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Michael owes nothing to Sony?

Arabian Knight

Arabian Knight

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I believe he have already released two albums:

Number Ones (2003)
With a new song: One More Chance

The Ultimate Collection (2004)
With a new song: Cheater

I just want to know if Michael has no more commitments to Sony BMG.
 
http://search.ew.com/EWSearch/ew/search/search.html?type=ew:Gary+Susman;
By Gary Susman

He won't stop 'til he gets enough. Michael Jackson said Wednesday that he's joining the battle against record company contracts that, many artists say, unfairly exploit them and leave them nearly bankrupt. ''Record companies have to start treating their artists with respect, honor and financial justice,'' said Jackson in a statement. ''Therefore, I am proud to join this coalition, which represents all artists.''
The coalition, yet unnamed, is run by celebrity lawyer Johnnie Cochran (who helped Jackson negotiate an out-of-court settlement a decade ago with the 13-year-old boy who accused him of molestation, before charges could be filed) and civil rights activist the Rev. Al Sharpton. Cochran and Sharpton held a New York press conference yesterday, at which Sharpton likened record contracts to slavery, saying that labels make millions while charging the artists for so many recording and promotional expenses that musicians are often left with little money or in debt. ''It is our intention to break up the kinds of indentured servant-type of arrangement that many in the record industry now have with record companies,'' he said. ''We hope that this initiative would make it possible where one day the artist on the CD is as big as the companies that put out the CD.''
Sharpton and Cochran didn't name other artists who would join their group, but they did say they'd be willing to work with the West Coast-based Recording Artists Coalition, the group that includes Don Henley, Sheryl Crow, Dixie Chicks, Billy Joel, and Clint Black that has been raising money and lobbying legislators to fight record labels on the same artists' rights issues. Jackson's participation would mark the first entry by a high-profile African-American or R&B artist into the battle, even though critics of industry practices have complained for decades that R&B and hip-hop deals are just as unfair to artists as pop and rock contracts.
Jackson himself may have a personal stake in this fight, as low sales of last fall's ''Invincible'' have led to speculation that Jackson is in financial trouble. A New York Daily News report on Wednesday quoted an unnamed executive at Sony (Jackson's label) as saying that Jackson was only using Cochran and Sharpton to get out of the $200 million debt he owes the company for recording and promotional expenses. Jackson responded in his statement, ''For Sony to make a false claim that I owe them $200 million is outrageous and offensive.'' But Sony responded, ''We have never issued any statement verbally or in writing claiming that Michael Jackson owes us $200 million. As a result, we are baffled by the comments issued today by his press representatives.'' In March, however, EW.com reported that Jackson had put up the Beatles' publishing catalog, which he owns, as collateral for such a loan from Sony, and Sony simply hasn't moved to call the loan or foreclose on it. So he may not owe money to Sony only in the sense that the label hasn't asked him to pay it. Still, as Cochran and Sharpton note, with most artists, companies are not so generous.
Posted Jun 06, 2002 | Order Article Reprints
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Do yall remember when we first started hearing about this large loan that Michael supposedly owed Sony? Notice the quote by Michael. He called Sony out on it and they denied saying it. Yet ever since we heard about this little back and forth between Sony and Michael, we have been reading the media reports of this large sum of money Michael owes. And that amount has been going up and up and is now upwards of $300 mil.

Now, I know that during the trail, the prosecution revealed through Michael's financial records, if I remember correctly, he was in debt to the tune of about 100 mil. Yet when Mez got his chance, he said that Michael had been offered touring deals that were upwards of $100 mil. Sneddon was trying to convince the jury that Michael did all this stuff to the Arvizios because he needed money to pay off this debt.

But my point is this....it was never revealed in the trial that Michael owned any more debt than about $100 mil. Now what I want to know is what has transpired between the trial and now that would make Michael's debt $300 mil all of a sudden? I know he did some sort of deal with Sony and his refinancing recently, but why would the loan have jumped this high?

This is why I take with a grain of salt all these media reports about Michael being in all this debt. I remember Michael saying once that he did not want to end up with nothing like some legends from the past. I really have a hard time seeing him being smart enough to take advantage of music publishing, yet not smart enough to keep himself out of all this debt. It just doesn't add up for me.
 
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Yeh i do remember all that but something is up with Neverland but i just don,t know what to think.
 
But Neverland has nothing to do with sony !! owing 25 million is not like owing 300 million !
 
serena williams said:
But Neverland has nothing to do with sony !! owing 25 million is not like owing 300 million !
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Michael mortgaged Neverland and used the money to buy back 5% share of sony/atv from his lawyer. he invested the money in hois company. This extra 5% has safeguarded MJ's hold on the company making him equal with Sony and as powerful as sony. The gamble was worth it. Even if MJ lose Neverland, he safe guarded the catalogue with the money he took from the land, He is more powerful now in the company than he ever was.:)
 
AllTheLovelyFlowers said:
Do yall remember when we first started hearing about this large loan that Michael supposedly owed Sony? Notice the quote by Michael. He called Sony out on it and they denied saying it. Yet ever since we heard about this little back and forth between Sony and Michael, we have been reading the media reports of this large sum of money Michael owes. And that amount has been going up and up and is now upwards of $300 mil.

Now, I know that during the trail, the prosecution revealed through Michael's financial records, if I remember correctly, he was in debt to the tune of about 100 mil. Yet when Mez got his chance, he said that Michael had been offered touring deals that were upwards of $100 mil. Sneddon was trying to convince the jury that Michael did all this stuff to the Arvizios because he needed money to pay off this debt.

But my point is this....it was never revealed in the trial that Michael owned any more debt than about $100 mil. Now what I want to know is what has transpired between the trial and now that would make Michael's debt $300 mil all of a sudden? I know he did some sort of deal with Sony and his refinancing recently, but why would the loan have jumped this high?

This is why I take with a grain of salt all these media reports about Michael being in all this debt. I remember Michael saying once that he did not want to end up with nothing like some legends from the past. I really have a hard time seeing him being smart enough to take advantage of music publishing, yet not smart enough to keep himself out of all this debt. It just doesn't add up for me.
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I agree with you. At first they said he owed Sony and later it chaged to him owing th bank. I believe T-Mez was asked why MJ didnt pay off the loan. MJ could have payed off that loan a long time ago, but I have said before that it is always financially advisable for business to have loans. It has to do with the paying of taxes. They pay less taxes cause they claim for the loans. Every large business do this.^_^
 
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mjs has had no musical commitments to sony since 2003 number ones release that was the last release as part of his 1991 contract
 
AllTheLovelyFlowers said:
Do yall remember when we first started hearing about this large loan that Michael supposedly owed Sony? Notice the quote by Michael. He called Sony out on it and they denied saying it. Yet ever since we heard about this little back and forth between Sony and Michael, we have been reading the media reports of this large sum of money Michael owes. And that amount has been going up and up and is now upwards of $300 mil.

Now, I know that during the trail, the prosecution revealed through Michael's financial records, if I remember correctly, he was in debt to the tune of about 100 mil. Yet when Mez got his chance, he said that Michael had been offered touring deals that were upwards of $100 mil. Sneddon was trying to convince the jury that Michael did all this stuff to the Arvizios because he needed money to pay off this debt.

But my point is this....it was never revealed in the trial that Michael owned any more debt than about $100 mil. Now what I want to know is what has transpired between the trial and now that would make Michael's debt $300 mil all of a sudden? I know he did some sort of deal with Sony and his refinancing recently, but why would the loan have jumped this high?

This is why I take with a grain of salt all these media reports about Michael being in all this debt. I remember Michael saying once that he did not want to end up with nothing like some legends from the past. I really have a hard time seeing him being smart enough to take advantage of music publishing, yet not smart enough to keep himself out of all this debt. It just doesn't add up for me.
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first of all..NOBODY doesn't ask to be paid up when they are owed a loan. that just isn't human nature. secondly, TMez proved MJ owed nothing. not just down to one hundred mil.

i never take any negative financial news about MJ seriously. it never adds up. all the reports are always contradictory...and people mysteriously NEVER collect on those so called debts.
 
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But my point is this....it was never revealed in the trial that Michael owned any more debt than about $100 mil. Now what I want to know is what has transpired between the trial and now that would make Michael's debt $300 mil all of a sudden? I know he did some sort of deal with Sony and his refinancing recently, but why would the loan have jumped this high?
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funny this is being mentioned now i was just going back through some old posts from 06 about the whole sony thing. hes a couple of intresting quotes from aveeno who was staff on mjjf and had access to the court documents re the refianancing.

The loan from BOA was 270M then Michael took out another 30M to buy out John Branca from Sony/ATV (he had about 21songs) so that made the loan 300M in April last year.

MJ's full debt is 300Million (he consolidated all his debts the way anyone would consolidate credit cards, mortgage etc) the amount was less than that actually but he decided to buy John Branca out of the 5% (21songs) of the catalogue he had in the deal so the amount moved to 300 Million.

MJ's 50% of Sony/ATV is more that 1Billion dollars (the full Sony/ATV cat is at least 3Billon worth), MJ has his own MiJac catalogue that is almost 300Million dollars, and Neverland is at least 80-100Million dollars and all this doesn't count in all the other stuff he has, merchandising, other businesses and investments.....

The guy is making money, he just had cash flow problems because of the people working around him stiffing him and not keeping up with the debt payments... Instead of taking care of that and other business, they were paying themselves more than 100K per month and sinking money on other things, businesses that didn't take off etc...

All of MJ's investments put together are way way more than his debt... if that wasn't the case then he would have been insolvent by now, by law (if your debts are more than your assets you become insolvent)..... Right now NV is an investment(there is oil and minerals on his land) but it doesn't bring him too much money currently other than when farmers graze on it... MiJac brings in money and of course Sony/ATV brings in money.... He lost quite a bit on Invincible coz he paid most of those costs personally and also from a bit of financing then Sony sabbotaged it so it didn't make him back the money he spent on it.... and that stripped him off of his cash flow.

If MJ's team wasn't sure he could pay his debt in 5 years they would never have signed on to a 5 year debt repayment, his DBCG debt collateral is until 2011 which means both sides are comfortable and expect the debt to be paid of in 5 years if that wasn't the case they would have made it 10 years or more.... which DBCG would have happily taken because it means more interest gain for them.

IMO MJ missed payments not because he didn't want to pay but because of bad management all around from everyone... he had people coming to him with ideas, lets do this, and that etc... all of them expecting him to pony up money which he did but that continued to erode his cash flow.... and the many law suits didn't help.

Did you know that in 2004 MJ made a 70M payment to BOA? I think it was mid 2004, he learnt he had defaulted a bit then in one big swoop he paid 70M where do you think that came from? that was before the rest of the debt (270Million) was paid off by Fortress who then became his debtors for that amount...
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dats there u are. i asked aveeno if she would post but shes not a memember on here and isnt around much. so ive basically just been searching through her old posts. theres a hell of alot of them so im only finding bits of info here and there as i scan through. all the info she got is from the docs she had access to.
 
elusive moonwalker said:
dats there u are. i asked aveeno if she would post but shes not a memember on here and isnt around much. so ive basically just been searching through her old posts. theres a hell of alot of them so im only finding bits of info here and there as i scan through. all the info she got is from the docs she had access to.
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Thanks Elusive. I don't know why I thought AGB was Aveeno, I must be very wrong.:)
 
yeah thats not AGB. she was staff on mjjf but isnt around much on the boards she posts on. i just searched through her posts on kop board if u are intrested.
 
Since there were no leaks on Jackson's negotiations and new terms of the contract, then there is overwhelming probability that all recent albums were released under old 1991 contract, which was just prolonged each time.
 
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Arabian Knight said:
The Ultimate Collection (2004)
With a new song: Cheater
Click to expand...


Where did you read this? "Cheater" is an OLD song from 1987 for the BAD album. ;)

Even "We've Had Enough" was just an INVINCIBLE outtake.

;)


but to your question: yes, he doesn't have to fulfill anything more
 
Korgnex said:
Where did you read this? "Cheater" is an OLD song from 1987 for the BAD album. ;)

Even "We've Had Enough" was just an INVINCIBLE outtake.

;)


but to your question: yes, he doesn't have to fulfill anything more
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I searched and found it on Amazon, well thanks for clarifying :)
 
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