Lending Company Genesis Group International has filed a creditors claim for $4,580,000 against Michael’s Estate. Jon Divens, the lawyer for the creditor, told TMZ that Michael refinanced Neverland in 2007 and received $45,000,000. Genesis Group International claimed Michael agreed to pay the Group 10% of the loan amount plus fees, totaling $4,580,000.
The group also claimed that it made a demand for payment this year but received nothing.
In 2008, there were reports that Kevin Kinsey, the owner of the group, had falsely represented himself as a representative of MJJ Productions in an effort to secure funding to get the refinancing.
A source connected with the estate told TMZ, without commenting on the merits of the claim, that Genesis missed the deadline for filing a creditor’s claim.