The food-stamp economy
On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America? Full Article
Michael Jackson says ranch foreclosure averted
NEW YORK (Reuters) - Entertainer Michael Jackson said on Sunday a foreclosure sale on his Neverland Ranch set for this week was averted after a loan on the California property was sold to Colony Capital, a large real estate investment firm.
The loan, which sources familiar with the matter said was about $23.5 million, had been held by Fortress Investment Group , a New York-based private equity and hedge fund group. The 2,700-acre ranch in Santa Barbara County was slated to be auctioned off on May 14 after Jackson defaulted on loan payments.
In a press release, Jackson said he was in discussions with Colony and its founder, Tom Barrack Jr., "with regard to the ranch and other matters."
Colony, a Los Angeles-based firm that has invested more than $39 billion since its founding in 1991, is "very comfortable" holding the loan while it negotiates payment terms, a person familiar with the situation said.
Representatives of Jackson and Colony declined to comment. A Fortress representative could not be reached for comment.
The formerly high-flying singer and songwriter saw his career slammed a child molestation trial in 2005. Even though he was acquitted on all counts, he has faced significant financial problems in recent years.
(Reporting by Dane Hamilton; editing by John Wallace)
