Social Paradox Blog

Michael Jackson Bankruptcy

It sounds unbelievable, but singer Michael Jackson is heading towards bankruptcy!	It sounds unbelievable, but singer Michael Jackson is heading towards bankruptcy!

Commentary:
	It sounds unbelievable, but singer Michael Jackson is heading towards bankruptcy! According to the multiple sources, Michael Jackson's former financial advisers are going sue him. As it looks right know, Michael Jackson Bankruptcy is inevitable. Even though the wealth of the superstar used to be estimated to ~$500M, the legal paperwork recently filed at the Los Angeles court (LA Superior Court) indicates that Jacko might be forced to abandon his Santa Barbara ranch. TH case has been based on the fact that the artist owes more than ten million dollars in fees and expenses (in addition to interest) to the UFIC which used to manage his finances. So how come that this famous singer, this stellar pop star that enjoyed global popularity, ended up so low, at the brink of financial catastrophe?

	Even though his case involves much more money than any of us can imagine, the reasons for his financial debacle are probably the same as for the millions of regular folks that opt to go into bankruptcy. He was simply spending more than he could afford, he was unrealistic in his expectations of his future cash flows, he had bad advisors and, last but not least, he got out of luck. In the end, let's hope he'll be able to put his life back together, to take care of his family and to finally go into the studio and give us more hits.
Conact/Comment	Let us know what you think about this Social Paradox: Comments