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Add the andPOP Facebook Application(andPOP) - Michael Jackson might as well set up house in court ? it looks like the "King of Pop" may be headed back there again, mere weeks after fighting off a high-profile child molestation case against him.
Yesterday, Prescient Acquisition Group Inc. sued Jackson, saying the singer owes the financial company $48 million in fees for saving his stake in the publishing rights to songs by the Beatles. Prescient, which specializes in asset acquisition, told U.S. District Court in Manhattan that Jackson hired the firm in November 2004 to provide financial advice and to secure refinancing of a $272 million debt to Bank of America.
As a result, the company obtained $537 million in financing from Fortress Investment Group LLC on behalf of Jackson and his company MJ Publishing Trust, the lawsuit said. Prescient said that this amount was enough for Jackson to pay off the debt and buy the remaining half of the Beatles collection he didn't already own
For its services, Prescient claimed it was entitled to an immediate payment of $24.8 million ? 9 percent of the financing used to pay off the Bank of America debt and a $3.3 million advance to Jackson and his company.
Prescient accused Jackson of breach of contract, saying that it had successfully met expectations for what had been agreed to in a written agreement and that the pop star and his company were not entitled to "retain the benefits of those services in equity and good conscience without paying to Prescient an amount to be determined at trial."
No comment has been made by Jackson?s lawyer.
