Michael Jackson: His Creditor Juergen BACHUS (5 Millions $)
Juergen BACHUS: Creditor
Date Claim Filed: 22nd March 2010
Amount Of Claim: 5.000.000 $
Disposition of Claim: Arbitration commenced and Pending
Source/Fuente: Exhibit A of Special Administrors’ Report (page45 of 51)
Arbitration, a form of alternative dispute resolution (ADR), is a legal technique for the resolution of disputes outside the courts, wherein the parties to a dispute refer it to one or more persons (the “arbitrators”, “arbiters” or “arbitral tribunal“), by whose decision (the “award”) they agree to be bound. It is a settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides. Other forms of ADR include mediation (a form of settlement negotiation facilitated by a neutral third party) and non-binding resolution by experts. Arbitration is most commonly used for the resolution of commercial disputes, particularly in the context of international commercial transactions.
Michael Jackson and MJ Net Entertainment AG are partners
Frankfurt – On 30 September 2000 Michael Jackson personally signed a worldwide exclusive merchandising contract with the Frankurt company MJ Net Entertainment AG. MJ Net Entertainment AG now has the exclusive commercial rights and is the sole agency for Michael Jackson merchandising, licensing and franchising.
Michael Jackson is himself a shareholder in MJ Entertainment AG.
This contract, which came into effect on 15 December 2000, cancels the former agreement with Signatures Network (formerly Sony Signatures).
The contract between Michael Jackson’s company Triumph International and MJ Net Entertainment AG was signed by Michael Jackson and Juergen R. Bachus, Chairman of the Board of MJ Net Entertainment AG.
Distributed by PR Newswire on behalf of MJ Net Entertainment AGhttp://www.prnewswire.co.uk/cgi/news/release?id=62781
(I intend to add updates on this creditor)