Jacko concert bosses hope to recover losses via $17.5M insurance cover
3 Jul 2009, 1409 Hrs

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Washington, July 3 The organisers of Michael Jackson's London concert hope to recover their losses through the insurance cover, if the pop star died accidentally, including of a drug overdose.

Concert promoter AEG Live's chief executive Randy Phillips said that the company took out 17.5 million dollars in insurance coverage through Lloyd's of London.

While 40 to 50 percent of concert ticket-buyers have so far decided to receive tickets as memorabilia in lieu of a full refund, for others AEG has offered full refunds on the face value and surcharges.

The amount would fall short of the 25 to 30 million dollars spent on Jacko's advance, producing the 50-date series at The O2 arena, covering some of Jackson's debts, and paying his staff and rent on the Holmby Hills mansion where he lived.

He also seeks to earn revenue from rehearsal concert footage, and a video project Jackson was overseeing before his death.

It could be a boon to AEG and Jackson's estate.

Phillips said that he saw no need to sue the estate to recover any of AEG's costs.

"Right now I think the estate and AEG are very much in line and not adversarial and I'd like to keep it that way," Fox News quoted Phillips as saying.

"For the record, this great company I work for is not bankrupt and not going out of business and certainly not in trouble. I'm heartbroken but the company's fine," he added. (ANI)

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