Word: ownership
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...Unquestionably, Jackson is worth more dead than alive. The 1,000 hours of video of the final rehearsals of his London show could be worth about $500 million in gross sales of DVDs, CDs and other items. His assets include half ownership of music publisher Sony/ATV, worth $1 billion. His small remaining interest in Neverland could skyrocket in value; so will his personal items when sold. But his staggering debt, perhaps $500 million, reflects a lifetime of indulgence on antiques, houses, helicopters, more than $100 million in annual upkeep on the 2,500-acre (1,000 hectare) Neverland estate...
...pounced on an unexpected weakness in Porsche's acquisition strategy. Wiedeking and Porsche CFO Holger Härter have been amassing the VW stake through a sophisticated options-trading strategy that has provided the company with massive profits over the past three years, as well as giving them ownership of VW. But it has also ballooned Porsche's debt to $12.5 billion. Under normal circumstances, Porsche would have no trouble financing that debt - its VW stake alone is worth about $50 billion - but in the current economic crisis, even a company as rich as Porsche can no longer snap...
...Even before the auction, analysts warned that Iraq's plans for attracting the investment necessary to crank up its output were overly optimistic. Iraq plans to retain ownership of its oil, but make long-term agreements with foreign companies to run the operations. But Oil Minister Hussein Shahristani demanded that oil companies lower their profit expectations, offering to pay them $2 for every barrel pumped in Iraq rather than the $4-a-barrel rate sought by oil executives. Chevron, which had negotiated for a year to develop Iraq's second-biggest field, West Qurna, pulled out of the deal...
...seductively simple sounding proposition on the ballot. Under Proposition 13, the annual real estate tax on a parcel of property would be limited to 1% of its assessed value and this assessed value would only increase by a maximum of 2% per year, until a change in ownership. Voters responded and Proposition 13 scored a dramatic victory with 65% of the vote. Property tax rates dropped an average...
...volunteer chaplain for the Louisville Metro Police Department (where he does not carry a weapon). Taking a break from a shift at the indoor gun range where he works one day a week, Pagano tells TIME that he's an avid sport shooter and a proponent of responsible gun ownership. Despite criticism for commingling guns and religion, he stands by his view that Christians are called on to be prepared to defend themselves and their families. "Pacifism is optional for Christians," says Pagano. "It's not a requirement...