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Not a good day for 70's icons
Mike
Mike
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Re: Michael Jackson is dead
70s?
MJ was a 70s/80s/90s icon.
Way to steal FF's thunder there MJ!Every interest bearing loan is mathematically impossible to pay back. -
Re: Michael Jackson is dead
[quote=Mega;106439]Not a good day for 70's icons
Mike[/quote
I Liked MJComment
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Re: Michael Jackson is dead
Carridine
McMan
Fawcett
Jackson..
???Last edited by icm63; June 25, 2009, 06:55 PM.Comment
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On an iTulip theme - What an Investor!
May he rest in peace.
But look at this investment. Sold out half at a 300% gain, while staying in with the other half for a cap-only return of 20X (excluding the royalties received along the way):-
"The collateral for the loans was Mr. Jackson’s 50 percent share in Sony/ATV Music Publishing, a portfolio of thousands of songs, including more than 100 by the Beatles that are considered some of the most valuable properties in music. In 1985 Mr. Jackson paid $47.5 million for ATV, which included the Beatles songs — a move that estranged him from Paul McCartney — and 10 years later Mr. Jackson sold 50 percent of his interest to Sony for $90 million, creating a joint venture, Sony/ATV. Estimates of the value of the catalog exceed $1 billion." (NYTimes.com)Comment
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Re: Michael Jackson is dead
[QUOTE=rabot10;106447]Michael was an exceptional performer and accomplished what few can only even dream of.Originally posted by Mega View PostNot a good day for 70's icons
Mike[/quote
I Liked MJ
His legacy will go on and live forever despite some jaw dropping moments late in his life.
The circle of life continues having experienced it first hand this morning: my son is now 14hours old.
R.I.P. Michael.Last edited by LargoWinch; June 25, 2009, 08:22 PM.Comment
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Re: Michael Jackson is dead
I met him once. I edited a music video and a couple of commercials he was in. He took hours to come out of his trailer and held up shooting. He was very nice and shy. Taller than I expected.
Weird dude. Amazing talent.Comment
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Re: Michael Jackson is dead
Just so you know, that is a "commercial" made into an event.Comment
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Re: Michael Jackson is dead
God you guys here are great...Originally posted by goadam1 View Post
a commercial for what?
thanksComment
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Re: Michael Jackson is dead
Debut of the moonwalk. People freaked.
Comment
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Re: Michael Jackson is dead
Originally posted by Munger View Post
a tremendous talent - sad to see him go
thanks for postingComment
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Re: Michael Jackson is dead
http://www.digitaljournal.com/article/265474Originally posted by audrey_girl View Post
t mobile in europe. It's cool but it's an ad.Comment
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Re: Michael Jackson is dead
ok thanks - didn't know - don't read dutchOriginally posted by goadam1 View Post
pulled itComment
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Re: Michael Jackson is dead
this is a great combination of two genius': charlie (he wrote the music) and michael
normally - no one can touch anything done by Nat King Cole - but Michael tops him here
a truly great rendition of a classicComment
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Re: Michael Jackson is dead
Originally posted by ricket View Post
Even in the future, to me it felt like an 80's guy maybe MTV's fault
Put simply, Jackson was in debt; vast quantities of it. Estimates of how much he owed ranged from a conservative $60 million [£36m] to the astonishing-sounding figure of $500m [£305m] quoted by the Wall Street Journal earlier this month.
Almost everything he owned was leveraged or sold off. Neverland, the ranch near Santa Barbara he'd called home for nearly three decades, had fallen into foreclosure in 2008. Earlier this year it had been sold, in an opaque deal worth $35m to a firm called Colony Capital.
His only remaining assets were his own back catalogue, and a remaining quarter of a tranche of 251 Beatles songs that he'd bought the rights to in the 1980s. But declining revenues from record sales had seriously affected his income.
"The man has been flat-broke for most of the past decade," Diane Dimond, the veteran TV reporter who covered most of Jackson's trials, told The Independent recently. "He's mortgaged everything he owns, and his wealth was always exaggerated anyway. Every penny of income is needed to service income payments on loans."
Unfortunately, even existing was an expensive business. Since the early 1990s, the singer had fallen into the habit of spending between $20 and $30m a year more than he makes. Some paid for $10,000-a-night hotel suites he liked to live in for weeks at a time. Other portions were spent on shopping splurges.
Staff costs, to maintain the often-dodgy entourage that surrounded him, have been estimated at $4m [£2.4m] annually. At the time of his death, he was living in a rented, French-chateau-style house in Los Angeles, which cost $100,000 [£60,000] a month.
To subsidise his lifestyle, Jackson had spent recent years attempting to freeload his way around the world, supported by star-struck benefactors.
He'd spent 2006 in Bahrain, as a guest of Sheikh Abdullah bin Hamad al-Khalifa, and later years in Ireland, where he lodged with the Riverdance star Michael Flatley. He's also popped-up in Dubai, Germany, the South of France and Japan, where he was seen signing autographs at $600 a pop.
Eventually, though, a string of debts and costly lawsuits caught up with him, and he returned to the US, intitially basing himself at his mother's house in Las Vegas, early in 2008. His intention: to balance his books with one of the few assets he had left: his enduring fame.
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http://www.independent.co.uk/arts-en...d-1720267.htmlComment
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