MICHAEL Jackson is facing a crisis after being ordered to repay a pounds 40million loan in four days, it was claimed yesterday.<\/p>\n
His financial advisers allegedly admit he has no money to meet the demand and wants the time-limit extended until the end of next year.<\/p>\n
The 45-year-old singer – reportedly with a second pounds 105million loan – is said to scraping together his last reserves as he continues to pile up debts.<\/p>\n
Jackson is on bail after pleading not guilty to seven charges of molesting a child under 14.<\/p>\n
His lawyers are due in court today to set a date for a preliminary hearing.<\/p>\n
The New York Times, claiming to have spoken to several of his advisers, says he is anxious to extend his pounds 40million Bank of America loan until December 2005.<\/p>\n
But he has been told that if he defaults, the hedge fund offering backing will take over the Jackson-music catalogue.<\/p>\n
It includes his hits such as Billie Jean and Beat It and the Beatles collection of about 250 songs.<\/p>\n
The Beatles element alone, owned with Sony, is worth up to pounds 500million.<\/p>\n
Sources claim that the charges against Jackson, and allegations that black separatists are involved in his affairs, have damaged his earning power.<\/p>\n
His reported second pounds 105million loan is guaranteed by his ATV Music Publishing catalogue.<\/p>\n
But Jackson’s music manager Charles Koppleman denied he was in trouble. Like other wealthy people, the star often renegotiated debts.<\/p>\n
He added: “Michael has the ability to generate huge sums of money.”<\/p>\n
Al Malnik, a Miami businessman helping with Jacko’s finances, said they were “working toward a positive resolution”.<\/p>\n
Jackson currently rents a pounds 38,000-a-month home in Beverly Hills.<\/p>\n","protected":false},"excerpt":{"rendered":"
MICHAEL Jackson is facing a crisis after being ordered to repay a pounds 40million loan in four days, it was claimed yesterday. His financial advisers allegedly admit he has no money to meet the demand and wants the time-limit extended […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2348","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/2348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=2348"}],"version-history":[{"count":0,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/2348\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=2348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=2348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=2348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}