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Tuesday, 18 April 2006

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Michael Jackson has announced a record deal with 2 Seas Records that will hopefully see an album of new material in "late 2007."
Abdulla Hamad Al-Khalifa (the Prince of Bahrain, pictured far left) owns the label, which is also distributing Michael's yet-to-be-released Hurricane charity single. Michael has been staying in Bahrain recently and the new album is a joint venture between him and the Prince.

"I am incredibly excited about my new venture and I am enjoying being back in the studio making music," Michael revealed.

Guy Holmes (pictured above, right) has been "tapped" to be CEO of the 2 Seas label according to Holmes is mostly known for his role as chairman of Gut Records. He was the man behind Tom Jones' Reload album which featured the massive hit Sex Bomb and rejuvenated the Welshman's career. Holmes was also responsible for the success of the animated Crazy Frog's Axel F single last year.

Official News from MJNI

Friday, 14 April 2006

Michael Jackson is said to have restructured his finances according to a short statement released from Bahrain yesterday.
Michael has "restructured his finances with the assistance of Sony Corporation of America," according to Grahame Nelson, an attorney of Qays H. Zu'bi Attorneys & Legal Consultants. The firm is based in Bahrain, where Michael now stays, and Nelson (pictured left) said he was speaking on Michael's behalf.

"Following negotiations with several leading financial institutions, Mr. Jackson has concluded refinancing with affiliates of Fortress Investment Group, the lender that currently holds secured debts that were previously held by Bank of America," the statement continued, according to the Associated Press.

It is said that the deal will mean Michael may have to eventually sell 50% of his share in the Sony/ATV catalogue, effectively leaving him with a 25% share of the whole catalogue.

Last year, during Michael's well-publicised trial, John Duross O'Bryan - a forensic accountant who testified as a Prosecution witness - claimed Michael was in financial trouble. O'Bryan analysed Michael's financial records from 1999-2003. "Mr. Jackson's financial condition had been deteriorating up to and leading into February 2003," the accountant said. "The evidence shows that he's spending about $20 million to $30 million (per year) more than he's making." O'Bryan acknowledged most of Michael's wealth derived from three assets, Mijac publishing, (his own music catalogue) ATV/Sony publishing (also known as the Beatles catalogue) and Neverland Valley ranch.

However, Michael's Defence attorneys claimed he had never filed for bankruptcy and is not broke. O'Bryan also admitted under questioning he had not appraised the music catalogues, leading the Defence to question his estimation of them. The attorney implied that the accountants' estimation of Michael's stake in the ATV/Sony catalogue fell short when he claimed it was around $200 million when he asked whether or not it was worth more than $500 million. On that occasion, Defence attorneys claimed Michael's financial well being wasn't as serious as O'Bryan had claimed.

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