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...that stage will be dismantled - and AEG must deal with the financial aftermath. Jackson's death means the firm will have to refund $85 million in ticket sales. The company will also miss out on expected profits of $115 million from VIP packages and merchandising, and it will lose the chance at an additional $450 million from the three-year worldwide tour they hoped would follow the London gigs. (See the top 10 Michael Jackson moments...
...AEG Live CEO Randy Phillips dismissed those worries in an interview with Billboard. "Michael's in incredible physical shape, he's got tremendous stamina, he's been working out aerobically preparing for this, and he is totally engaged," he said. Phillips also claimed that AEG was well insured for the event because Jackson had passed a physical "with flying colors...
...March issue, London-based Reinsurance magazine reported that the city's insurers were skeptical that Michael would make it all the way through: no insurer was willing to cover all the concert dates, and AEG could arrange a policy only for the first 10 concerts. The magazine added that AEG would face a liability of $492 million if the series were to be canceled. (See pictures of Michael Jackson's live performances on LIFE.com...
...Friday afternoon, AEG had not responded to queries regarding its insurance coverage. "We're dealing with a tragedy. We have no comment on that," an unnamed company spokesman told the Los Angeles Times. And as for refunds, AEG announced that ticket refund informaion would be released early next week...
Recently, Jackson was preparing for a comeback tour, and when plans for a series of London shows were postponed in May, rumors emerged again that Jackson was sick - this time with skin cancer. Concert promoter AEG Live repeatedly declared in the press that the change in schedule had "absolutely nothing to do with Jackson's health...