Jackson in Court Again

Michael Jackson was recently hauled into court again, this time over contractual obligations to Prescient Acquisition Group, Inc., a company providing financial advice and specializing in asset acquisition.  The lawsuit, filed in federal district court in Manhattan, alleges that Jackson hired the firm to advise him in November 2004, and also to arrange for new financing to save Jackson’s interest in the crown jewel of his holdings — the Beatles song catalog.

The complaint states that Prescient did, in fact, facilitate Jackson’s refinancing of $272 million of debt with Bank of America.  Not only that, the lawsuit claims that Prescient arranged for Jackson to obtain $537 million in financing from Fortress Investment Group, LLC, for the purposes of paying off Jackson’s other debt, and exercising an option to buy the remaining 50% of the Beatles catalog.  The suit claims that Prescient’s fees of over $28 million are currently due and unpaid.