Because of the number of comments and questions I receive, I set up an e-mail address where you may send your enquires: email@example.com
Answering some of the questions:
- Sony/ATV and MiJac deal renewal means according to my information: MJ-ATV Publishing Trust (MJ 50% share in Sony/ATV Music Publishing) is under New Horizont Trust II. until December 10, 2012. MJ Publishing Trust (MiJac catalouge mostly) in uder New Horizon Trust III. until the same time. MJ set up these new trusts to get more money against his publishing assets. NHT II's debts are handled by Wells Fargo Bank, NHT III's debts by HSBC Bank and Plainfield Gaming II. Inc. The Estate already refinanced NHT III's debts (MiJac) as it's been reported in the media. These debts might be paid out around late next year, but no later then the end of 2012. What I knew about the refinancing of NHT II's debts (Sony/ATV) was that no later then September 27, 2010 the Estate has to pay off John Branca, because of he sold his share in the company. As I can remember it was like $20 million. This summer Estate sources confirmed in the media, that they are in negoitations about getting better terms for a possible renewal of the deal later this year. This all means that the Estate is paying back money on other dates and other installations.
- MiJac public performance agreement renewal: I read in a court paper that last November the Estate sat down with all the companies responsible for collecting MJ's public performance royalties and inked a better deal for the Estate. That included BMI (as for MJ's solo songs) and Warner (as for the MiJac catalouge) amongst others.
- The Estate paying off debts: As to my best knowledge, neither MJ or his Estate used the publishing assets against any loan we didn't knew about. That's what official papers says as well. The amount used to be said between $270-$320 million. According to an Estate leaked information this Summer, the MiJac loan will be repaid no later than the end of 2011. That means $70 million off. We have no official information on the Sony/ATV loan. What we know is that according to an agreement made in December, 2005 MJ agreed to repay the loans from the catalouge's yearly incomes. Back then it meant like $40 million annually. What we know for sure, that MJ relied on different people in the last 4 years of his life in financial matters. There is no way that he would live off $40 million every year while being the guest of the Bahrain, Oman royal families, living with a family in New Jersey and lately using the money from the AEG deal. According to some information the Sony/ATV incomes were splitted between him and the banks like $10 and $30 millions. If this is true, then since 2005 MJ and his Estate had to pay off like $120 million of the debts, leaving like $80 million unpaid. But. In 2007 Sony/ATV bought the Famous Music catalouge for $400 million. According to sources, the original 1995 Sony-MJ agreement said that MJ has to pay half of the cost of any such purchases. This is why MJ's Sony/ATV debt might be still around $280 million.
As to Mr. Backerman: please send me a message to firstname.lastname@example.org, I would be happy to clarify that old post anytime (I don't have your e-mail address).