Pam and her criminal family are nothing but human garbage
2005-07-13 14:13:50 UTC
Jacko's Wacko Plan Backfires
Wednesday, July 13, 2005
By Roger Friedman
Fox News
Fox 411
You may have heard that Michael Jackson is being sued for $48 million.
The issue concerns a private investment adviser he hired to help him
raise money last year and early this year.
What you don't know is that Jackson's litigants have a pretty good
case, based on the complaint they filed in the Southern District Court
of New York.
That's federal court, folks. No more of that Santa Barbara County
stuff. Michael's playing in the big leagues now.
What you also don't know is that Jackson, thanks to a series of bad
decisions and unpaid bills, has no lawyer to represent him in New York
anymore.
In Los Angeles, he's down to just Brian Oxman, who was fired from
Jackson's criminal defense team by Tom Mesereau, and his friend, Brent
Ayscough. They're not exactly the Dream Team.
So far, Oxman and Ayscough are having enough trouble defending Jackson
in the $4 million civil suit brought by Marc Schaffel. They're not
quite up to handling something that's 3,000 miles away and concerns 12
times as much money.
All of this means Michael's brother Randy Jackson is now in New York
trying to sort out the variety of problems stemming from this latest
and potentially catastrophic lawsuit.
Jackson not only has to shop for a law firm that will take this on, but
he has to try and deal with the many parties involved.
What's happening now is that a group called Prescient Acquisitions, a
minority-owned investment-advisory firm that is said to be
headquartered in New Jersey, is suing Michael for $48 million.
According to the sketchy information I've been able to cobble together:
Last November, Randy hired Prescient to find someone who would help
Michael buy out his $270 million worth of loans from Bank of America.
Prescient used another firm, called Transitional, and it located New
York debt buyers Fortress Investments.
Here's the important part: Fortress said it would pony up over $500
million so Jackson could pay off the Bank of America loans and buy the
half of Sony/ATV Music Publishing he doesn't already own.
Two problems came out of this.
One was that Prescient had gotten Michael, Randy or Randy's lawyer -
a guy named Don Stabler who is identified in the lawsuit as the
"authorized agent" of Michael Jackson Publishing Trust - to sign an
agreement with Prescient.
The agreement said that if Prescient found someone to bail Michael out,
the firm would get a whopping 9 percent commission on the total amount
pledged.
Nine percent of $537 million is $48 million. That's what Prescient says
it is now owed.
But wait: Fortress bailed out Michael from Bank of America for only
$270 million. What happened to the other $267 million?
Well, it seems someone forgot to tell Prescient that Michael actually
can't buy "the other half" of Sony/ATV Music Publishing just because he
suddenly has the money.
The 1995 combining of Sony's publishing division and ATV was just that:
a merger. Among other things, Sony has the right to say no to a buyout.
Someone gave Prescient bad information, which it may have passed on to
Fortress. So Fortress wound up buying only Jackson's Bank of America
loans.
What happens next? Does Michael even know what's going on? No one
knows.
At this point, my sources say Prescient is not done filing legal
actions against Jackson and may be ready to pull the trigger again.
Meanwhile, the clock ticks toward December of this year, when - as
stipulated in their original agreement - Sony and Jackson will have
to part ways in their joint venture.
Wednesday, July 13, 2005
By Roger Friedman
Fox News
Fox 411
You may have heard that Michael Jackson is being sued for $48 million.
The issue concerns a private investment adviser he hired to help him
raise money last year and early this year.
What you don't know is that Jackson's litigants have a pretty good
case, based on the complaint they filed in the Southern District Court
of New York.
That's federal court, folks. No more of that Santa Barbara County
stuff. Michael's playing in the big leagues now.
What you also don't know is that Jackson, thanks to a series of bad
decisions and unpaid bills, has no lawyer to represent him in New York
anymore.
In Los Angeles, he's down to just Brian Oxman, who was fired from
Jackson's criminal defense team by Tom Mesereau, and his friend, Brent
Ayscough. They're not exactly the Dream Team.
So far, Oxman and Ayscough are having enough trouble defending Jackson
in the $4 million civil suit brought by Marc Schaffel. They're not
quite up to handling something that's 3,000 miles away and concerns 12
times as much money.
All of this means Michael's brother Randy Jackson is now in New York
trying to sort out the variety of problems stemming from this latest
and potentially catastrophic lawsuit.
Jackson not only has to shop for a law firm that will take this on, but
he has to try and deal with the many parties involved.
What's happening now is that a group called Prescient Acquisitions, a
minority-owned investment-advisory firm that is said to be
headquartered in New Jersey, is suing Michael for $48 million.
According to the sketchy information I've been able to cobble together:
Last November, Randy hired Prescient to find someone who would help
Michael buy out his $270 million worth of loans from Bank of America.
Prescient used another firm, called Transitional, and it located New
York debt buyers Fortress Investments.
Here's the important part: Fortress said it would pony up over $500
million so Jackson could pay off the Bank of America loans and buy the
half of Sony/ATV Music Publishing he doesn't already own.
Two problems came out of this.
One was that Prescient had gotten Michael, Randy or Randy's lawyer -
a guy named Don Stabler who is identified in the lawsuit as the
"authorized agent" of Michael Jackson Publishing Trust - to sign an
agreement with Prescient.
The agreement said that if Prescient found someone to bail Michael out,
the firm would get a whopping 9 percent commission on the total amount
pledged.
Nine percent of $537 million is $48 million. That's what Prescient says
it is now owed.
But wait: Fortress bailed out Michael from Bank of America for only
$270 million. What happened to the other $267 million?
Well, it seems someone forgot to tell Prescient that Michael actually
can't buy "the other half" of Sony/ATV Music Publishing just because he
suddenly has the money.
The 1995 combining of Sony's publishing division and ATV was just that:
a merger. Among other things, Sony has the right to say no to a buyout.
Someone gave Prescient bad information, which it may have passed on to
Fortress. So Fortress wound up buying only Jackson's Bank of America
loans.
What happens next? Does Michael even know what's going on? No one
knows.
At this point, my sources say Prescient is not done filing legal
actions against Jackson and may be ready to pull the trigger again.
Meanwhile, the clock ticks toward December of this year, when - as
stipulated in their original agreement - Sony and Jackson will have
to part ways in their joint venture.
--
Being a Michael Jackson fan makes you stupid.
Tattoo Vampire
Member in good standing, Hatergoon Cabal (tinc)
"You need to talk to somebody, boy. Professional. Before you go any
further beyond the deep end. You have truly become one sick bastard."
(John Lucas to Tattoo Vampire on 2-15-05
Being a Michael Jackson fan makes you stupid.
Tattoo Vampire
Member in good standing, Hatergoon Cabal (tinc)
"You need to talk to somebody, boy. Professional. Before you go any
further beyond the deep end. You have truly become one sick bastard."
(John Lucas to Tattoo Vampire on 2-15-05