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AEG Live's insurance may hinder Jacko ticket refunds

August 20, 2009

Hundreds of UK fans are waiting to learn the details of a refund for tickets they have bought to Michael Jackson concerts that was earmarked in a statement by the promoter last week.

But the refund may be delayed by the insurance policy taken out by AEG Live, the promoter of Michael Jackson's bonanza UK 50-date concert tour.

AEG Live, a unit of Anschultz Corporation, sold US$85 million in tickets for the London O2 arena concerts. Jackson was paid a US$20 million advance, and AEG shelled out another US$10 million for rehearsals in Los Angeles, the last of which was held at the Staples Centre the night before Jackson died.

AEG Live bought an insurance policy through .....