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...