Pop idol Michael Jackson nearly broke, lawsuit claims
"King of Pop" Michael Jackson
LOS ANGELES (AFP) "King of Pop" Michael Jackson is nearly broke, two of his former financial advisers claim in a lawsuit set for trial in Los Angeles County Superior Court June 18.
The suit, filed by Union Finance and Investment Corp. of South Korea, says Jackson's extravagant spending has created "a ticking time bomb waiting to explode at any moment."
It claims Jackson owes 12 million dollars in fees and expenses, plus interest.
Jackson lawyer Brian Oxman said he doesn't
believe his 44-year-old client a lavish spender who racked
up a 100,000-dollar hotel bill on a brief trip to New York last
year, according to Forbes magazine is near bankruptcy.
"I see no signs of this impending disaster," Oxman said.
Last year, Forbes, which tracks the balance sheets of the rich and famous, estimated that Jackson had 200 million dollars in debts but a net worth of 350 million.