Jacko's Death Could Cost Comeback Promoter Millions

Star's death may invalidate insurance on 50-gig London comeback
By Rob Quinn,  Newser Staff
Posted Jun 26, 2009 5:05 AM CDT
Jacko's Death Could Cost Comeback Promoter Millions
An electronic billboard advertising Michael Jackson's series of London concerts in July is seen on the Dome, which houses the London O2 Arena.   (AP Photo/Alastair Grant)

(Newser) – Michael Jackson's death will be either "horrible or really horrible" for the promoters who set up his 50-concert comeback, depending on how watertight their insurance is, industry insiders tell Billboard. AEG Live has already paid out an estimated $30 million in production costs, as well as a $10 million bonus to Jackson, and now faces the costly and complicated task of refunding $85 million in ticket sales.

AEG execs said last month that the company was well-insured and that Jackson had passed the medical with "flying colors." But a traditional nonappearance policy was never written, according to one source. Even if AEG had such an insurance policy, the promoter might not be able to get a payout if it turns out that Jackson's death was drug- or alcohol-related—or due to a pre-existing medical condition, said the source.
(Read more Michael Jackson stories.)

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