Financial group sues Michael Jackson for 48 million dollars

NEW YORK - Michael Jackson's legal woes seem far from over, with a financial advisory group suing the pop icon for 48 million dollars for helping him secure a loan. Prescient Acquisition Group Inc. filed its lawsuit in Manhattan federal court on Monday, charging Jackson with breach of contract and unjustly accepting Prescient's services without paying for them. The suit came one month after Jackson was acquitted of all charges in his sensational child molestation trial. At the trial, prosecutors brought evidence claiming Jackson spends 20 million to 30 million dollars more than he earns each year and has debts of more than 270 million dollars, including 10.5 million dollars in unpaid bills. According to Monday's lawsuit, Prescient last month helped Jackson find investors to help him pay off a 272.5-million-dollar debt to Bank of America. Prescient charges it also helped Jackson buy complete control of MJ Publishing Trust -- also known as Sony/ATV Music Publishing LLC -- an entity that owns and administers copyrights to thousands of songs, including the Beatles library. Prescient also charges it helped secure an additional 265 million dollars for Jackson that would help him exercise his option to purchase the 50 percent interest in Sony/ATV Music Publishing that he did not own. Prescient contends its contract with Jackson means it is entitled to a fee of nine percent of the total funds, said Prescient lawyer Steven Altman. "The reality is, we have helped Michael Jackson acquire a magnificent asset and he'll be able to fund his exotic lifestyle for the rest of his life," Altman said. "He was in desperate straits before. ... We just want to get paid," he said. Source: AP/Yahoo! News