Michael Jackson Tour to Pay Debts
Posted on December 13, 2007 at 7:51 am (PST)
Michael Jackson is best known these days for his ever mounting debt. To get some much needed cash Michael Jackson is in talks with AEG Live’s Randy Phillips to go on tour for three months from March through May 2008. At this point, however, those talks are only a rumor. There are many issues with any tour for Michael. First he may not be able to get insurance easily since he’s known for being unreliable and missing tour dates. Second, who get’s the money? Refinancing for his $300 million debt was due on December 1, and that did not happen, so he is in default on the loan which was secured by his Neverland Ranch. Complicating matters further, a German promoter Marcel Avram won a legal case against Jackson in 2005, and since claims to hold the rights to any world tours. Prince Abdulla of Bahrain is suing Jackson for $7 million and may also stake a claim against proceeds from a tour. Even if Michael does tour, he will need to do a lot of shows to make a profit. The Jackson Five are slated to get back together in 2008, which may be an effort by Michael to circumvent any court decisions so he can keep more of the money he makes.
