on the loan.

Technically, he is already in default. Furthermore, Jackson's deal with Sony comes to an end this December, at which time the company can buy him out for $200 million if he can't come up with a new buyer or enough money to pay back the loan. The Fortress deal is also rumored to include a $70 million loan Jackson has against his own publishing catalog, called MiJac. Jackson was apparently shocked, according to sources, when he got word about the sale on Wednesday morning from Bank of America.

[lenidog]

1. He is screwed. Even if he wins he will be utterly and totally

bankrupt and probably destitute. That was teh last thing of value he had besides Neverland. Because his own catalog is more or less worthless.

[lenidog]

2. I just hear a news report that says that Paul McCartney is waiting

to strike and get back the Beatles tunes.

[Prisoner_Number_Six]

3. He's been waiting for this moment for years.

I hope to see it happen. The music of The Beatles should belong to him and Ringo.

[NoSunWithoutShadow]

5. Me too.

John and George are smiling down at us now.

[catzies]

16. Me three!

n/t

[Bush_Eats_Beef]

4. For me, Michael Jackson's problems are a separate issue...

...McCartney and Starr should own those tunes.

Losing the catalog has nothing to do with his innocence or guilt over touching little boys.

It's the result of a grown man thinking that money is "French fries," and that you can spend twenty to thirty million dollars more than you make every year and not have it catch up to you.

Michael Jackson, really, really did this one to himself. This would have happened whether the molestation trial were going on or not.

I'll take a moment of silence to feel sorry for Jackson's sad and misdirected life.

Then I'll cheer on McCartney (and Ringo and Yoko, if they are so inclined) as they take back what should have been theirs all along.

:toast:

[Beware the Beast Man]

7. in the wings?

barrum *CRASH*

:groan:

Thank you, I'll be here all night...

[AntiCoup2K4]

10. It's gonna happen.

Why else would Paul suddenly sell tickets to a concert tour 6 months in advance, unless he needed some quick cash? A lot easier than liquifying some other investments. Paul wants this bad. The biggest delay at this point, is that he's probably trying to cut Yoko in on the deal somehow. I'm not sure where she's at financially though.

[fudge stripe cookays]

6. It's disgusting...

that he used Paul McCartney's own advice to a friend about music licensing and stabbed his "friend" in the back over those songs.

I hope Paul and Ringo can get them back. And I hope Jackson goes down in flames. That's what you get for being mercenary, Jacko.

FSC

[Beware the Beast Man]

8. It's be especially sweet, considering

the Beatles never owned publishing rights to their own songs. Brian Epstein was a good guy, but could be a not so good manager at times.

[Bush_Eats_Beef]

9. Yep, John Lennon was right: "Not-so-Instant-Karma" for Jacko.

The Michael Jackson story will be a real case study in "what do you do with your life when you run out of people to blame."

And you bring up an excellent point that I think many have forgotten: McCartney DID advise him, as a friend, and was NOT happy with the final results.

A big portion of McCarney's wealth comes from the publishing rights he's acquired ("standards" like "Autumn Leaves" and much more), but the difference is that he didn't screw anyone over to GET those songs.

:toast:

[Dukkha]

11. I read the news today Oh boy!

It's about time!

I a travesty that this freak had the song rights to begin with.

[LynneSin]

12. Help me here - how did Michael Jackson get the songs in the first place

:D

[Worst Username Ever]

14. They were for sale by the record co, and he outbid mcartney

[Ishoutandscream]

13. Remember - Yoko and Olivia Harrison too

would probably be in the picture. Unless we're talking only Lennon-Mccartney tunes, in which Olivia and Ringo are out of the picture.

[Bush_Eats_Beef]

15. It's only the Lennon-McCartney songs.

So we're talking Paul and Yoko.

My guess is that whatever Paul does, he'll make room for Yoko...to keep the peace, and to have unrestricted access to any "tinkering" he might want to do with the catalog (or the Lennon archive, in Yoko's possession) in the future.

The two "new" Beatles songs on the Beatles Anthologies...good idea or not...were the direct result of Paul "playing nice" with Yoko.

Harrison retailed the rights to his songs right up until the day he died. Ringo owns anything he wrote, too.

:toast: