Michael Jackson SvR 2010 CAW Entrance (PS2)
Reports of financial problems for Jackson became frequent in 2006, after the closure of the main house on the Neverland Ranch as a cost-cutting measure.[145] One prominent financial issue concerned a $270 million loan secured against his music publishing holdings. After delayed repayments on the loan, a refinancing package shifted the loans from Bank of America to debt specialists Fortress Investments. A new package proposed by Sony would have had Jackson borrow an additional $300 million and reduce the interest rate payable on the loan, while giving Sony the future option to buy half of Jackson’s stake in their jointly owned publishing company (leaving Jackson with a 25% stake).[117] Jackson agreed to a Sony-backed refinancing deal, although details were not made public.[146] Despite these loans, according to Forbes, Jackson was still making as much as $75 million a year from his publishing partnership with Sony alone.[147] Jackson was awarded the Diamond Award on November 15, 2006, for selling over 100 million albums, at the World Music Awards.[95] Following the death of James Brown, Jackson returned to the US to pay tribute during Brown’s public funeral on December 30, 2006.[148] In late 2006, he agreed to share joint custody of his first two children with ex-wife Debbie Rowe.[149] Jackson and Sony bought Famous Music LLC from Viacom in 2007. This deal gave him the rights to songs by Eminem, Shakira and Beck, among others.[150] I’ve been in the entertainment industry …