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...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...

Author: /time Magazine | Title: The London Concerts: Michael's Missed Comeback | 6/26/2009 | See Source »

...singer defaulted on a loan in March last year, pushing Neverland into foreclosure, private-equity firm Colony Capital stepped in to bail him out. The 50 concerts planned for London later this year could have netted Jackson as much as $100 million, with a possible world tour to follow generating five times that amount. To Jackson's debtors, if not to the singer himself, that sure would have added...

Author: /time Magazine | Title: What Happened to Michael Jackson's Millions? | 6/26/2009 | See Source »

Mercy the bureaucracy denies, for the Church committed a cardinal sin: It didn’t follow procedure. Last March, the diocese spent over $2,000 busing people to a rally in Hartford, where Catholics protested a bill that would have stripped pastors of control over parish finances. In April, the Church again trespassed. On its website, the diocese announced its opposition to a bill that legalized gay marriage and spurred parishioners to “contact your legislator.” OSE christened these three words “lobbying” and warned the diocese against further misbehavior...

Author: By Brian J. Bolduc | Title: Jesus Christ, Registered Lobbyist | 6/26/2009 | See Source »

...don’t favor a lot of Berlusconi’s policy, but I have to agree with him here: What politicians do in their bedrooms is, frankly, none of the public’s business. My internship requires that I read the Italian papers daily and follow the wires from ANSA (Italy’s version of the AP). While I enjoy this part of my job, I do not want to read anymore about the Italian prime minister’s prostate. As long as he is having consensual sexual relations (nb: the age of consent...

Author: By Sofia E. Groopman | Title: When Sex Shouldn’t Matter | 6/26/2009 | See Source »

...Assembly of Experts, which appoints and can dismiss Supreme Leaders, to take action against Khamenei. Various U.S. government sources told me they believe that the Experts are divided: one-third supporting Rafsanjani, one-third supporting the Supreme Leader, one-third undecided. It is likely that the Experts will follow the wind, unwilling to challenge the government unless the situation in the streets becomes decisively more brutal and chaotic. Rafsanjani's fate - whether he is able to hold on to his posts as chairman of the Assembly of Experts and of the Expediency Council, or perhaps get himself named the next...

Author: /time Magazine | Title: Can the U.S. Deal with a Divided Iran? | 6/25/2009 | See Source »

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