MICHAEL JACKSON'S DEATH DEBT Michael Jackson allegedly owed at least $300 million at the time of his death and had been pleading with banks to lend him even more cash. Michael Jackson owed at least $300 million when he died. The 'Thriller' singer - who passed away last Thursday (25.06.09) after a suspected cardiac arrest - was allegedly pleading with banks to lend him even more money but was refused because of his poor credit rating. Although he had assets worth an estimated $1.3 billion, the majority of it was tied up in his 50 per cent ownership of The Beatles' back catalogue with Sony Records, which he refused or was unable to sell. In a bid to persuade creditors to lend him the cash, Michael signed up to perform a 50-night residency at London's O2 arena with promoters AEG Live, as it guaranteed at least $38.5 million.... [read full story]
