1. Headline
  1. Headline
updated 7/11/2005 8:13:32 PM ET 2005-07-12T00:13:32

A financial company specializing in asset acquisition sued Michael Jackson on Monday, saying it is owed $48 million in fees for rescuing the singer’s stake in the publishing rights to songs by the Beatles.

  1. More Entertainment stories
    1. Autistic ballerina dances her way into hearts

      In a popular YouTube video, the beaming little ballerina dances an entire four-minute routine seemingly perfectly, matchin...

    2. Every on-screen drink in 'Mad Men' in 5 minutes
    3. See the 'Dancing' stars' most memorable moves
    4. Emmy's biggest snubs? Cranston, Hamm, more
    5. 'Toy Story' toys burn up in prank on mom

Prescient Acquisition Group Inc. said in its lawsuit in U.S. District Court in Manhattan that the pop music celebrity enlisted it in November 2004 to provide financial advice and to secure refinancing of a $272 million debt to Bank of America.

On behalf of Jackson and his company MJ Publishing Trust, Prescient secured $537 million in financing from Fortress Investment Group LLC, enough for Jackson to pay off the debt and exercise an option to buy the remaining 50 percent of the Beatles library he didn’t already own, the lawsuit said.

Slideshow: Michael Jackson: 1958 - 2009 Prescient said it was entitled to an immediate payment of $24.8 million, which is 9 percent of the financing used to pay off the Bank of America debt and a $3.3 million advance to Jackson and his company.

Prescient accused Jackson of breach of contract, saying that it had done what was expected in a written agreement and that Jackson and his company were not entitled to “retain the benefits of those services in equity and good conscience without paying to Prescient an amount to be determined at trial.”

A lawyer for Jackson did not immediately return a telephone message for comment Monday.

© 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

More on TODAY.com

  1. Kelly Gunderson via YouTube

    'I'm lovin' you': Woman with Alzheimer's connects with daughter in viral video

    9/2/2014 11:38:34 PM +00:00 2014-09-02T23:38:34
  1. Kirsty Grant / Kirsty Grant

    See why this baby is smiling... and why his dad is cringing

    9/2/2014 5:26:01 PM +00:00 2014-09-02T17:26:01
  1. Dan Hallman / Dan Hallman/Invision/AP

    Joan Rivers remains on life support, her daughter Melissa Rivers says

    9/2/2014 5:59:58 PM +00:00 2014-09-02T17:59:58
  1. Report: ISIS kills second American journalist

    SITE Intel Group, a jihadist monitoring organization, announced on Tuesday that the Islamic militant group ISIS has killed American journalist Steven Joel Sotloff.

    9/2/2014 5:34:24 PM +00:00 2014-09-02T17:34:24
  1. Another American doctor infected with Ebola

    Another American missionary doctor has tested positive for Ebola, an aid group said Tuesday.

    9/2/2014 5:15:35 PM +00:00 2014-09-02T17:15:35