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Fans Lose Jackson but Get Refund
5-Jul-2009
Written by: Corinna Craddock
AEG to hand out refunds, while waiting to measure losses.
Promoters of Jackson’s 50 concert comeback series in London have announced that ticket holders will be reimbursed.
More than 750,000 fans are on the list to get their money back. Fans are offered the option of receiving a souvenir ticket instead of the refund amount they are due.
The ticket-as-refund option will remain available until August 14. The tickets offered are the actual tickets, containing original graphics created personally by Jackson.
The ticket idea was implemented in 1977 after the death of Elvis.
The company hopes that faithful fans will keep the soon-to-be-collector items to help offset the huge profit loss that extends beyond the mandatory refund of $90 million in ticket sales.
Millions of dollars were already paid to Jackson in anticipation of the July 13 concert series opening. The city also spent millions preparing the concert location.
Jackson’s comeback was booked at one of the city’s biggest arenas. With 50 show dates reserved for the King of Pop, the company stands to lose even more.
Exactly how much loss AEG suffers will not be known until the coroners report determines Jackson’s cause of death.
AEG and other promoters are required to have insurance to cover ticket cancellations.
When a claim is filed with the insurance company due to an entertainer’s death, the amount of money that an insurance company will pay out depends on the cause of death.
EBay has stepped up by offering buyer protection insurance for ticket holders who bought through their Web site.
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