Jacko May Lose Ownership of Beatles’ Catalogue
Michael Jackson’s 1985 purchase of a 50% stake in the Beatles’ song list — the sale of which caused a major and still open rift between Jackson and former ally Paul McCartney — may be up for grabs if Jackson cannot muster up the funds to meet a loan repayment. The beleaguered Jacko owes $200 million to hold onto the publishing rights, according to the BBC. If Jackson defaults on the payment, his catalogue assets will be seized by NYC equity fund Fortress Investment Group. In addition to Jackson’s massive Beatles’ holdings, he also owns the rights to songs by Bob Dylan, Joni Mitchell, and Stevie Nicks. Jackson has been in the red since he spent massive amounts of money to acquit himself of child molestation charges. The loans were supposed to have been repaid by yesterday, Dec. 20, but Jackson’s lawyer told the BBC, “There is no doomsday, or anything like that…At the moment, people are still talking.”
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