Actors - Michael Jackson finances

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	Actors - Michael Jackson finances

Michael Jackson purchased ownership in ATV Music Publishing in 1985, which owns the publishing rights to songs written by The Beatles and many other acts. In 1995, Jackson and Sony Music Publishing merged their two Catalogues to create, Sony-ATV. Jackson's 50% interest in the company (Sony Music Entertainment owns the other half) is estimated to be worth USD 500 million. Jackson also owns his own music catalogue called MiJac Publishing, which contains all of his songs and songs from Sly and the Family Stone.

Over the past 10 years, Jackson has secured two loans for USD 200 Million and USD 70 Million. The USD 200 Million loan was secured by using Jackson's share of the Sony-ATV Catalogue as collateral. He later secured the USD 70 Million loan by using his MiJac Catalogue as collateral. However, because of his declining sales, his MiJac Catalogue's value declined to under USD 100 Million, therefore he was forced to use his Neverland Ranch and Hayvenhurst as added collateral to keep the loan.

In April 2005, Bank Of America sold the loan to Fortress Investments. Jackson continued to miss payments on the loan, and as of December 20, 2005, Fortress had the right to foreclose on the loan, allowing Sony Music the first right to buy Jackson's share of the loan. However, Fortress extended the loan, allowing Jackson time to get money together.

On March 9 2006 it was announced that California state labor officials closed the singer's Neverland Ranch and fined him $69,000 for failure to cover workers employment insurance. The state "stop order" bars Jackson from "using any employee labor" until he secures required workers' compensation insurance and warns that if Jackson fails to abide by the enforced work stoppage he could be charged with a criminal misdemeanor. In addition to being fined $1000 apiece for 69 workers, Jackson is also liable for up to 10 days pay for those employees who now are no longer allowed to report to Neverland for work.

30 Neverland emplyers have also sued Jackson for $306,000 in unpaid wages. If Jackson does not pay these wages by March 14 2006, he will be fined an extra $100,000.

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