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Fortune At Stake For AEG On Michael Jackson London Concerts
Michael Jackson's cause of death may determine whether or not AEG, Jacksons promoter, will be compensated for this loss. More than $85 million worth of tickets must be refunded to consumers. AEG estimated that Jackson was given an advance of $10 million and $30 million has already been spent on production.
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This should be interesting.. I believe that AEG said that they were adequately protected. Whatever that means coming from a privately held company.
I have to think that the policy for this tour had to be monstrously expensive or did they get very iffy policy.
This might be a classic example of not keeping funds in escrow...
great job AEG and Ticketmaster... and we want to hand Ticketmaster a monopoly..
Um, what does Ticketmaster have to do with this story?
Ticketmaster was the exclusive seller of this tour.
As for AEG, I was reading an article in this week's Rolling Stone (published before Jackson died) and the article indicated AEG was having a very tough time getting insurance for Jackson because of his past health problems. It will be interesting to see how much protection they really did get on him, if any at all. If they weren't able to secure any, that could cripple AEG.