Michael Jackson
Most Famous of all Bankruptcies...
Yes it's true. Well, maybe but is it really true. Is Michael Jackson really on the brink of Bankruptcy?
Michael Jackson owes $450 million to creditors and the government and is on the precipice of bankruptcy, a prosecutor told a judge in the pop icon's child molestation trial.
The prosecutor called Jackson a "spendaholic" who racked up $35 million in annual bills while earning just $12 million a year.
"He has a billionaire's spending habit, but a millionaire's budget," senior deputy district attorney Gordon Auchincloss said during a hearing to determine whether prosecutors can review certain records from Jackson's bank and accountants. Michael Jackson's lawyers say his current finances are not relevant. The prosecutors claim Mr Jackson's financial problems were the reason he allegedly conspired to kidnap Gavin Arvizo, the boy who accuses him of molestation, and his family.
The legal arguments came a day after Mr. Jackson arrived late to his child molestation trial dressed in pyjamas. Well, it is Michael Jackson my friends, what do you expect! In fact Jackson did not even attend the hearing, claiming that he needed to recuperate at home from a back injury he suffered, but his lawyers said the prosecutor's assessment was wrong and accused the plaintiff of playing to the media.
Note: A plaintiff, also known as a claimant or complainant, is the party who initiates a lawsuit (also known as an action) before a court. By doing so, the plaintiff seeks a legal remedy, and if successful, the court will issue judgment in favour of the plaintiff and make the appropriate court order (eg. an order for damages)... thank you wikipedia.org!
Jachson's prosecutors were allowed to inform jurors about some aspects of Jackson's financial situation during his most recent trial. The state wants to present evidence that severe money problems made the music legend and his associates especially worried about Jackson's image in the winter of 2003, when a television documentary raised questions about his relationship with younger boys.
Prosecutors claim that in their panic, Jackson's advisors conspired to abduct and silence the plaintiff and his family. In addition to conspiracy, Jackson was accused of molesting the cancer survivor and giving him and his brother alcohol.
A gag order did not bar comedian Jay Leno from talking about the Jackson trial on "The Tonight Show." Leno was a potential witness because he was among several celebrities contacted for help by the accuser and his family during his treatment for cancer.
It was said the gag order only applied to information that Leno personally witnesses and he was free to crack wise about the trial itself.
"I'd like him to tell good jokes, not bad ones, but I guess I can't control that anyway," the judge quipped.
In another ruling, the judge denied a defense request to take jurors to Neverland, Jackson's 2,700-acre ranch. Defense attorney Thomas Mesereau Jr. argued that the prosecution had painted the sprawling estate as a "magnet for criminal activity" and that jurors should see for themselves "that it is nothing of the sort."
It was said however, that videotapes of Neverland were sufficient.
"We have more than adequate evidence. I've never seen so many videotapes," he said.
And the saga continues, but maybe not in the U.S. because apparently Michael says he is unlikely to ever can the United States his home again!
Jackson Family Bankruptcy
Listed in Las Vegas is a lovely five-bedroom home in the gated community of Rancho Nevada Estates. It's nice enough, but not newsworthy until you learn who owns the place and why they are selling. It's not Michael Jackson's home, he lives at the Neverland Ranch. This more modest house-for-sale belongs to the King of Pop's parents, Joe and Katherine Jackson.
Dan Humeston of Century 21 is the lucky listing agent for the Jackson house, which was purchased by Michael’s parents in the 80's at the height of their son's career. No doubt, the sounds of his "Thriller" album echoed off the walls of the spacious den.
As The Jacksons were one of the hottest acts on the Vegas strip in the 80's, this home, now empty and neglected, holds many happy memories for the family. So why are they selling? It’s because they have to, due to bankruptcy.
After obtaining court papers dating back to March of 1999, "Extra" turned to Manhattan bankruptcy attorney Ralph Preite to make sense of this convoluted case. He says, "Well, it's certainly not a straightforward bankruptcy because it involves more than one case."
Michael Jackson's parents filed for bankruptcy because they were millions in debt, primarily because of a failed business venture in which they promised to bail out a troubled guitar company, but then backed out of the deal. They were also successfully sued for millions by a South Korean company after organizing and promoting a Michael Jackson concert that never happened.
Now, years later, the Jackson parents have not only been forced to put their Vegas home on the market, but they also had to sell the Jackson homestead in Gary, Indiana where the first family of pop music was raised. "Extra" stopped by the house yesterday and discovered the new owner is having the place painted. Not newsworthy, until you learn the new owner is Michael Jackson. "Extra" is now first to report that Michael recently purchased the famed Jackson house for $25,000. It’s money which will help bail his parents out of their bankruptcy.
But, whether Michael, who is celebrating his 44th birthday next week, will be the highest bidder on the Jackson's Vegas home is anybody's guess.
Jackson Sues for Return of Family Memorabilia
Michael Jackson contends a New Jersey man had no right to costumes, letters and other possessions that helped fill a warehouse with his famous family's memorabilia.
A lawsuit filed in U.S. District Court in Los Angeles also seeks to close a Web site created by a Mr. Henry V. Vaccaro Sr. to show off the items. Jackson is demanding his things back, but Vaccaro said he already has sold the goods to a European buyer.
Vaccaro, 63, said he was awarded the Jackson family's possessions following nine years of legal wrangling stemming from a failed business venture that wound up in U.S. Bankruptcy Court. A lawyer for Michael Jackson said the pop star's possessions should not have been included in the goods given to Vaccaro. Memorabilia included gold-trimmed costumes, financial documents, letters, awards, and one of Jackson's first outfits from the Jackson 5.
"Basically the lawsuit is that this guy Vaccaro has no right to any possession of any property belonging to Michael Jackson and to the extent he has any property that is owned by Michael Jackson, his possession of that is illegal," said Los Angeles Bankruptcy Attorney Brian Wolf. Wolf said he would ask for a court order for the return of anything already sold.
The bankruptcy case allowed Vaccaro only to get property belonging to Michael Jackson's brother Tito and their parents, Katherine and Joe, Wolf said.
Vaccaro said he could not comment on specifics of the lawsuit because he had yet to see it. "We'll take 'em on," he said. "They don't have a leg to stand on."
Vaccaro also revealed that his Asbury Park warehouse had for more than a year housed Jackson family memorabilia won through the bankruptcy settlement. Before shipping the hoard to a European buyer whom he has declined to identify, Vaccaro spent 18 months photographing and cataloguing it for his Web site.
Vaccaro has not revealed the sales price of the trove, but indicated it exceeded $1.4 million.
Vaccaro used to head a guitar company, which also went bankrupt in 1992. A company owned by the Jackson family agreed to purchase it, but soon defaulted on payments, he said. Vaccaro sued the Jackson family company and was awarded a $1.4 million judgment, which the family said it couldn't pay.
Neither Michael, Janet nor LaToya Jackson were named in the suit because they had not used money from the company.
Vaccaro said he ultimately was awarded the contents of a California warehouse filled with Jackson possessions by a a US Bankruptcy Trustee after paying $65,000, much of which was used to cover the family's outstanding storage bills.
The memorabilia fight is the latest legal case in which Jackson is embroiled.
He added four defendants to his lawsuit against the charter jet company he accuses of illegally videotaping him in November as he flew to Santa Barbara to be booked on child molestation charges. Jackson was charged with seven counts of lewd or lascivious acts with a child under 14 and two counts of giving the child an intoxicating agent.
It's all history now, and Michael Jackson got off on all charges, and as far as being on the Brink of Bankruptcy? Well it you go to Google and querie the term "Brink of Bankruptcy", what do you think is number one?
BBC NEWS | Entertainment | Jackson on brink of bankruptcy of course!
"Prosecutors: Michael Jackson on the brink of bankruptcy - Courttv.com - Trials" number two... go figure eh.
Prosecutors say Michael Jackson is a "spendaholic" near bankruptcy as they seek access to his bank records, and apparent the saga lives on!
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