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Michael Jackson to loose Beatles
Michael Jackson is in trouble again. He is set to lose his Beatles' songs as he is being forced to sell the songs after running up huge debts. Jackson has allegedly misspent his fortune on a lavish lifestyle. He also took out steep loans to fight recent child abuse charges.
Michael Jackson in 1995 was forced to sell part ownership of the catalogue, valued at 750 million, to his former record company Sony. The deal with Sony specified that within May 31 2008, if he was unable to pay the loans back he would have be required to sell the company the remainder of the catalogue. It is said that Sony will charge Jackson 125 million for the expenses they have incurred. Jackson hopes to repay 150 million to a loans company once the sale is completed.
Presently the only hope for Jackson is the reunion of the Jackson Five. It could earn him 250 million. The group - who last regularly performed together 23 years ago are set to earn a fortune from playing 250 Las Vegas concerts over three years. The band - comprising of Tito, Marlon, Jackie, Michael and Jermaine are currently in talks with producer Jack Wishna.
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