Financial adviser Prescient Acquisition Group has filed a breach of contract suit against
According to PAG’s lawsuit, which was filed in U.S. District Court in Manhattan, the embattled Jackson enlisted the company in November 2004 to provide financial advice and to secure $272 million in financing to pay off a debt to Bank of America.
PAG says it secured a total of $537 million from Fortress Investment Group, which not only payed off BofA but also allowed MJ to exercise an option to buy the remaining 50 percent interest in Sony/ATV Music Publishing that he did not already own.
According to the lawsuit, PAG was owed an immediate $24.8 million payment for its services and $3.3 million that was advanced to Jackson and his company, MJ Publishing.
Jackson has mounting legal fees from his recent trial in which he was declared not guilty of child molestation. PAG’s lawsuit comes on the heels of