Jackson Set To Lose Beatles Catalogue
SIR PAUL McCARTNEY could be in for some good news - his former friend MICHAEL JACKSON may finally have to forfeit the BEATLES back-catalogue.
Sir Paul and Michael had a massive fall out after the troubled pop star outbid the Beatles guitarist for the rights to the FAB FOUR's hits in 1985.
The catalogue was bought for $47 million (GBP27.6 million) and recently the THRILLER star secured a $108 million (GBP63.5 million) loan for the prized collection, of which a $16 million (GBP9.4 million) repayment is due next month (FEB04).
However, Jackson has reportedly been suffering huge financial problems since his last original album INVINCIBLE flopped in 2001.
The BANK OF AMERICA is now threatening to seize the catalogue if Michael defaults on the repayment.13/01/2004 13:53