I read that when Michael Jackson died, he was $500 million in debt. How does someone get into that kind of debt?
In: Economics
I can’t really explain what you ask but…
If you owe $1000 you have a problem.
If you owe $10000000 the bank has a problem.
The organisations that were owed knew that no matter what (even if he died) there was plenty of collateral that would return what they were due.
Simply, they still have assets that they can still borrow against. I believe he had the rights to the Beatles catalog, amongst other things.
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