Michael Jackson may be going broke.
Or then again, he may not be.
As usual, there are multiple sides to every story concerning pop's fallen king.
According to a New York Times report, Jackson's financial advisers have indicated that the singer is sorely unprepared to pay a $70 million loan from Bank Of America that is due on Tuesday
And, according to his music manager, that's just not the case at all.
The Times story indicates that the molestation charges against Jackson have reportedly put a kibosh on his ability to procure loans and generate funds.
According to unidentified Jackson advisors cited, banks are unwilling to give him credit, based on reports that Leonard Muhammed, a Nation of Islam higher-up, is handling Jackson's finances.
But as always, there seem to be Jackson superfans waiting in the wings to support their moonwalking hero.
Miami businessman Al Malnik told the Times that he is working to have Jackson's loan extended as a gesture of friendship.
The multi-millionaire is reportedly hoping to have the loan extended through December 2005 with the backing of a New York-based hedge fund.
The loan is guaranteed by the Jackson music catalogue, which includes hits such as "Thriller," "Beat it" and "Billie Jean," and has an estimated value of $75 million to $90 million.
If Jackson were to default on the loan in 2005, the hedge fund would assume the rights to the catalogue.
But, wait...that's if there even is a loan. Because according to Jackson's music manager, Charles Koppelman, no $70 million payment is due on Tuesday to Bank of America or anyone else for that matter.
The Jackson FileE! Online tracks all the latest developments
Koppelman admitted that Jackson, like many wealthy individuals, has substantial debts, and often takes out loans. However, he stated that Jackson's assets far outweighed his debts.
In addition, Koppelman denied that the charges against Jackson have hurt his ability to generate large amounts of cash. He also stated that the Nation of Islam was not involved in the management of Jackson's finances.
Meanwhile, Jackson certainly continues to live in a manner suggesting that he is unconcerned about the level of his bank account.
The singer is holed up in a Beverly Hills mansion that sets him back a whopping $70,000 in rent each month. Nor has he curtailed his spending habits--he's reportedly burning through $2 million a month on shopping sprees, according to the Times.
The pop star is charged with seven counts of lewd acts on a minor and two counts of administering an intoxicating agent. He has maintained that he is innocent of all charges against him.
In other Jackson news: The singer will play hooky from Friday's preliminary hearing, which he is not required to attend.
Santa Maria official say they expect the hearing to be a far more demure affair than Jackson's last circus of an appearance at his arraignment hearing.
Last week, the singer hired a new spokeswoman, Raymone Bain, who has previously worked for A-listers Serena Williams, Mike Tyson and Kenneth "Babyface" Edmonds.
Bain said that Jackson plans to be more vocal concerning media reports he deems false about himself, as long as issuing a response does not violate the gag order.
Bain also said that the Nation of Islam's presence in Jackson's life will most likely decrease because he plans to make fewer public appearances and will need less security.
The Santa Barbara County Board of Supervisors decided to scrap its plan to charge parking fees for broadcast media to park satellite trucks on the courthouse grounds. At the arraignment hearing, spots sold for $250.
The supervisors had discussed raising the fees to $400 to cover costs; however media lawyers convinced them that the charges were unconstitutional. Instead, trucks will not be able to reserve spots, nor will they be able to park overnight.