Bankruptcy

Michael Couldn?t Beat It ~ The King of Pop?s Deflated Finances

By meaghano

Jackson died this week while organizing a highly anticipated 50-night venue of shows at London’s ?02 Arena.

It?s been a long-awaited return for Michael Jackson, as this would be his first concert in 8 years.

Jackson’s Curtain Call: The Comeback Concert that Will Never Be

Whether the concert series was Jackson?s intent on returning to the music which gave him his glory, or if it were more of a financial life vest to keep Jackson and his entourage afloat, it?s certain his return was celebrated by his fans across the world.

In the course of Michael Jackson?s life and career he sold hundreds of millions of records and played in sold out arenas around the globe.

Jackson was a pop icon who gave us memories to last a lifetime.

With all this fame certainly came a fortune, so it?s plausible to assume that Jackson should of collected one of the largest fortunes in the entertainment industry in recent memory.

Sadly, this is not the case.

Due to faulty management and representation, excessive personal spending and surmounting legal bills, it?s rumored that Michael Jackson was facing bankruptcy.

Bankruptcy is Blind

The news of such financial distress came as both a shock and comfort to those in similar peril.

To know that an iconic person such as Jackson could be faced with the probability of filing bankruptcy made many feel they were not alone.

It also served as further proof that bankruptcy is not biased nor prejudice, it crosses all socio and ethnic borders.

The financial predicament which Jackson found himself navigating through was mostly due to the fact that Jackson?s camp continued to spend tens of millions of dollars a year even while his musical creation had been limited to his latest album in 2001.

In plain terms, his income did not meet his expenses, which is so often crisis which leads many into the bankruptcy fold.

To compound the issue, Jackson was faced with having to render himself to typical acts of desperation, which many do when in a similar situation, Jackson financed these personal debts by borrowing against assets and by some estimates his total borrowings at his death may have exceeded $500 million.

The iconic nature of Michael Jackson was not enough to ward off financial ruin.

As many others throughout the country are facing financial distress and the prospect of bankruptcy, there might be comfort in knowing the same man who will forever be known as the King of Pop, the creator of the ?moon walk? and owner of Never-Never Land was in the path of bankruptcy.

Full post as published by The Bankruptcy Blog on June 30, 2009 (boomark / email).