Is MJ Nearly Broke?
Prosecutors seeking access to
The prosecution’s theory is that MJ’s financial straits led him to hold his accuser’s family captive to try and coerce them to dispute the TV documentary “Living With Michael Jackson” that tarnished his image.
“We have more than enough reason to believe that Mr. Jackson is on the precipice of bankruptcy,” said Assistant District Attorney Gordon Auchincloss “He is in debt to the tune of $300 million and has liabilities close to $400 million.”
Defense attorney Robert Sanger said Jackson’s current financial situation has no bearing on the time frame when the alleged molestation took place.
Superior Court Judge Rodney Melville said he won’t drag out the trial by allowing an emphasis on finances, but will allow a brief presentation of the pop star’s cash situation.
MJ’s finances have been in the news for years. About $270 million in loans from Bank of America Corp., backed by Jacko’s two major song catalogs, will come due over the next few years, according to the Los Angles Times.
The debts are reportedly secured by Jackson’s publishing firm, Mijac, and his 50 percent stake in