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