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Michael Jackson's last show rehearsal - Source: Kevin Mazur/AEG/Getty Images via image.net -
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The concert promoter for Michael Jackson's cancelled London shows said that audio and video tapes made before the King of Pop's death could generate hundreds of millions of dollars and erase debts on the singer's estate.
Randy Phillips, chief executive of AEG Live, said his company has recorded enough of Jackson's songs to release two albums and video to make a movie, DVD, or both from Jackson's recent rehearsals for concerts planned for London's 02 arena.
A lot is at stake for AEG and Jackson's family, because Phillips said the King of Pop's death would likely leave his estate liable for more than $25 million AEG spent on production costs and the singer's expenses ahead of the London shows.
"If we all do our jobs right, we could probably raise hundreds of millions of dollars just on the stuff we have worldwide," Phillips said.
"And then the estate could eradicate its debt and move forward with the restructuring of the Sony/ATV deal, and all these other things that they're dealing with," he said.
Jackson, 50, whose 1982 hit "Thriller" is the best-selling album of all time, died suddenly last week of cardiac arrest ahead of what had been promoted as his comeback concerts for a once high-flying career that in recent years has flagged.
While Jackson owned half of music publishing firm Sony/ATV and other assets worth up to $1 billion, Jackson also was said to be $500 million in debt when he died.
Phillips said he is also planning a star-studded tribute at the 02 arena that will help recoup costs, and that AEG had insurance that could cover up to $17.5 million in losses.
In recent days, news reports have speculated prescription drugs may have caused Jackson's cardiac arrest, although an official cause of death has yet been determined pending results of toxicology tests that will take weeks. Phillips said insurance would likely cover accidental death from drugs.
Jerry Kroll, an insurance industry attorney not tied to the case, said insurers would scrutinize a physical exam given to Jackson, which AEG said he passed. "It's far from clear if this claim is going to get paid," Kroll said.
AEG has offered to refund the 750,000 people who snapped up tickets to the London shows, but if fans want to keep them as a valuable memento they get no refund. Phillips said nearly half might hold on to their tickets.
AEG is controlled by Denver billionaire Philip Anschutz.
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Post new commentmotukowhai said on 2009-07-08 @ 22:20 NZDT: Report abusive post
"If we looked at mortality as the whole of existence, then the pain, sorrow, failure and short life would be a calamity; but if we look upon life as an eternal thing stretching far into the premortal past and on into the eternal post-death future, then all happenings may be put in proper perspective." Quote by President Spencer W. Kimball. Take your rest now Michael and do so in peace.
Vaai said on 2009-07-08 @ 14:01 NZDT: Report abusive post
REST IN PEACE KING OF THE POP WE LOVE YOU
jaxlino said on 2009-07-08 @ 12:31 NZDT: Report abusive post
the media killed the princess and they did the same thing with Michael, do they have any respect? now Michael can rest and just watch upon his children ..i saw Miss Rowe being pressured by the media and gosh thats how much in your face they are!! they darn right wanna know your business..I know it's their job but they don't need to ruin peoples lives.. michael i have three words for you.. "GO GET EM"
jaxlino said on 2009-07-08 @ 12:22 NZDT: Report abusive post
RIP my friend, and hope you haunt the media stalkers.. they ***** with your life now it's your turn for revenge..sad to say I honestly and personally think he topped himself because of the media on his tail constantly and they let the whole world know his business, we loved his music, his children and his family not his personal indepth life, he was tired and couldn't fight no more, he had a huge debt that no-one gave a toss about, and now hes gone, all the media is like poor michael... whatever!
boyracer said on 2009-07-08 @ 11:00 NZDT: Report abusive post
Some people will always look at the negative side of things! Thats just the way they are. MJ was a VERY talented individual (Not just a singer and dancer), His message is in his songs (which comes from the heart). I was watching the memorial service this morning and thinking to myself how many people he touched on positively and what he means to them. His music will no doubt live on, and people will know in 20+ years who sang his songs!