Michael Jackson Insurance Claim Dropped By AEG

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The concert promoter behind Michael Jackson's ill-fated "This Is It" tour has dropped a bid to collect their $17.5 million insurance company on the star. Why?

AEG's decision to drop its case against the insurer, Lloyds of London, comes after the firm claimed AEG hid the extent of the pop icon's extensive health woes.

Execs reportedly felt Jackson was an emotionally paralyzed mess leading up to the 50-show London gig he never ended up making; MJ died June 25, 2009.

AEG says the move has nothing to do with the discovery of new emails that prove AEG had doubts about MJ's health when it applied for the insurance policy.

Michael Jackson Trial Pic

Lloyds had sued AEG and Michael Jackson LLC in the wake of the singer's tragic demise to cancel the policy, claiming all parties involved were not forthright.

The insurer believes that singer's drug addiction - fueled by Dr. Conrad Murray, who was on AEG's payroll - and poor health were common knowledge at the time.

As such, they should have been disclosed, but were not.

It looks like everyone's moving on though. Lloyds says:

"In exchange for AEG withdrawing its insurance claim, underwriters agreed to dismiss AEG from the case and to waive any costs recoverable from AEG."

Lloyds will continue its legal battle against Jackson's estate, seeking "rescission of the policy due to non-disclosures of Michael Jackson's prior drug use."

[Photo: WENN.com]

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he could outrun alot of people........BUT MENTALLY THERE WERE DOUBTS!!

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Mj is a wannabe white woman. Yuckie!!

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It makes me angry when I think about how Kenny Ortega and Randy Phillips deceived the fans allover the world. Sitting in front of the cameras telling the world that they had everything under control and that MJ was fine. They made the fans bye tickets to a tour they knew would never happen. And then they manipulated the fans to keep the tickets as a memory after MJ died. MJ's fans were used and deceived for them to earn money. The worst thing is, they got away with it too. They just did their jobs making sure the building didn't burn down. That is what business men do I guess. If you are too emotional and ethical you will never be rich. It is all about the money. And I am sure many in the business world think Randy Phillips and company did a good job. It's nothing personal against MJ. It's just good business deals. Welcome to our cynical world on planet earth. Eat or be eaten. It's your choice.

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AAA! HE'S A ZOMBIE

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Randy Phillips said to Kenny Ortega according to Daily News, "It's Time to put out the fire, not burn the building down."
Was MJ the fire they needed to put out to save the building/money? It has been three years so I guess we'll never know. We can only speculate.
The Estate has brought in like 400 million $ since MJ died. And AEG got like 60 million $ for the movie "This is it". And that is only on the movie. AEG has earned a lot more on MJ's death than 60 million dollars. The tickets, merchandise and on and on. So what is this 17,5 million dollar insurance all about? That is peanuts in comparison to the amount of money they already made from MJ's death.

Michael Jackson Biography

Michael Jackson mug shot Michael Jackson was the King of Pop, with the best-selling album of all-time and more than a dozen massive hits. After years of physical... More »
Born
Died
Birthplace
Gary, Indiana
Full Name
Michael Joseph Jackson
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