There were only 20 songs up for inclusion on Bad 25. Michael wrote and recorded around 60 demos between 1983-87, but they weren’t all on the table in 2012. (Plus, they all aren’t complete or nearly complete. Some, like “Make or Break,” are just chorus vocals.)
Michael only sings the chorus of “Willing and Waiting” — the verses are Babyface. It sounds like either it was meant for a Babyface album, or Michael just never finished the vocals.
Also, I have massive doubts about a finished version of “Man in Black” existing. Bryan Loren is far from a trustworthy source unfortunately.
It can be easily deduced that a finished version of the ‘Man In Black’ song exists.
Apart from Bryan Loren who confirmed that, there is also Chris Cadman and Craig Halstead who described it as an unreleased song, which suggests that a finished version of it exists.
Also, Bill Bottrell used to endlessly listen to that song through the doors at Record One Studios, and he described the song as cool, which again suggests that a finished version of it exists.
‘Man In Black’ was among the few, new songs for the ‘Decade’ album, and this also means that Michael Jackson finished that song at one point in order to include it on that album.
About ‘Willing And Waiting’, this song was not meant for a Babyface album.
While ‘Willing And Waiting’ was being developed during the ‘HIStory’ album sessions, it became clear to everybody that it did not fit the hard theme of the ‘HIStory’ album, hence its exclusion from the album.
The reason was that ‘Willing And Waiting’ was a musically and lyrically soft song.
Brad Sundberg spoke about that song:
“A very pretty song - but I think Michael was looking to push things pretty hard on ‘HIStory’, ‘Willing And Waiting’ was maybe a bit softer than the direction he was going
” (Brad Sundberg)
Although ‘Willing And Waiting’ exists in a demo form, it can be considered musically and lyrically a finished song (the only problem is that Babyface sings some parts of it as a vocal guide).