Tuesday, July 12, 2005

PYT: Prescient Young Thing

According to Yahoo!, we might be seeing Michael Jackson in court again soon:

A financial company specializing in asset acquisition sued Michael Jackson on Monday, saying it is owed $48 million in fees for rescuing the singer's stake in the publishing rights to songs by the Beatles. Prescient Acquisition Group Inc. said in its lawsuit in U.S. District Court in Manhattan that the pop music celebrity enlisted it in November 2004 to provide financial advice and to secure refinancing of a $272 million debt to Bank of America.

On behalf of Jackson and his company MJ Publishing Trust, Prescient secured $537 million in financing from Fortress Investment Group LLC, enough for Jackson to pay off the debt and exercise an option to buy the remaining 50 percent of the Beatles library he didn't already own, the lawsuit said.
You would think a company called Prescient would be wary of a guy like Michael Jackson, especially when it comes to financial dealings.

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