Michael Jackson's Death » finance

MJ Memorial Creates Financial Dust Up

admin — Mon, 17 Aug 2009 20:50:53 +0000

A memorial for Michael Jackson hosted in Gary, Indiana, last month was a touching tribute to the King of Pop. Financial records surfacing about the event, however, are becoming a huge thorn in the city’s side.

The city’s records reveal that Gary forked over $5,000 to pay for air fare for father Joe Jackson as well as the 1970s musical group the Chi-Lites in order to attend the ceremony. The money came out of the donations collected on behalf of the MJ memorial.

Gary’s mayor Rudy Clay adamantly points out that the payment was for Jackson’s air travel, rather than a payment to attend the ceremony. Sure, we guess the former is a little bit more palatable than the latter. But come on Rudy, there a lot of better things that the event planners could’ve spent the $5,000 on.

For Sale: Michael’s Glitter Glove

admin — Thu, 13 Aug 2009 14:59:00 +0000

According to the AP, a famous piece of Jackson memorabilia will be up for auction this November: one of the star’s rhinestone-covered gloves.

MJ wore a lot of gloves during his stint as a world super star, but this particular one has special significance. Jackson wore the glove during his 1983 “Billie Jean” performance, complete with moonwalk, which propelled him into mega stardom.

So, if you’ve got the desire (and a huge chunk of cash!), come on down to the Hard Rock Cafe in New York City’s Times Square on November 21 to bid!

The glittery glove that Michael Jackson wore when he unveiled his moonwalk on TV in 1983 is hitting the auction block.

This one isn’t like his other glittery gloves, which were made for the right hand and adorned with hand-sewn crystals. This left-handed glove, which accompanied Jackson’s fedora and dance moves on Motown’s 25th-anniversary TV special, is a modified, store-bought glove covered with a mesh of rhinestones.

The glove, which Darren Julien of Julien’s Auctions called “the Holy Grail of Michael Jackson memorabilia,” will be featured alongside other one-of-a-kind items — such as an early Madonna demo tape and unreleased Jimi Hendrix lyrics — at the Nov. 21 “Music Icons” auction at the Hard Rock Cafe in New York City’s Times Square.

Walter “Clyde” Orange, a founding member of the Commodores, has been holding onto the glove since Jackson gave it to him in 1983.

(From the AP)

Concert Still to Profit?

admin — Fri, 03 Jul 2009 19:18:55 +0000

The situation looked grim for concert promoter AEG Live. With an investment of up to $30 million, and AEG responsible for a potential of $85 million in ticket refunds, the unfortunately canceled concert was going to be a huge financial burden on the company. But AEG Live CEO Randy Phillips is feeling optimistic.

The company had a $17 million insurance policy that covered an accidental death, which it might be able to claim, Mr. Phillips said. And he expected only 40 to 50 percent of fans to redeem their tickets for a refund, substantially reducing the company’s potential losses. AEG Live also owns the rights to audio and high-definition video that was created at the rehearsals, which Mr. Phillips said could earn millions. (source)

As long as Phillips’ estimation of nostalgic fans is correct, sales of rehearsal film footage could provide a huge financial boost for his company.