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Jackson Lawyers Play Down Beatles Debt Threat

 
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chandu



Joined: 17 Oct 2005
Posts: 814

PostPosted: Tue Dec 20, 2005 7:48 pm    Post subject: Jackson Lawyers Play Down Beatles Debt Threat Reply with quote

Lawyers for pop superstar Michael Jackson have played down suggestions his prized The Beatles song catalogue will be seized by creditors.

The Thriller hitmaker is thought to have borrowed heavily against his assets, including his multi-million dollar stake in The Beatles publishing rights, while fighting his child molestation trial earlier this year (JUN05).

A default on Jackson's loan repayments - an installment is due today (20DEC05) - could allegedly give private equity fund Fortress Investment Group the opportunity to seize the lucrative stake.

But an attorney for the troubled singer is confident the threat can still be deflected.

Brent Ayscough says, "There no doomsday, or anything like that. Nothing's going to happen tomorrow. At the moment people are still talking."

Jackson's 50 per cent interest in The Beatles' song catalogue is valued at GBP278 million and includes 200 hit tunes including Yesterday, as well as a host of other artist's work ranging from Bob Dylan to Joni Mitchell.
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