Refunds for Michael Jackson Concerts in London Lead to Accounting Nightmare


Following Michael Jackson's sudden death last week, 750,000 fans are expecting refunds for their tickets to 50 concerts that were scheduled in London, but owing to extraordinarily complex legal issues, they may be waiting some time. AEG Live, the Los Angeles–based company that operates the O2 Arena where the concerts were to be performed, has claimed that an announcement regarding refunds will come later this week, but questions regarding the extent of their insurance coverage have led to strong doubts as to their ability to survive the payout. Though it seems certain that fans will eventually get their money, it looks increasingly doubtful that AEG or its insurers will come out of this worst case scenario entirely intact. [AP]