Loose Change
Can't Buy Me (Loans) ... Pop superstar Michael Jackson may be on the verge of losing one of his most prized possessions: the catalogue of songs by The Beatles, which he bought in 1985 for $48 million. Jackson is in danger of defaulting on $200 million of loans now held by the Fortress Investment Group. Should Jackson default, Fortress would then claim his 50% stake in the catalogue. The other 50% is owned by Sony. If Jackson loses his share, he would lose an estimated $500 million in publishing rights. That could make the beleaguered King of Pop a real "Nowhere Man," prompting him to "Twist and Shout" and cry for "Help!" and long for "Yesterday." It would be "A Hard Day's Night" for sure. He'd just have to learn to "Let It Be."
