AP/ July 6, 2009, 7:00 PM

Michael Jackson Settles $48M Lawsuit

Lawyers for Michael Jackson settled a lawsuit Monday brought by a New Jersey financial company that was seeking $48 million.

The lawsuit by Prescient Acquisition of Hackensack, N.J., was settled just as jury selection was set to begin in U.S. District Court in Manhattan.

Terms of the settlement weren't released.

Steven Altman, a lawyer for Darien Dash, who owns Prescient, said Dash was owed the money for helping Jackson refinance a $272 million bank loan and secure $573 million in financing to buy Sony Corp.'s half of the Beatles' song catalog that Sony co-owned with the pop superstar.

Photos: Michael Jackson

Jackson, 48, had claimed he never heard of Dash and didn't remember signing an agreement.

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bobmoo79 says:: Another thing, Jacko is NOT broke.
He has business loans - as do large coporations such as Microsoft, Sony, IBM etc - but that does not make his fortune any less.
He owns 50% of Sony/ATV, which is estimated to be worth over $1billion. Sony and Jacko recently bought another publishing company in a joint venture for around $350 million - Jacko would have had to pay for his share of that!
His current 50% stake of Sony/ATV is estimated to earn him a salary of at least $40million per year. Other businesses and his own music earn him more on top.

If he sold his 50% in Sony/ATV then that could in theory net him more than $500 million in cash! He did not sell half of his stake in Sony/ATV as reported widely in the media a while ago. He negotiated a deal that would give Sony the first option to buy him out in the future, which is NOT the same thing. In fact, if the full report was shown above, you'd see that the whole point of the refinancing deal (according to Dash's people) was so that Jacko could BUY SONY OUT!

All this adds up to one rich motherfocker.; reply

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bobmoo79 says:: For christ sakes people!

There is clear evidence to show that Jacko did not abuse that kid and the court transcripts show it. It p1sses me off when people turn into sheep, believing what the papers tell them coz they can't be @ssed with using their own minds. The media did NOT report the case - they did not report the defences case in detail (if they did at all).

Jacko did not bleach his skin and there are pics to prove (use google) he has Vitiligo - a condition where the skin loses its pigmentation.

The terms of the settlement are secret, but it is rumoured (see Roger Friedmans report at Fox) Jacko paid around $5 million to make this go away. For Dash to accept this proves he did NOT have a good case.; reply

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kevzgrl says:: Oooh, yeah - I do think his parents had a lot to do with his strangeness, but the pediophilia he got all by himself. You can be mistreated and still CHOOSE not to perpetuate that on someone else who is helpless and defenseless. I have two friends who were sexually abused as children and they did not go on to become child molesters like this sick freak. He chose to do what he did for all those years - he needs to go back over to Brunei or wherever the h--l he hid out before, and just stay there!!!; reply

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kailumego1 says:: Back when he was black and cute, because now he's white and "uggly".

He looks like a 60 year old wrinkled up white woman.

It's a shame his father degraded his negroid features, because now he's unrecognizable and alien.

If anyone is to blame for his eccentric and unusual behavior blame his parents, because they are the ones that created his idiosyncrasy.; reply

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kevzgrl says:: Back when Michael Jackson was BLACK, he made good music and seemed like a decent kid. As he got older and whiter and stranger, he must have fried a brain cell or two, possibly with all the Botox and skin bleaching chemicals he has indulged in over the years. That's why he can't remember anything about this deal. Oh, maybe he has "people" who read this stuff for him - kinda like Paris Hilton...
The jury that found him not guilty of all those charges in the child molestation case didn't give those boys he abused the justice they deserved - maybe someday, someone else will step up to Michael and do the job. FREAK!!!; reply

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bacardistuff says:: well... if he can't remember signing the deal, why did he settle?; reply

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ralan40 says:: Q: How do you know when it is Bedtime at MJs house?

A: When the big hand is on the little hand...; reply

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mick7744 says:: Give the poor freak a break!

Since his last child molestation trial, nobody will let their kids come to his house for sleepovers.; reply

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labettis says:: Probably had a little too much "Jesus Juice" that day.; reply