Date: 06-20-2007

Case Style: Prescient Acquisition Group, Inc. v. MJ Publsihing Trust, Michael J. Jackson, et al.

Case Number: 1:05-cv-06298-PKC

Judge: P. Kevin Castel

Court: United States District Court for the Southern District of New York (New York County)

Plaintiff's Attorney:

Steven Altman and Eric Rosenberg of Altman & Company P.C., New York, New York for Prescient Acquisition Group, Inc.

Donald David of Fishbein Badillo Wagner Harding, New York, New York for Perfect Circle Entertainment, Inc.

Scott Kessler of Cozen O'Connor, New York, New York for Perfect Circle Entertainment, Inc.

Defendant's Attorney:

Londell McMillan of LeBoeuf, Lamb, Greene & MacRae, LLP, New York, New York for MJ Publsihing Trust, et al.

David Zaslowsky of Baker & McKenzie LLP, New York, New York for New Horizon Trust

Desmond C. Whitaker, The McMillan Firm, New York, New York for MJ Publsihing Trust, et al.

Description:

Prescient Acquisition Group, Inc. sued MJ Publsihing Trust, Michael J. Jackson, and MJ-ATV Publishing Trust on a breach of contract theory claiming that Jackson and his companies owed it for helping him refinance $272.5 million worth of bank loans owed to Bank of America through Fortress Investment Group. The loan was secured with a lien on the Beatles catalog owned by Jackson and he risked lossing the valuable copyrights associated with the songs if he defaulted on the loan. Plaintiff claimed that it arranged the financing and was entitled to compensation for its efforts.

The defenses asserted by Defendants are not available.

Outcome: Settled for an undisclosed sum.

Plaintiff's Experts: Unknown

Defendant's Experts: Unknown

Comments: None