LOS ANGELES, (Reuters)
LAWYERS FOR Michael Jackson and a key creditor are in talks to keep the pop star from defaulting on $200 million in loans secured by his prized stake in the Beatles' song catalogue, an attorney for the singer said on Monday.
A default on the loans, which came due yesterday and are held by the Fortress Investment Group would allow the New York private equity fund to seize Jackson's 50-per cent interest in Beatles publishing rights valued at some $500 million.
BEATLES CATALOGUE
The catalogue, containing more than 200 Beatles tunes that include such classics as Yesterday, is jointly owned by Jackson and Sony Corp.
Jackson bought publishing rights to the catalogue for about $48 million two decades ago at the height of his career.
Brent Ayscough, a civil lawyer for Jackson, told Reuters that representatives for the 47-year-old entertainer and Fortress were working to renegotiate terms of the loans to give Jackson more time to avoid default.
And he suggested that the possibility of imminent
foreclosure on Jackson's stake in Sony/ATV was unlikely.
THE DEAL
"There no doomsday, or anything like that," Ayscough said. "... At the moment people are still talking." He said a deal could be reached as early as this week.
He said Sony, which music industry experts believe is eager to acquire Jackson's share of the catalogue, also is a party to the talks.
