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A federal judge in Manhattan said “Beat It” to most counts in a $300 million suit filed against Michael Jackson's estate, Jackson's ex-manager, Frank Dileo, and Anschutz Entertainment Group (AEG) over promotional rights to the comeback tour the King of Pop was planning prior to his death last summer.
The plaintiff, AllGood Entertainment Inc., alleged in a May 2009 complaint (filed a month before Jackson died) that Jackson, through Dileo, had signed a deal to perform either a solo concert tour or a Jackson Family reunion concert to be promoted by AllGood. But months after striking its deal with Dileo, AllGood alleged, AllGood found out that Jackson had agreed to work with AEG on the This Is It series of shows scheduled to begin in London in the fall of 2009. AllGood claimed breach of contract, fraud and tortious interference against Jackson, Dileo and AEG.
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The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
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