Los Angeles Top Attorneys Blog: (310) 826-6300 » Michael Jackson http://blog.mesrianilaw.com The Blog for Mesriani Law Group presenting an honest view at issues with the conduct of claims and litigation for Personal Injury, Social Security, Employment Law and Corporate/Business Law. Mon, 06 Feb 2012 19:52:01 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Michael Jackson’s business dealings http://blog.mesrianilaw.com/2009/06/26/michael-jackson%e2%80%99s-business-dealings/ http://blog.mesrianilaw.com/2009/06/26/michael-jackson%e2%80%99s-business-dealings/#comments Sat, 27 Jun 2009 00:16:11 +0000 Los Angeles Lawyer http://blog.mesrianilaw.com/?p=32

Michael Jackson’s untimely death brought shock and sadness to everyone. Beneath the layer of several plastic surgeries was a talented entertainer who had once removed the barriers of racial discrimination through his songs.

People knew Jackson for his world-famous, trademark dance moves and chart-topping songs. He was inarguably one of the most popular recording artists of all time.

However, people knew little or nothing about his career as a businessman. All this time, Jackson had ventured into several businesses to expand his empire and dealings.

When Jackson collaborated with Paul McCartney in the songs “The Girl is Mine” and “Say Say Say”, McCartney introduced him to the business of music catalogs.

Subsequently, he began his business career of buying, selling and distributing publishing rights to music from numerous artists.

In 2006, Jackson began experiencing financial problems. Consequently, the main house on the Neverland Ranch was closed as a cost-cutting measure. Also during that time, he faced one major financial concern regarding a $270 million loan secured against his music publishing holdings. To help him out of the loan, he agreed to Sony’s backed refinancing deal.

The financial crisis caused Jackson’s net worth to drop. However, private-equity firm Colony Capital’s Tom Barrack was determined to set Jackson’s comeback and made dealings with him. Barrack said that the economic downturn made Jackson even more attractive for investment.

The value of Neverland and related assets was made the collateral for the money Colony had put up for Jackson. Should Jackson regain his financial footing, future deals with Barrack were expected.

However, Barrack could only hope for what could have been a promising partnership between them. Jackson’s death certainly put a toll, if not a total stop to all their plans.

Except on obligations personal to Jackson, Barrack could negotiate with Jackson’s surviving family for all others. Both parties just need to employ the services of an experienced and skilled business lawyer to iron out problems that would come their way.

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