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Old 06-05-2013, 14:14
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Join Date: Aug 2006
Posts: 24,431
He couldn't fund the debt on Nederland because he had no cash. Having $1bn of assets is meaningless unless you sell them, which MJ was always reluctant to do.
Do you understand how a mortgage works, it's based on lending money secured against an asset.

If Michael had assets worth hundreds of millions if not billions then securing a loan for a piddling $40m would have been a piece of cake.

But if he's already mortgaged his assets up to the hilt and very likely beyond, then even Wonga would have refused him a loan.
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