Jack-o's goin DOWN!

US pop star Michael Jackson is teetering on the brink of personal insolvency, with creditors unwilling to extend him fresh loans.

Citing close financial advisers, the New York Times reported Thursday that Jackson faced an "immediate cash crisis" over a 70-million-dollar loan that becomes due on Tuesday and which he has no money to repay.

Over the long term, the advisers said the child molestation charges levelled against Jackson, and allegations that the black separatist group Nation of Islam is helping run his affairs, were scaring off banking creditors.

At least two groups of investors have backed out of proposed business deals with Jackson because of the molestation charges, which have also hurt the singer's ability to earn income from records or concert tours, the newspaper said.

Jackson faces a trial on seven counts of performing lewd and lascivious acts with a 13-year-old boy. Each charge carries a prison sentence of between three and eight years.

Despite infingement of privacy, a photograph of the 13-year-old boy was taken as he was leaving court.



Jackson's most valuable asset is the Beatles catalogue he owns jointly with Sony Music Entertainment as part of the ATV Music Publishing catalogue, with an estimated value of up to 900 million dollars.

State financial filings in California show the extent of Jackson's debt to the Bank of America.

On top of the 70-million-dollar loan, there is another 200-million-dollar loan guaranteed by the ATV music catalogue. The Jackson advisers who spoke to the Times said the singer was leveraged for an additional 250 million dollars to buy other music libraries by other stars.

Despite the extremely vulnerable state of his finances, the newspaper quoted close Jackson associates as saying he was spending about two million dollars a month.

I like the kids t-shirt

sue the parents, of the children wearing those T-Shirts, and the company producing them.. that will cover court costs..

i'm telling you guys, my feelings are, he is misguided, but innocent none the less... this world is out to make a buck, and people like jackson are prime targets..

if elvis was still alive, he would be in court too, i bet he faked his own death to keep from a court appearance such as this... maybe jackson should follow his lead :biggrin:

Innocent until proven guilty. He's got more than enough in assets to sort himself out anyway...

i have been wrong before, but seldom completely wrong, and my feelings about jackson are innocent of all charges.

he is weird, thats all.. no more weird than any other really weird person, he just happens to have a lot of bucks too.

he just made some really poor choices is all..

i am about to have a new grand daughter (according to the sonograms) any week now, my biggest fear is her femaleness, i am not ready to face a world, who assumes that everyone who shows a lot of attention to children, especially girls are weirdos.. it is definitely putting a dampener on my jubilation over a new grand child :sad:

this world, is very swift to accuse, and even if proven innocent, the stigma will follow someone around forever more.

I thought the US had it "guilty until proven inocent" stance.

Wild Card said:
I thought the US had it "guilty until proven inocent" stance.

you joke, but its not funny..

at least not funny HAHA funny.

it happens more often than you think.. why only the other day i heard that the canadian govern... thwacks ensue

I wasent joking. I mean here in Canada, if you cant prove the guy is guilty, he walks free. But I was under the impression that an less said is prooved innocent, his ass gets tossed in jail.

Im saying cause I always hear about/read about ppl in America being released from prison because the courts were hasty in their decision/lack of evidence/now they found the real culprit.

well, people are released every day guilty as hell too, what about those?

we are descending into zones of discord bud.. americas judicial system is faulty.. i have no workable answers to fix it, but, i know how i would work it if given oppertunity.

but.. thats an opinion shared by few, so i will keep it for now.

well there is no such thing as a perfect system, but I didnt say its a bad one either. I rather like it.. I think, lol. I love watching the Exibit A: Secrets of forensic sience shows.

what burns my ass, is people who incite hostilities.. there is no good reason for that child to wear a shirt like that, it only continues the bad feelings present.

people who blatantly display their feelings this way, should be barred from the court at least.

the shirt itself, if worn another time and place, would be funny as hell, but its inappropriate at the time it was displayed.. it would be akin to baby parts shown at a pro choice hearing.

bad taste all the way around.

To be honest, looks more like they paid some artist to draw the picture and make people believe. Cause if thats a picture...

Orpheus said:
sue the parents, of the children wearing those T-Shirts, and the company producing them.. that will cover court costs..

i'm telling you guys, my feelings are, he is misguided, but innocent none the less... this world is out to make a buck, and people like jackson are prime targets..

if elvis was still alive, he would be in court too, i bet he faked his own death to keep from a court appearance such as this... maybe jackson should follow his lead :biggrin:

Thsi world IS out to make a buck,(thats why I cant watch anything on E!) why cant they just leave celeberties alone. Its not that I dont care, im just really getting sick of hearing about Michael Jackson and little boys.

What you are talking about is the price we pay for having a judicial system. If you assume people are guilty, and they have to prove their innocence, you end up locking up a bunch of innocent people. If you assume people are innocent, then a bunch of guilty people don't get punished. As ever, there is no perfect system.

Not really Jeff, it depends on your meaning of 'proven' and how strict/certain that has to be!

Wild Card said:
well there is no such thing as a perfect system, but I didnt say its a bad one either. I rather like it.. I think, lol. I love watching the Exibit A: Secrets of forensic sience shows.

Forensic science is the job of the police, to narrow down the possible culprits and find evidence of the crime to be presented in court. The US judicial system is separate from this, thats the courts, judges, lawyers etc. American detectives are probably among the best in the world (probably cos they get so much practise, all the guns and murder there), but the judicial system has a long way to go.

Maybe the judicial system is... "dodgy" shall we say, because there are so many "nuisance lawsuits" clogging the system. If all those people keep on suing everyone because they, say, tripped over a crack in the pavement, the judicial system isnt going to get a chance to improve.

Oh yeah, Wacko Jacko = Weird but probably innocent.

Most people I've heard voice opinions on this also think he is innocent, albeit incredibly wierd. The way he presents himself and speaks does him no favours in the eyes of the easily convinced.

I tend to agree with Orph about Jackson. Yah he's fruity, but look at his reality. His god complex is fostered by the hundreds(thousands?) of people who constantly pander to his every whim, all for a little piece of his pie. It's been that way since he was like 8 years old.The bottom line is that one child with a detailed story told to a therapist should not be enough to hang a guy. Wheres the proof? I'm not hearing about any smoking guns being turned up in all the searches being conducted at his homes. By the way, I was just reading about a homeless guy who spent 8 months in jail because three 11 year old girls made up a story about being molested in a park. Supposedly they were in trouble for being late and made up the story.Heres the problem. Since child abuse is so terrible and an unfortunate reality, the courts are going to overlook due process and probably fry this guy simply because some kid tells a story.It's a shame really ,but until a better system is developed and a more accurate means of guidelining the burden of proof process becomes apparent, some people are going to get unjustly accused of this sort of thing. Jacksons not the last or only, not by far, just the most public of these figures. Lastly, let us all not forget the frustrated public servants who are all hoping to hang there hat on the infamy of this situation. True or not, most of these under-achievers are going to jump at the chance to become public figures in their own right, whatever the ultimate cost is to Michael Jackson.