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Michael Jackson Near Bankruptcy, Suit Says

From Associated Press

Michael Jackson is saddled with debt and teetering near bankruptcy, his former financial advisors say in a lawsuit.

The lawsuit, set for trial June 18, claims Jackson’s extravagant spending has created “a ticking financial time bomb waiting to explode at any moment.”

Union Finance & Investment Corp. of South Korea filed the lawsuit in Los Angeles County Superior Court, claiming Jackson owes the firm $12 million in fees and expenses, plus interest. Jackson previously paid the firm $3 million, the firm said. The suit also seeks punitive damages.

Brian Oxman, a Jackson family attorney, said he does not believe the 44-year-old singer is near bankruptcy.

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The lawsuit was filed in April 2002. Jackson hired Union Finance in 1998 to help with his finances, according to the lawsuit.

From Associated Press


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