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Estate Sued by Bahrain Loan Adviser
« on: October 02, 2010, 10:29:36 AM »
http://www.businessweek.com/news/2010-10-01/michael-jackson-s-estate-sued-by-bahrain-loan-adviser.html

Michael Jackson’s Estate Sued by Bahrain Loan Adviser
October 01, 2010, 11:38 AM EDT
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By Bob Van Voris
(Updates with AQ’s claims in second paragraph.)

Oct. 1 (Bloomberg) -- Michael Jackson’s estate was sued for $1.2 million by a Bahrain financial adviser that claims it helped the singer obtain $320 million in loans in 2005.

AQ Consulting WLL was hired by Jackson to help refinance $300 million Jackson owed to Fortress Investment Group LLC, AQ claimed yesterday in a complaint in federal court in New York.

AQ said it secured a commitment from Citigroup Inc. to refinance the debt. Fortress, which had a right of last offer with Jackson, then agreed to refinance the loans itself. AQ got Jackson an additional $20 million in loans, it claimed.

According to AQ, Jackson agreed to pay the firm 1 percent of the total refinancing, or $3.2 million. He paid $2 million at the time of closing and agreed to pay the rest from future earnings, the financial adviser said.

Jackson died in 2009 at 50, leaving about $500 million in debt. Since his death, the estate, the owner of interests in songs by the Beatles and other artists, has generated more than $250 million.

John Branca, one of the executors of Jackson’s estate, didn’t immediately return a voice-mail message seeking comment on the suit.

The case is AQ Consulting WLL v. Branca, 1:10-cv-7496, U.S. District Court, Southern District of New York (Manhattan).