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Monday
June 29, 2009
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AEG Dealing With Jackson Ticket Refunds, Insurance Claim

AEG Working On One Of Largest Ticket-Refund
Programs In History Following Jackson's Death
AEG Live spent the weekend after Michael Jackson’s death “planning what could be one of the biggest ticket-refund programs in history, a challenge likely to be complicated by the possibility that the company may have trouble collecting on its insurance,” according to Pleven & Smith of the WALL STREET JOURNAL. A source said that insurers had sold an $18M policy through Lloyd’s of London that “was intended to help AEG recoup costs” if concerts it was staging with Jackson were “cancelled due to an accident.” The source said that the policy also “could have provided coverage in case of a cancellation due to medical issues,” but that part of the coverage “was dependent on the results of a physical” that Jackson was scheduled to take in the coming days. Pleven & Smith note that “raises the possibility that the coverage might not apply,” and whether the policy will provide coverage “could depend on the precise language in the insurance contract.” AEG said that it sold nearly 1 million tickets to Jackson’s planned 50-date run at London’s O2 arena, with a “total face value” of more than $85M. AEG Friday in a statement said that it “would offer details on how to claim refunds early this week” (WALL STREET JOURNAL, 6/29). AEG Live President & CEO Randy Phillips said that the concerts “were insured, but that the company needed to wait for the coroner’s report before filing a claim” (N.Y. TIMES, 6/27). Meanwhile, in London, Sherwin & Costello noted the Jackson show dates are “dotted across the forthcoming calendar rather than blocked off in a single run of dates, making them harder to fill.” Acts already scheduled for the O2 in coming months may be “approached to extend their bookings” (LONDON TIMES, 6/27).

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