JACKSON ESTATE DODGES $4.58 MILLION CREDITOR’S CLAIM
The executors of MICHAEL JACKSON’s estate have dodged a $4.58 million (=C2 =A33.05 million) creditor’s claim from the lending company behind the ref inancing of the Neverland Ranch - because company bosses missed the deadl ine for submissions.
Executives at lending firm Genesis Group International claimed they had helped Jackson secure a $45 million (=C2=A330 million) loan to prevent t he California property going into foreclosure in 2007.
The late singer was alleged to have agreed to pay Genesis 10 per cent o f the loan amount plus fees - but Jackson is said to have fallen behind o n payments amounting to $4.58 million.
Genesis bosses demanded repayment from the Jackson estate earlier this year (10) but the executors failed to act on the notice and the lenders w ere expected to join the long list of creditors vying for a slice of the superstar’s fortune.
But the bosses at Genesis had not filed a creditor’s claim by the Janua ry (10) deadline, leaving them ineligible to claim back the cash they’re allegedly owed, reports TMZ.com.
The list of creditors fighting for a stake in Jackson’s assets include his former skin doctor Arnold Klein and choreographer LaVelle Smith Jr. E ven his sister, Janet, and brothers Jackie, Tito, Jermaine, Marlon and Ra ndy are reportedly listed as potential creditors.
The pop legend died a year ago (Jun09).
Movie & Entertainment News provided by World Entertainment News Network (www.wenn.com)
