Michael Jackson has defaulted on a $23 million loan and has failed to meet a November 15 deadline to pay $3.8 million to his former manager.
Debt.com has offered to save Jackson from more turmoil "in exchange for an official endorsement of the leading debt solution site." Jackson is closing in on a 90-day countdown to losing Neverland Ranch.
They say despite his publicist's claims, he is nowhere near paying off his debt and he is "virtually bankrupt."
"This is something we've seen time and time again from celebrities too proud to stay within a reasonable budget," said Todd Cook of Debt.com. "But I think it's safe to say that Michael Jackson has set a new precedent for truly and irreversibly ruining his life, shattering previously held records by such hard-falling celebs as MC Hammer, Boy George and Vanilla Ice."
Jackson has until January 19 to Save Neverland. "Paying off the $23 million loan is the most crucial move at this point," said Cook. "Michael Jackson needs to take a long, hard look at the 'Man in the Mirror' and accept that he needs more than just financial assistance. We are willing to hold his gloved hand and nurse him back to financial health in exchange for his endorsement."
Wednesday, December 05, 2007
Michael Jackson may be bankrupt
Posted by Gabs at 2:20 PM
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2 comments:
Oh he's been bankrupt for a long time and is mooching off anyone stupid enough to lend him money., or take the junk he buys off his hands thinking it might be worth something because he owned it. I think he better watch his back since he swindled some rich arab princes for a lot of cash, they set him up in a home and paid his bills and he snuck out and left them ashamed and furious, and didn't do an album with the publicity he promised.
I'm not sure about the Arab part, all I know is his exuberant spending and endless lawsuits (last I heard it was over 1000 of them) couldn't have helped. Shame though, the man donated over 300 million US dollars to charity and did some really good things.
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