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BUSINESS
May 24, 2003 | From Associated Press
Michael Jackson is saddled with debt and teetering near bankruptcy, his former financial advisors say in a lawsuit. The lawsuit, set for trial June 18, claims Jackson's extravagant spending has created "a ticking financial time bomb waiting to explode at any moment." Union Finance & Investment Corp. of South Korea filed the lawsuit in Los Angeles County Superior Court, claiming Jackson owes the firm $12 million in fees and expenses, plus interest.
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BUSINESS
May 24, 2003 | From Associated Press
Michael Jackson is saddled with debt and teetering near bankruptcy, his former financial advisors say in a lawsuit. The lawsuit, set for trial June 18, claims Jackson's extravagant spending has created "a ticking financial time bomb waiting to explode at any moment." Union Finance & Investment Corp. of South Korea filed the lawsuit in Los Angeles County Superior Court, claiming Jackson owes the firm $12 million in fees and expenses, plus interest.
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ENTERTAINMENT
June 13, 2003 | From Reuters
Pop star Michael Jackson has settled a $12-million breach of contract lawsuit by his former top advisor, avoiding a trial that threatened to spill details of his financial empire and personal life into open court. Jackson's attorney, Zia Modabber, confirmed that the entertainer had settled his legal fight with Myung-Ho Lee and his firm, Union Finance and Investment Corp., but declined to discuss the terms.
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