The Finch Formerly Known As Gold

24 May 2003

Okay, stop, you've got enough

According to a team of former financial advisers, Michael Jackson is teetering on the edge of bankruptcy.

Union Finance and Investment Corporation, a South Korean firm with Los Angeles offices, has filed suit against the erstwhile King of Pop, claiming unpaid bills of over $12 million. According to the suit, Jackson had engaged Union to help him untangle his messy finances; Union subsequently discovered that Jackson was down to about two months' worth of available funds.

(Keep in mind that two months' worth on the Jackson scale would probably get most of us regular folk who might wear tennis shoes — or an occasional python boot — through a couple of years.)

A Jackson family attorney said he doubted that Michael Jackson's situation was all that dire, though he did add the caveat that "I cannot say it for 100 percent sure because nobody knows his financial statements."

Trial date is set for the 18th of June.

(Update, 11:10 pm: Tiger wants to know why, if MJ were truly bankrupt, this action couldn't be handled in bankruptcy court.)

Posted at 9:37 PM to Dyssynergy


TrackBack: 10:07 PM, 24 May 2003
» Michael Jackson is bankrupt? from Tiger: Raggin' & Rantin'
Well, supposedly Michael Jackson's financial advisors are claiming he is near bankruptcy. However, this revelation comes from a suit filed in Los Angeles County Superior Court, by Union Finance and Investment Corp. of South Korea who are claiming that ......[read more]

TrackBack: 8:45 AM, 30 May 2003
» This post has 9 comments? from Tiger: Raggin' & Rantin'
Of all the posts in my blog, the one that is getting the most attention is this one: Michael Jackson is bankrupt? That simply amazes me. Even more amazing is that there were no comments on CG's entry at dustbury.com......[read more]

TrackBack: 12:12 AM, 15 June 2003
» This is unbelievable from Tiger: Raggin' & Rantin'
Remember the post I wrote about Michael Jackson on May 24? I had already remarked on May 30th that it seemed to be drawing a lot of comments. Well, I have discovered 3 new comments were made to that May......[read more]