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May 14, 2008: Michael Jackson News & Mentionings (UPDATED)

Dorothy_Marie

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Michael Jackson News:


http://ap.google.com/article/ALeqM5hCWIZU-dt4rKp47W07K1TQtyBJxQD90LEVKO0

Jackson's 'Thriller' among cultural treasures

By KEVIN S. VINEYS – 10 hours ago
WASHINGTON (AP) — The best-selling pop album on planet Earth and a disc sent hurtling into deep space are among recordings the Library of Congress will preserve for their cultural significance.
Twenty-five selections were added to the National Recording Registry on Wednesday, part of the library's attempt to save America's aural history by archiving recordings deemed "culturally, historically or aesthetically significant."
The inductees range from Michael Jackson's 1982 all-time-bestseller "Thriller" and jazz artist Herbie Hancock's 1973 fusion smash "Headhunters" to the 1977 record of Earth sounds that flew aboard the spacecraft Voyager in the event alien life forms encountered the craft. Other recordings added to the registry include works by Roy Orbison, Charlie Parker, Duke Ellington, Kitty Wells and Smokey Robinson and the Miracles.
A collection of Navajo songs, Harry Truman's 1948 Democratic National Convention speech, radio broadcasts from Ronald Reagan before he became president, and the original cast recording of "My Fair Lady" also made the cut, as did broadcasts of New York Mayor Fiorello LaGuardia reading comics to children during a 1945 newspaper delivery strike.
A recording of the first trans-Atlantic broadcast — an orchestral performance transmitted from London and relayed to the U.S. East Coast in 1925 — also was included because it represented a technological breakthrough in broadcasting.
The Library of Congress chooses 25 recordings each year to add to its registry and preserve. Nominations come from a Library of Congress preservation board and online suggestions from the public. The selections for 2007 bring the registry's total to 250.




http://thevegaseye.com/home/2008/5/...deal-but-michael-jackson-is-the-real-sto.html

MGM ANNOUNCES FATOR DEAL BUT MICHAEL JACKSON IS THE REAL STORY

Posted on 05.14.2008 by
Score one for the Kings Of Redundancy, the messiahs of Getting Scooped On Your Own Story. The MGM muckety-mucks finally got around yesterday to announcing what we told you about two weeks ago – that Hilton headliner and America’s Got Talent winner Terry Fator has signed a five-year deal to perform at The Mirage. This happened only after dazzling Danny Gans decided to move across the street and join his old friend Steve Wynn. But the real story of the day wasn't Fator. It was The King of Pop, Michael Jackson. Even during the news conference it was evident that the MGM conference was a day late and a dollar short, overshadowed by rumors and rumblings that the Michael Jackson Vegas revolution had begun. Now, this isn't news to you, our readers, because you'll recall TheVegasEye.com presented this info to you at the same time we dropped the Fator bombshell. You see, Michael Jackson was able to keep Neverland Ranch after a loan on the California property was sold to Colony Capital LLC, a Los Angeles based international private investment firm. NOW. Guess who Colony Capital owns? Give you a hint: Between late 2003 and early 2004, Park Place Entertainment Corporation sold the Las Vegas Hilton to an affiliate of Colony Capital LLC for about $280 million. So connect the dots for me, kiddos. An affiliate of the company that owns the Hilton greed to hold the $23.5 million loan it acquired from Fortress Investment Group while it negotiates “payment terms.” And Jackson confirmed he is in discussions with Colony and its founder, Tom Barrack Jr., "with regard to the ranch and other matters." Wonder what they’re NEGOTIATING about? Could it be … A SHOW?? Are we correct in saying that Michael Jackson will sing and dance in the showroom of his former father-in-law, Elvis Presley? TheVegasEye.com was never notified of any press announcement regarding the Mirage’s new multi million dollar attraction. Wonder what happened to our invitation? Our phone call? Our email notification? Those were coming through fine before our recent story about how Sin City Beer and its’ preferential placements by MGM because of the marital relationship between its owner and a high-ranking MGM PR executive. This must be our punishment by the MGM PR department for calling attention to this breach of ethical conduct. Thinking about it, though,the person being punished most is Fator. Shutting us out cuts off the stream of information not only to you, our two million loyal weekly readers, but Fator as well. Fator ends up getting hurt the most, which is really throwing the baby out with the bathwater, don't you think? Think about THIS was well: This kind of snarky behavior sends the very clear message that the PR department at MGM sees absolutely no value in your patronage. It’s difficult to watch corporate executives act like this. We can only hope that this is middle management’s doing, not the REAL higher ups at MGM. Does the MGM/Mirage Board, Terry Lanni or Kirk Kerkorian know that middle management is keeping vital information from them? Do they even care? Information that could affect their money? Maybe someone should buy a clue before stock values drop. Playing favorites with the media is a double edged sword. Bridges burn both ways. As many of you have seen over the years, trying to keep thevegaseye.com out of the loop has only made our reporting better because we’re more driven than ever to get to the truth.






http://camden.yourguide.com.au/news/local/news/general/jason-is-thrilled-to-be-a-jackson/770394.aspx


Jason is thrilled to be a Jackson


BY ALICIA BOWIE
14/05/2008 6:12:00 PM
IF THERE is anyone who knows the power of music and dance it is Jason Jackson.


``When I was eight years old I had cancer,'' he said. ``It was a rare form of bone cancer and I was one of the first people in Australia to have the disease.


``I got over the cancer and I heard Michael Jackson's music and I fell in love with it.


``I saw him dance and thought `My God, I want to be just like him'.''


Jackson got past his illness and for the past 25 years he has been a Michael Jackson impersonator.


The Narellan Vale resident will be one of the performers at this Saturday's Everyone Can Dance fund-raiser.


Jackson called organiser Tara Grech and offered his services after reading about the fund-raiser in the Advertiser.


He will perform Jackson classics Billie Jean, Thriller, Smooth Criminal and You Rock My World from 1.30pm.


``You've got to absolutely believe in yourself that you are Michael Jackson,'' he said.


Jackson agrees with everything the fund-raiser is hoping to achieve equality and unity.


``Dancing and music bring people together,'' he said.


``Music heals all souls and all hearts, no matter if you're sick or if you have special needs, we need that in our lives.

``And it healed me.''



Michael Jackson Mentionings:

http://ap.google.com/article/ALeqM5h8KgwoSr0QHSgmbP-ZAwfxB2MBrQD90LD5900


Tuesday's show also featured a tribute to Michael Jackson's "Thriller," with Omarion singing a medley of hits from the 1980s album as dozens of dancers performed some of Jackson's signature moves.

http://www.ctv.ca/servlet/ArticleNe...ary_20080513/20080513?s_name=dance2008&no_ads=

After his training in New York and LA, Cheesman's career took off. On the stage, he toured as a dancer and choreographer with all the big names in the business including Michael Jackson, Janet Jackson, Tina Turner and Prince.


http://top40-charts.com/news/Pop-Rock/Jesse-McCartneys-Departure/40262.html

McCartney has enlisted a stellar cast of star writers and hit making producers such as Sean Garrett (Usher, Mary J. Blige, Beyonce, Gwen Stefani, Pussycat Dolls, Chris Brown), Tricky & The-Dream (Rihanna, Mariah Carey), J.R. Rotem (Britney Spears, Sean Kingston, 50 Cent, Rihanna) and The Clutch (Omarion, Timbaland, Ciara, Bobby Valentino), 'Departure' has an edgier pop/urban sound than 'Beautiful Soul' and 'Right Where You Want Me' reflecting McCartney's growth as a songwriter. 'When it was time to do the third album, I wanted people to see another side of me. I wanted the record to have a little retro hint sonically but with my own contemporary feel - I listened to Michael Jackson, Madonna and Prince a lot before we started the album. I knew I had to present myself in a fresh way so I was open to other people's ideas and suggestions.'




http://sfist.com/2008/05/14/blocker_100_ser.php


Other than one jarhead who inexplicably blares Michael Jackson’s “The Way You Make Me Feel” as he circles around looking to park his Honda, it’s surprisingly quiet here, considering it’s a student community. Dishes clatter through an apartment’s open kitchen window, a few seagulls squawk overhead, and a stiff breeze blows through five giant pines that line the block. That’s about it for commotion, really.



http://newsroom.mtv.com/2008/05/14/kanye-wests-glow-in-the-dark-tour-blows-shaheems-mind/


Undeniable, unbelievable. I’m trying not to get caught up in the moment and jump all the way out the window, but Kanye West’s show last night at Madison Square Garden may have been the best one-man performance I’ve ever seen outside of Michael Jackson or Prince. Like he says, Graduation is not just an album name, it’s the trumpeting of his career evolution as the most innovative man in his genre.

http://www.suntimes.com/entertainment/television/949573,idolc051408.article


David Cook only decided to audition alongside his younger brother at the last minute, but now the 25-year-old is among the last four singers in the season seven competition. Having sung everything from Michael Jackson’s ‘‘Billie Jean’’ to Free’s ‘‘All Right Now,’’ the Missouri native sat down for an exclusive interview, revealing how he chooses his songs, how former contestant Michael Johns’ departure was a wake up call, and how ‘‘Idol’’ fans’ interest in him has been ‘‘awe inspiring’’ and how the whole experience has been ‘‘vindicating.’’



http://www.pasadenastarnews.com/news/ci_9258395


ARCADIA - Reinventing Michael Jackson's "Thriller" and adding hip-hop flair to Grease's "You're the One That I Want" with her group Kaba Modern, Jia Huang has come a long way from the Chinese folk dances she did as a 5-year-old.

Along with five other members of the group, the 24-year-old Arcadia resident recently glided and shimmied into living rooms in the premiere season of MTV's "Randy Jackson Presents: America's Best Dance Crew."
The group finished in third place, but, as judges pointed out, Huang and teammates Yuri Tag of Irvine and Cindy Minowa of Michigan were the top-finishing women in the competition.
Kaba Modern's other members are Troy Tran of West Covina, Lawrence Kao of Hacienda Heights and Mike Song of Torrance. "Ya'll are the future," exclaimed Judge Shane Sparks, heaping praise on the group after its energetic, fluid reworking of Michael Jackson's "Thriller."



http://thebeacon.net/content/view/1305/94/


This event is special as we allow our older students to pick out their own solo music and costume, and in some instances use their own choreography. This show has literally been in production since this past Fall," says Snider "This year's production showcases our Seniors, as well as all students that are involved in Jazz and Tap. Some of the featured artists include Prince, Michael Buble, Michael Jackson, Colbie Caillet, Goo Goo Dolls, Eva Cassidy and many, many more!"







Michael Jackson HIStory:


1985 - Michael Jackson received a humanitarian award from U.S. President Ronald Reagan at the White House.
 
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Re: May 14, 2008: Michael Jackson News & Mentionings

it's all good.. u guys give and do more than enough as it is..
 
Thanks for the news and mentionings. I for one am very curious to see if there is any reality behind that Vegas rumour. It seems to make sense on the face of it, but who knows? Michael is the master of surprise and it's obvious that he's intent on keeping his plans quiet for the time being. The connection between Colonial and The Hilton could just be coincidental. Or?

I know we discussed it ad nauseam last year but I still think a Vegas show could be a good thing for Michael. It's a more intimate setting than the arenas he usually plays and it would allow him not only to stay in one place with his kids but also to have truly amazing special effects. I'd actually prefer no special effects at all but I think Michael loves them.
 
Here's a related blurb from Norm [re: the Colony Capital / Hilton connection]:

http://www.lvrj.com/news/18924769.html

May 14th

THE SCENE AND HEARD

The auction of Michael Jackson's Neverland, set to go on the auction block today, was canceled after the investment company Colony Capital LLC purchased the note. Colony Capital owns the Las Vegas Hilton, leading to speculation that Jackson may be launching a comeback on the 40th anniversary of Elvis Presley's historic comeback in 1969 at the Hilton.

...

Also, it was Norm who wrote the below statement out of the blue on May 2nd, before any of this financial business had publicly taken place:

"The way it was explained to me: Jackson has been in talks with a local hotel boss who wants to make a major statement."

(For the record, Elvis began his run at the Hilton on July 29th, 1969.)
 
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TSCM said:
Here's a related blurb from Norm [re: the Colony Capital / Hilton connection]:

http://www.lvrj.com/news/18924769.html

May 14th

THE SCENE AND HEARD

The auction of Michael Jackson's Neverland, set to go on the auction block today, was canceled after the investment company Colony Capital LLC purchased the note. Colony Capital owns the Las Vegas Hilton, leading to speculation that Jackson may be launching a comeback on the 40th anniversary of Elvis Presley's historic comeback in 1969 at the Hilton.

...

Also, it was Norm who wrote the below statement out of the blue on May 2nd, before any of this financial business had publicly taken place:

"The way it was explained to me: Jackson has been in talks with a local hotel boss who wants to make a major statement."

(For the record, Elvis began his run at the Hilton on July 29th, 1969.)
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Interesting???
 
More from Norm about this speculation (which only adds to the speculation :lol:):

http://www.lvrj.com/news/18966549.html

NORM: Jackson six degrees from LV Hilton

What do we know about the man who saved Michael Jackson's Neverland Ranch from public auction?

The most tantalizing tidbit about real estate magnate Thomas Barrack Jr. is his ownership position in the Las Vegas Hilton. His giant real estate investment company, Colony Capital LLC, is a partner with Colony Resorts LVH Acquisitions LLC.

So now that Barrack has rescued the 2,700-acre Neverland property for Jackson, the Hilton appears to be well positioned if the singer returns to the stage.

Insiders I talked to Wednesday agreed on that, but, one warned, "you would be premature to assume this is any more than a business deal. I'm not saying it couldn't be more down the road, but right now it's early."

Barrack, in his early 60s, is a major player in the real estate investment world. The scouting report on him goes like this: "Known for being ahead of the curve ... specializes in investing in operating businesses that have a significant real estate component."

Barrack spent a reported $23.5 million to purchase the Neverland loan, which was held by Fortress Investment Group, a New York-based private equity and hedge fund group. Jackson had defaulted on loan payments on the Santa Barbara County property.

There's speculation already that Barrack could sell off the property piecemeal for $100 million. The big question is: What did Jackson agree to as part of the deal?

I've confirmed that Barrack, who lives in Los Angeles, recently met with Jackson in Las Vegas at the singer's new residence on Palomino Lane.

Barrack founded Colony Capital, which has invested almost $40 billion since 1991, deals that helped him rank among Forbes magazine's 400 richest Americans. He's known for taking big stakes in European luxury hotels. Colony Capital partnered with Frank and Lorenzo Fertitta when they took Station Casinos private in November 2007.
 
Isn't it finny how everytime MJ deals with someone, they atomatically become fmous. No wonder that MJ has so many leaches hanging on to his shirt tale. Everybody the man breathes on get theur 15 mins.
 
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The story that MJ defaulted on the loan is totally inaccurate. MJ did not default on the loan. The loan was originally a 1Year loan. MJ was paid up to the end of the loan. Fortress wanted the money back but MJ wanted renegotion. It was that part of the contract that MJ failed to fullfil, not the repayment. The statement that Raymone put out was the correct one.
 
So MJ might be doing shows in Las Vegas as payment for the loan? So no world tours?
 
Dangerous Incorporated said:
So MJ might be doing shows in Las Vegas as payment for the loan? So no world tours?
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The people who wrote the article are speculating just like the rest of us. Ynlsee we hear it from MJ one shouldn't speculate about his movements. Also, there was no evidence that MJ couldn't pay the mortgage, There is a difference between paying a mortgage and paying the whole amount.
 
Whatever Michael chooses is fine with me. He is getting older and traveling can be harder on him and maybe being in ONE place and making alot of money is the good way.
 
Datsymay said:
The people who wrote the article are speculating just like the rest of us. Ynlsee we hear it from MJ one shouldn't speculate about his movements. Also, there was no evidence that MJ couldn't pay the mortgage, There is a difference between paying a mortgage and paying the whole amount.
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I'm not sure I understand this whole public auction thing. If, as you say, MJ was not in default, how could a public auction be planned? In my country that would be absolutely impossible since a lot of steps have to be taken before a public auction can take place, but I don't know anything about the American system. Is there anybody here with some legal knowledge who can explain it to me? :flowers:
 
JudgingNoone said:
I'm not sure I understand this whole public auction thing. If, as you say, MJ was not in default, how could a public auction be planned? In my country that would be absolutely impossible since a lot of steps have to be taken before a public auction can take place, but I don't know anything about the American system. Is there anybody here with some legal knowledge who can explain it to me? :flowers:
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When the fist auction hit the airwave, Raymone made a public statement saying that MJ was not in default. He had made all the payments up to the end of the contract. That was veryfied that MJ had payed up to October, when the contract expired.
The trouble started because at the end of the contract, MJ had agreed to pay up in full. MJ, instead, sorted to renegotiate the contract, obviously seeking more time to pay.
During the renegotiation, no money was being payed. The bank's computorised system went into action to reclaim the money. See machines are programmed to operate in a certain way, and unless the human being intervenes, the machines continue to perform.
While MJ was renegotiating his contract with the bank, the automatically programmed computer went into overdrive.
If Fatface, did not go into overdrive, nobody would have known anything about this case. It really was a most private matter:no:
 
wheres this info from about agreeing to pay the left over loan amount come the end of the loan? none of it makes sense. either u had a one year loan where each payment over the year would wipe out the entire debt come maturity or u have a one year fixed loan and when it matured u tried to refinance to get a better deal and while this was happening the loan whent back to a standard intrest rate and u then defaulted because of the xtra payments whil u were looking for a better deal.

I'm not sure I understand this whole public auction thing. If, as you say, MJ was not in default, how could a public auction be planned?
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he was in default thats the bottom line however it came about and it had been going on for several months of missed payments.like you said it goes through a few stages b4 u get to an auction it doesnt just happen in a week. as it showed with encino
 
elusive moonwalker said:
wheres this info from about agreeing to pay the left over loan amount come the end of the loan? none of it makes sense. either u had a one year loan where each payment over the year would wipe out the entire debt come maturity or u have a one year fixed loan and when it matured u tried to refinance to get a better deal and while this was happening the loan whent back to a standard intrest rate and u then defaulted because of the xtra payments whil u were looking for a better deal.



he was in default thats the bottom line however it came about and it had been going on for several months of missed payments.like you said it goes through a few stages b4 u get to an auction it doesnt just happen in a week. as it showed with encino
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That is not the truth and you know it.
MJ was payed up until the October of 2007 when the actual contract ran out.
The money mJ was paying was interest on the loan, at the end of the year, he would still be owing the same amount of money that he borrowed. He was meant to pay it back in full by October 07.
We do not know at what stage he started negotiating to extend the loan. We do not know why no agreement was reached and MJ sort other banks to refinance. If MJ was in default and could not pay, he wouldn't be looking to refinance from another bank or an extention of the loan. Technically, MJ's arrangement was already expired, therefore he was no longer required to make payments on the loan, because the full loan was now due.
 
That is not the truth and you know it.
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what isnt the truth? what your saying re payments doesnt make any sense.u are saying he had a loan for over 25 mill that would be paid off within a year? its written as if mj had a loan for a year for 25 mill and for that year he only paid off the intrest and then he would have to pay a lump sum of 25 mill at the end of the loan to clear off the debt. like i said above either he had a fixed rate that ran out and he tried toget a new deal and defaulted on the new standard payments while looking for a better deal . or u had a one year deal and at the end of the year the loan is paid off in full and he defaulted and they wanted all the money back at the end of the year as he hadnt fulfiled the agreement. all i know is that he defaulted and went close to having the ranch taken off him that is all that matters to me. how he got there who knows but the end path and the concequences of that is all that matters
 
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elusive moonwalker said:
what isnt the truth? what your saying re payments doesnt make any sense.u are saying he had a loan for over 25 mill that would be paid off within a year? all i know is that he defaulted and went close to having the ranch taken off him that is all that matters to me. how he got there who knows but the end path and the concequences of that is all that matters
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I was trying to explain to you why the default occured. It makes good sense to me, but you are not prepared to open your mind because for you there is only one way. I deal with the bank all the time. People borrow short term loan for all sorts of reasons. The loan MJ borrowed was a short term loan. Raymone explained that, but of course you don't like her so whatever she says is BS.
MJ should never have had to explain anything to anyone. |None of is have any right to be poking our noses in his finances.
Unfortunately, both Sneddon and Friedface, got exactly what they wanted. Everybody and their momma interfering in MJ's business. There is a method behind this madness.
Anyway, I am explaining from what I know of busuiness finances.
My argument is that MJ was fully payed up until the time for the full repayment. This was when MJ stopped paying because he was hoping for a refinancing. This refinacing was going on long before we knew anything about a foreclosure.
I do believe that that bank was conspiring to cause him to lose the ranch.
 
My argument is that MJ was fully payed up until the time for the full repayment.
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this is what i dont get what do u mean? he had aloan for one year to pay such a huge amount of over 25 mil yet only managed to pay off the intrest during that time.andthen come the end of the deal owed the full 25 mill? eveyone know theres been cash issues ontop of defaults with encino it just seems you try to cover it every which way possible which makes discussions difficult. like you always saying the 300 mill debt was a sony/atv business one when its been pointed out several time by aveeno ect that it was personal debt of mjs and no one elses

I do believe that that bank was conspiring to cause him to lose the ranch.
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sorry dats this is where u lose alot of credibilty with things like this.
 
elusive moonwalker said:
this is what i dont get what do u mean? he had aloan for one year to pay such a huge amount of over 25 mil yet only managed to pay off the intrest during that time.andthen come the end of the deal owed the full 25 mill? eveyone know theres been cash issues ontop of defaults with encino it just seems you try to cover it every which way possible which makes discussions difficult. like you always saying the 300 mill debt was a sony/atv business one when its been pointed out several time by aveeno ect that it was personal debt of mjs and no one elses



sorry dats this is where u lose alot of credibilty with things like this.
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Elusive, the loan was a short term, interest only loan. When I bought MY house I had an endowment mortgage which meant that I paid interest only. At the end of the set years I would have to pay the whole amount that I borrowed in full.
The loan MJ took out was a similar loan, except it was for one year only.
I will never know why MJ took out such a short term loan; that can be for any reasons. Maybe he thought that he could renegotiate a different loan at the end. He obviously did not wish to pay the lot back in full. At the end of the year, the bank ask for theur money back and MJ stopped paying, technically, he couldn't pay cause the contract had expired.
 
elusive moonwalker said:
this is what i dont get what do u mean? he had aloan for one year to pay such a huge amount of over 25 mil yet only managed to pay off the intrest during that time.andthen come the end of the deal owed the full 25 mill? eveyone know theres been cash issues ontop of defaults with encino it just seems you try to cover it every which way possible which makes discussions difficult. like you always saying the 300 mill debt was a sony/atv business one when its been pointed out several time by aveeno ect that it was personal debt of mjs and no one elses



sorry dats this is where u lose alot of credibilty with things like this.
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It was most likely an interum loan designed to get him through to a point where he could negotiate a longer term one at better rates. There is nothing unusual about that. When you build a house a construction loan work similarly. It is higher interest than a regular mortgage loan because it is riskier for the lender. Once the home is built you get a long term loan that pays off the construction loan in full and that loan may be with a different bank. When Michael first started taking out the short term loans on the property his whole life and career was at risk. If he was thrown in jail he wouldn't have a way to generate income and noone knew if he would recover even if he was not thrown in jail. Now that the year on the last loan is up we are in a mortgage crisis in this country and money is in short supply. That isn't Michael's fault but it makes it more difficult to secure a good deal. The lenders (those who still have money) have all the strings.

Now I do agree that it weakens Datsy's credibilty however to say it is a conspiracy by the bank. There is no reason to believe that. Just because there are some crooks out there doesn't mean everyone is. They don't wish to have to do a foreclosure.

Now I am interested in what would have happened if the last auction went through. I believe that if it had sold for more than owed Michael would get the difference. I am not sure if that is the case on this new deal.

Sigh... now you guys have sucked me into writing about this even though it is really none of our business. I just wanted to back Datsy up on the interim loan thing however since that IS standard business practice and not just for construction loans and it does leave the borrower a bit vulnerable. That is how many properties went under during the depression. People were counting on refinancing and suddenly banks didn't have money so things went into default. Anyone who has ever build a house has probably had a construction loan however. I have done it myself.
 
ok thanks i just wanted it to be ceared up re the short term loan. no need to go on about bain etc. if it was aloan where only intrest was paid and the full amount was due at the end of the agreement well its a stupid thing to do given the prediciment mj is in. how are u going to come up with a full amount knowing how things were i dont know if it was written as to when this loan was given but bain stated previous staff so schaffel weisner etc? but that was before the case happened didnt rasta pasta say there was no dates given on docs as to when this loan was created. so it diesnt go with having a shor term loan because of the trial

at the end of the day as ive said b4 how he got into default doesnt really matter the fact wis he did and it wasnt just some clerical error it went on for months and was dealyed ect as we know. that doesnt just happen over night.theres obvious issues there as shown with encino. hopefully it will now be sorted and this wont happen again.sadly it palys to the media everytime

People were counting on refinancing and suddenly banks didn't have money so things went into default.
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which is the problem now with the credit crunch all the defaults because fixed rates are ending and ppl cant get better deals and cant afford the higher rated costs whether this was an issue with mj who knows or whether it was going on for months b4 the loan matured
 
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eternitys_child said:
It was most likely an interum loan designed to get him through to a point where he could negotiate a longer term one at better rates. There is nothing unusual about that. When you build a house a construction loan work similarly. It is higher interest than a regular mortgage loan because it is riskier for the lender. Once the home is built you get a long term loan that pays off the construction loan in full and that loan may be with a different bank. When Michael first started taking out the short term loans on the property his whole life and career was at risk. If he was thrown in jail he wouldn't have a way to generate income and noone knew if he would recover even if he was not thrown in jail. Now that the year on the last loan is up we are in a mortgage crisis in this country and money is in short supply. That isn't Michael's fault but it makes it more difficult to secure a good deal. The lenders (those who still have money) have all the strings.

Now I do agree that it weakens Datsy's credibilty however to say it is a conspiracy by the bank. There is no reason to believe that. Just because there are some crooks out there doesn't mean everyone is. They don't wish to have to do a foreclosure.

Now I am interested in what would have happened if the last auction went through. I believe that if it had sold for more than owed Michael would get the difference. I am not sure if that is the case on this new deal.

Sigh... now you guys have sucked me into writing about this even though it is really none of our business. I just wanted to back Datsy up on the interim loan thing however since that IS standard business practice and not just for construction loans and it does leave the borrower a bit vulnerable. That is how many properties went under during the depression. People were counting on refinancing and suddenly banks didn't have money so things went into default. Anyone who has ever build a house has probably had a construction loan however. I have done it myself.
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:angel::angel:I am sorry about My credibility issue, but when you see people coming at MJ from so many angles, you kind of want to think the worse in a situation like this, esp when you hear whisperings that some da were salivating and the auction were to take place on the stops of the court house.
Anyway, thanks for explaining more effectively what I have been trying to say to Elusive and others.:cheers:
 
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