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.
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