Laura A. Zwicker

Partner
Fax 310-201-2319
PRINTPDF

Michael Jackson was on verge of bankruptcy before death, banker testifies in court

February 7, 2017Media Mention
New York Daily News

Michael Jackson’s finances were off-the-wall complicated and near collapse before his 2009 death, a banker testified Tuesday in a megabucks tax trial pitting the singer’s estate against the IRS.

“He was on the edge,” banker David Dunn testified in U.S. Tax Court in Los Angeles. “He was desperately trying to figure out what he could do to address his financial crisis.” Experts said the long-awaited trial could lead to a whopping $1 billion tax bill for the King of Pop’s estate if the judge finds it undervalued assets, as alleged by Uncle Sam.

Dunn testified he was hired in 2007 to help pull Jackson back from the brink of bankruptcy after his 2005 child molestation trial prompted at least one lender, Bank of America, to bolt.

Read more via the below link.

Resources