I heard about an article in the Wall Street Journal on CourtTV yesterday that talked about Michael Jackson's 'Financial Situation' and how badly in debt he is
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He might have $270 million in debt, but his assets are more than double. CNN had a discussion about it. He owns half of the rights to the Beatles I think. Some $600 million in assets... No wonder why people keep lending him money!
I know this... but Bank Of America almost foreclosed on his assets because he defaulted on a loan when he missed a $300,000.00 payment. Having $600 million + in assets does you no good if you don't have the cash to pay your loans :-p
If the Bank had foreclosed they would have made an appx $330 million profit because they get to keep the value above and beyond what they are owed when they foreclose.
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If the Bank had foreclosed they would have made an appx $330 million profit because they get to keep the value above and beyond what they are owed when they foreclose.
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