LawFuel.com – Legal News Daily – Michael Jackson’s death will create legal headaches in a variety of areas, not the least being the sorting out of debt issues and the impact upon the promoters of his planned concert tour.
Already over $85 million in ticket sales have been made, due to begin on July 13, and promoter AEG Live face significant repercussions from the star’s death.
Much will depend upon the promoter’s insurance provisions, but it is likely that they will be wearing significant costs.
But Jackson’s tangled finances became increasingly more desperate, exacerbated by his 1993 accusation of molesting a 13 year old boy, followed by his arrest 10 years later on charges of molesting another boy of the same age. He was acquitted on the charges.
He borrowed large sums of money, according to a 2002 lawsuit by Union Finance & Investment Corp. that sought $12 million in unpaid fees and expenses.
During his 2003 trial evidence was given that the singer had an “ongoing cash crisis” and was spending $20 million to $30 million more each year than he was earning.
Then last year he faced foreclosure on Neverland.
In addition, Jackson was confronted by further lawsuits, including a $7 million claim from Sheik Abdulla bin Hamad Al Khalifa, the second son of the king of Bahrain.
The King of Pop may be dead, but long live the lawsuits that will surely follow.