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Banking, finance, and taxes

Michael Jackson’s Neverland, Saved By Fortress? (FIG, BAC, SNE)

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By Douglas A. McIntyre Published
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Private equity firms and hedge funds often make what seem to rather odd investments.  But the one thing you can count on is that they both want to make money, even if it is in an odd transaction. 

It appears that Michael Jackson has worked out a confidential agreement with Fortress Investment Group LLC (NYSE: FIG) allowing him to retain ownership of the Neverland estate, despite having been in default and owing millions on the estate that was soon to be up for auction.  Here is the full AP article located on AOL, and it’s the same article located in many media sites.

If you will go back a few years, there was an issue of the Michael Jackson music catalog loan.  This loan involved a triangle with Sony Music, part of Sony Corp. (NYSE: SNE), and Bank of America (NYSE: BAC), but that was ultimately sold to none other than Fortress. 

Sometimes the lighter side of Wall Street is more interesting than the day to day business news.  At least this doesn’t involve Eliot Spitzer.

Jon C. Ogg
March 14, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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