Friday, June 26, 2009

Fortress and Michael jackson

Jackson's stake in the Sony/ATV Catalog of songs is now owned by Fortress (FIG 3.31). Bank of America had $270 million of debt owed to them by Jackson. BAC sold it to FIG at a discount. FIG loaned Jackson money on it.

So what is the compliation of songs worth, that has the rights of the Beatle's songs and Jackson's music? Much more today than yesterday.

The value previously has been estimated upwards of a billion dollars.

So today you get the Fortress pump.

Someone should of paid up for Jackson's jukebox!

1 comment:

Anonymous said...

It looks like fortress sold the loan

May 11 (Bloomberg) -- Pop star Michael Jackson averted foreclosure of his Neverland Ranch because Colony Capital LLC bought the loan on the property.

Colony, the Los Angeles-based private equity firm headed by Thomas Barrack, purchased the loan from Fortress Investment Group LLC...