Linda7NJ
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LOS ANGELES - Michael Jackson's advisers scrambled to cut a deal Monday to halt a $272 million foreclosure that would strip the pop star of his share of the Sony Beatles music catalog and, possibly, his cherished Neverland Ranch.
As the New York-based Fortress Investments Group prepared to seize the pop star's assets Tuesday to cover his unpaid debt, his advisers burned up phone lines pleading for a six-month extension, sources said.
"There are discussions under way to stop the foreclosure. An extension is likely to be granted," said a source familiar with Jackson's business woes.
The deal would involve "several" benefactors agreeing to make the monthly payments on Jackson's $272 million loan package at a 9.5 percent interest rate - which comes to more than $2 million a month.
EDITED BY DP DUE TO COPYRIGHT INFRINGEMENT
http://www.kansascity.com/mld/kansascity/news/nation/13447430.htm
Everyone Pray he LOSES EVERYTHING!
As the New York-based Fortress Investments Group prepared to seize the pop star's assets Tuesday to cover his unpaid debt, his advisers burned up phone lines pleading for a six-month extension, sources said.
"There are discussions under way to stop the foreclosure. An extension is likely to be granted," said a source familiar with Jackson's business woes.
The deal would involve "several" benefactors agreeing to make the monthly payments on Jackson's $272 million loan package at a 9.5 percent interest rate - which comes to more than $2 million a month.
EDITED BY DP DUE TO COPYRIGHT INFRINGEMENT
http://www.kansascity.com/mld/kansascity/news/nation/13447430.htm
Everyone Pray he LOSES EVERYTHING!