Precient Settles Suit with Jackson - MiniB#46
June 18 2007 - Precient Acquisition Group has decided not to face singer Michael Jackson in court concerning claims it allegedly was owed upwards of $48 million.
Precient, owned by Darrien Dash, claimed the company helped Jackson secure a commitment of $537.5 million which supposedly enabled him to pay off a debt with Bank of America. Jackson says he never heard of Dash and certainly didn't remember signing documents agreeing to pay his company $50 million for anything.
An unnamed alleged Jackson spokesperson is quoted in Reuters as saying that the ginormously profitable and expanding Sony/ATV catalog remains "safe and sound".
There's a question as to whether the catalog of songs was ever in danger as a result of this Precient lawsuit in the first place. Precient isn't the first company or group of people who have been trying to get their hands into Jackson's pockets by any means necessary.
Reportedly, legal fights with his former accountants and with a former lawyer, Brent Ayscough, will be upcoming.
Before the trial began there was talk of various shady advisers and business associates who were trying to take over his finances, siphoning off funds, diverting money to offshore accounts, accountants and firms not paying his bills in order to wrap him up in litigation, etc.
The settlement with Precient was reached today just as the trial was about to proceed in U.S. District Court in Manhattan. Much to the chagrin of the media, the terms of the settlement are confidential, .