Michael Jackson In Default On $2.2 Million Loan

According to Roger Friedman of FoxNews.com, Michael Jackson is now in default on a $2.2 million loan which he secured last April with his family’s estate in Encino, California. Jackson missed his December payment, which had a grace period up until the 10th of the month. For the moment, Thomas W. Smotrich and his group, who provided the singer with the loan, will not foreclose, but the option is theirs should they change their minds. Read more.