Michael Jackson on the Brink of Foreclosure - Could Lose Rights to Beatles Music Catalog

From New York Daily News:

LOS ANGELES - Michael Jackson's advisers scrambled to cut a deal yesterday to halt a $272 million foreclosure that would strip the pop star of his share of the Sony Beatles music catalog and, possibly, his cherished Neverland Ranch.

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The loans are secured by Jackson's 50% share of the $1 billion Sony-ATV music catalog, which includes rights to the Beatles tunes, and his 2,700-acre Neverland Ranch.

If Fortress forecloses, now or in the future, it can sell Jackson's assets to recover the debt.

Many observers think Fortress is likely to sell the music catalog first, which would likely fetch more than the amount Jackson owes.

My Comments:
Hopefully, the Beatles music catalog will end up where it belongs - in the hands of one of the classiest guys in the music industry, Paul McCartney. His politics may stink, but McCartney seems to be a genuinely nice guy.