Michael Jackson’s untimely death in June shocked the world. It also shocked accountants at more than a few companies. Jackson died less than three weeks before he was to kick off a series of 50 concerts at London’s 20,000-seat O2 stadium on July 13… Billboard speculated that premium and VIP ticket packages and resales would have boosted the gross to more than $100 million. Merchandise sales could have brought in another $15 million. Then there were the 50 nights that the O2, owned by AEG, would go suddenly dark for, at a cost of hundreds of thousands of dollars a day just to maintain basic services. Cash advances to Michael Jackson have not been disclosed, but they are estimated at least $10 million, which, given the King of Pop’s tenuous finances, may or may not be immediately recoupable from what’s left of the singer’s estate… In terms of sheer dollars, that was just the beginning. This Is It, Jackson’s comeback performance, was to be an elaborate one — a huge live band, dancers, circus acts and animals covering 22 sets onstage, supported by an army of audio, video, multimedia, staging and rigging designers and technicians. Most of these service providers had planned on the income from these shows for the rest of the year and into the next, as Jackson’s performances there were scheduled to run through March, 2010.
From “The Biz” by Dan Daley, PLSN, Sept. 2009
