That's the important part, 'would have', Michael had a habit of taking the money and running. To wit a previous promoter who Michael had taken money from was, as part of a settlement, entitled to be part of all of Michaels live shows.
If Michael had no money how would AEG recoup their money from him? AEG were dependent on him doing the shows to be able to repay them. Michael was in the position of being able to blackmail AEG by asking for more advances or no shows.
AEG's agreement with Michael may be part of their defence.
PS. The copy of the contract I saw didn't have a date on it.
MJ had tons of money tied up in his publishing ownership
AEG would've sued him and forced him to sell his Sony ATV catalog, so they could've easily recouped their money