by bobmoo79 » Jun 21st, '07, 08:38
Basically, Michael Jackson has debts in the same way that Microsoft and Sony have debts. Debts are a necessary way to run large businesses all over the world and the fact that large companies have debts does not make them broke. The same goes for Jacko.
For example, he is rumoured to owe Bank of America several hundred million dollars. That is nothing.
He owns 50% of Sony/ATV, which before he bought Future was estimated to be worth in excess of $1.2billion. So if he had sold that he would have received around $600million (before costs).
Michael Jackson now owns (with Sony) Future Publishing LLC, which was bought for around $350million. Jacko would have to have paid 50% of that fee himself.
Owning the publishing rights to songs as Jacko does through Sony/ATV, Future publishing and other companies means that any time a song held by the publishing company is used on TV,radio, or sold as a single or on an album Jacko gets paid.
Jacko owns literally thousands upon thousands of songs including:
The beatles catalogue
Elvis Presley
Beyonce
Ne-Yo
Fall Out Boy
Eminem
Shakira
Bjork
Rhianna (umbrella!)
Bon Jovi
Jimmi Hendrix
Bob Dylan
Gary Barlow
Take That
Wyclef Jean
James Morrison
Destiny's Child
Beck
Joni Mitchell
Lauren Hill
System Of A Down AND MANY MORE....
So eveytime you buy an album by any of these people (and more) remember you're putting money in Jacko's pockets.
He earns a personal salary from Sony/ATV of around $40million a year. Add the new income from Future publishing, income from other businesses (hotels entertainment companies) and his own music. Add to that the value of Neverland Ranch (estimated to be worth almost $100million) other huge properties around the world. Add all these together and anyone can see that Jacko is nowhere near to bankrupt. Anyone who says otherwise is just an ill-informed reporter, a reporter who likes to recycle the Jacko is broke story, or a member of the public that believes what they read in the papers without thinking. The papers have been reporting he's broke since the early 90s and there's no sign of him going bankrupt any time soon.