 Randy Phillips (AP)
Posted: July 3, 2009
LOS ANGELES (AP) -- Concert promoter AEG Live's chief executive Randy Phillips says insurance will help cover any losses on the now-canceled Michael Jackson concert series if the pop star died accidentally, including of a drug overdose, but not if he died of natural causes.Randy Phillips said Thursday that the company took out $17.5 million in insurance coverage through Lloyd's of London.
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That would still fall short of the $25 million to $30 million Phillips says AEG ( AEGXY.PK - news - people ) Live spent on Jackson's advance, producing the show, covering some of Jackson's debts, and paying his staff and rent. |
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