Tuesday, July 12, 2005


You have to wonder about a financial services company which is so sharp it not only agreed to help Michael Jackson refinance his debt last November, but then acted surprised when he didn't pay the bill. Surely the clue, Prescient Acquistion Group (was ever a company less-well named?) was when he asked you to help him with a fifth of a billion dollars debt.

Anyway, Jackson, who also apparently bought Sony out of the half of the Beatles catalogue they owned at the same time (meaning he'll be making cash out of every Live 8 DVD sold, if you think about it) hasn't paid for their advice, and now Prescient are taking Jackson to court:

Prescient said it was entitled to an immediate payment of $24.8 million, which is 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 done what was expected in a written agreement and that Jackson 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."

Ocean Finance are considering running adverts with a "need money to consolidate your debts, and maybe with enough over for a new nose" message.