The King Of Pop Is On The Brink Of Losing The Beatles Catalogue.

[minir]

Hi to all

The rumours, or perhaps facts, are getting hotter, re the Beatles Catalogue that Mad Mickey is part owner of. This should prove interesting.
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By LINDA LEATHERDALE, BUSINESS EDITOR, TORONTO SUN
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MICHAEL JACKSON, is a spendthrift like Elton John. On the other hand, Paul McCartney is good for about a billion and may soon have the opportunity for revenge on Jackson, who scooped rights to the Beatles catalogue in the '80s.
MICHAEL JACKSON suffers from the same super stardom affliction as Elton John.

Both love to spend frivolously the piles of money fame brings.

For Elton, a fetish for flowers and flamboyant clothes helped him spend $57 million US in just 20 months.

Jackson likes to throw money at anything that tickles his Peter Pan fantasies -- a menagerie of exotic animals, including giraffes, alligators and a pet chimpanzee named Bubbles; weird costumes and other off-the-wall paraphernalia. He also cuts cheques worth millions to ex-wives and former friends, with a consensus among many critics that this is hush money. His overhead costs alone are more than $1.5 million a month.

Now, any financial advisor will tell you, if you spend more than you're bringing in, sooner or later the house of cards will fall.

So, this weekend the disgraced pop singer isn't only worrying about whether he's going to jail over child molestation charges, as he waits it out in his barricaded Neverland ranch, rumoured to already be sold. Jacko's also sweating it out over the collapse of his financial affairs, now one step closer to falling off the brink and into bankruptcy.

The Bank of America is selling off $270 million in his loans to a Wall Street firm that specializes in distressed debt. In street talk -- vultures who make money off of people's financial misfortunes.

Word is the loans were in default and Jackson was having trouble making good on missed payments.

Jackson's spokesperson Ramone Baine said this new agreement with Fortress Investment Group LLC "will provide greater financial strength and flexibility for Mr. Jackson."

Who's snowing who?

Vultures don't wait to eat what meat's left on the bones.

And the juiciest piece includes Jackson's most coveted possession of all -- a back catalogue of 4,000 pieces of music, which includes 251 Beatles songs, among them Sir Paul McCartney's Yesterday.

Talk about a twist of fate:

It was 20 years ago, when rising pop star Jackson, riding high on his Victory tour, alienated the superstar Beatle by ripping off Sir Paul's opportunity to buy back his songs.

Three years earlier, the pair had become friendly when Sir Paul teamed up with Jackson for a duet of The Girl Is Mine, and a year later in 1983, they recorded Say, Say, Say.

They spent several days at the famed Abbey Road studios, and Jackson ate dinner at McCartney's Tudor-style house, where apparently Sir Paul told him about the lucrative business of buying catalogues.

McCartney, for example, owned the catalogue of Buddy Holly's works. But he didn't own a catalogue of 251 Beatle songs. Who did was Sir Lew Grade's entertainment conglomerate ATV, who in 1969 bought Northern Songs.

Northern Songs was established as a public company in the 1960s by John Lennon, McCartney, manager Brian Epstein and publisher Dick James -- so the famous song-writing duo could avoid paying 90% tax on their earnings.

ATV swallowed up Northern Lights. Then Australian tycoon Robert Holmes a Court's Bell Group took over ATV.

Holmes a Court put the ATV catalogue on the auction block, and Jackson swooped in and scooped it up for a cool $47.5 million US.

The Jackson-Sir Paul friendship ended, abruptly and bitterly.

Ten years later, Jackson's career was on a slide after allegations of groping young boys, and news Jackson paid off his accusers with $2 million US.

In short, Jackson needed cash to support his big-spending ways.

So, he entered into a partnership with Japanese giant Sony to merge ATV with its library of songs. It made sense. Sony already owned Jackson's Epic Records.

But now Jackson only owned 50% of his precious Beatles music, with the catalogue now worth $1 billion US.

What a perfect opportunity for "don't get mad, get even."

Sir Paul is among the richest of rock stars in the world, with an estimated net worth of $1 billion -- and no wild spending habits to speak of.

If Jackson continues to default on loan repayments and Wall Street's Fortress forces a sale of catalogue, you can bet Sir Paul will be ready to pounce.

But can Jackson make a comeback despite all his troubles? Or will the King of Pop become the washed-up King of Poverty?

Much depends on the verdict -- and the fans. Will they forgive and forget?

Meanwhile, one thing is for certain.

Both Jacko and Elton should take in a few financial seminars.

JACKO AWASH IN RED INK

- Owes $270 million US in loans.

- Was spending $20 million US to $30 million US a year more than he was earning.

- Debt has risen by $110 million US since 1999.

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regards

minir

[nepenthe]

Elton John is still earning great sums of money playing shows. Being gay, he claims to have no one to leave any of his fortune (<cough> Liberace<cough>). Not exactly the most solid justification for a hedonistic lifestyle, however he is remains a viable commodity.

I was under the impression that Sony had signed Jackson to a ridiculously lucrative contract, one billion sticks in my head, though I might be mistaken.

david

[Jamie_R]

I think Jacko is gonna lose alot more than the Beatles catalog before this is over

I do hope McCartney can get it back though .... I mean, it would suck to have someone else "owning" the songs you wrote ... and from what I have read, Jacko was a little, um "underhanded" about how he got them also ...

[YeOldeStonecat]

his barricaded Neverland ranch, rumoured to already be sold.

Wow, who the heck would purchase that, knowing what possibly may have gone on there. Yuck.

[minir]

Hi nepenthe & Jamie_R


nepenthe
It is a fragmented story at best from what i have read over time David. Sony i heard was about to claim the Catalogue as Jackson had both not lived up to his debt owed them and was far behind on his commitment of producing new material for them as well???

One would think if the Catalogue is lost, that Sony would grab it all before it reaches anyone else, like McCartney.

As to Elton, absolutely right David. He still has sales and income he can count on. His recent unloading of his Collectibles brought in millions as well. He is in no way in the same position as Jackson, at least to my knowledge. He also has the support of the Public and anything he chooses to do will be well received.

Jackson has not been selling for years now and if he loses here, he's done for good.

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Jamie_R
You may well be right Jamie_R. It doesn't look good for him at the moment. The longer the Jury is out, the less likely he'll beat this one imho as well.

As to the Catalogue, as i mentioned above i'd be amazed if Sony didn't have first dibs on it and may well from what i've read in the past, be claimed by them for lack or failure of Jackson to live up to his agreement.

I've also heard that he has borrowed from Sony almost $300 Million against his share of the Catalogue and is was behind on repayment their as well.

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It will be an interesting next few weeks as this whole mess unravels. Should Jackson go down for the count, lots of people will be scrambling to get out from under him and all bets would be off i'm sure. First up, best dressed.

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Thanks Guys and i do hope you have a grand day

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regards

larry

[minir]

Wow, who the heck would purchase that, knowing what possibly may have gone on there. Yuck.

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Hi YeOldeStonecat

There are always those who would step in and make claim of the property for another usage. I'm sure a Golf Course or whatever would be a go their.

Also there are those who would use it as a Tourist Site as Jackson's name and prior ownership would draw a crowd.

Its a choice piece of real estate i think. Even if they have to tear the buildings down first???

As always it will be interesting to see what comes of it and the other It as well.

Thanks Brian and do have a good one

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regards

minir

[Sgt Pepper]

I'll be glad to see Jackson lose the rights to the catalog. Hopefully it (being the catalog), will end up back in the rightful hands of Paul McCartney.

[downhill]

I'll be glad to see Jackson lose the rights to the catalog. Hopefully it (being the catalog), will end up back in the rightful hands of Paul McCartney.

Those are my thoughts as well. When you consider how Jackson even got the idea for it if the first place.

[Joint Chiefs of Staff]

I'd bet my soul to the devil that Sir Paul will have his music back by the year 2007...at least.

[Sgt Pepper]

Those are my thoughts as well. When you consider how Jackson even got the idea for it if the first place.

[Sgt Pepper]

I'd bet my soul to the devil that Sir Paul will have his music back by the year 2007...at least.

Maybe sooner, depending on the outcome of this trial and his current financial status...

[BroncoSport]

I vote that Ringo gets the collection. Paul has enough money already!

[downhill]

I vote that Ringo gets the collection. Paul has enough money already!

But Ringo only wrote one of the songs....Paul and John wrote the rest of em..

[nepenthe]

But Ringo only wrote one of the songs....Paul and John wrote the rest of em..

George wrote his share as well.

[Joint Chiefs of Staff]

Let's ask Indy

[downhill]

George wrote his share as well.

He did! Apologies to Harrison fans for not mentioning it.

[Joint Chiefs of Staff]

George started to concentrate more on writing songs as well, although many of the early songs written while with the Beatles went unrecorded. The first Beatles song written by George was Don't Bother Me. George became a very serious musician who worked dilgently to perfect his playing. His concentration to his playing was apparent while on stage, especially compared to the wild antics of John and Paul.

Link

[YARDofSTUF]

Wow, who the heck would purchase that, knowing what possibly may have gone on there. Yuck.

Maybe buy it to stop his games LOL

[Indy]

Let's ask Indy

**** Michael Jackson. I hope he gets convicted and sentenced to a prison with lots of BIG men who like to treat effeminent pop stars like little boys, if you get my meaning...


As far as the Beatles catalog, I hope that Paul can get the entire catalog back...the licensing of numerous Beatles classics in the past for commercials is sickening...

[Indy]

But Ringo only wrote one of the songs....

Actually, Ringo wrote two songs...Octopus's Garden, on Abbey Road, and Don't Pass Me By, from the White Album...

[minir]

Hi Sgt. Pepper, downhill, Joint Chiefs of Staff, BroncoSport, nepenthe, YARDofSTUF & Indy
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I think as much as one would like to see McCartney with the Catalogue, Sony may well have its ownership already.

Sony own 50% now and with Jacksons deal for the other 50% and them having loaned him a huge sum of money on it already, i would think they have first rights on it?

Doubtful they would flog it off without a very handsome profit imho. I'd keep it if i were Sony. No reason to sell it & it will produce money for generations as is.

As to Jackson, we'll know his fate this week i'm sure and he'll no doubt try to end it all by jumping out of his Tree House.

Thanks everyone and lets hope Justice is served.

Have a terrific day everyone

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regards

minir
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