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Last Updated: Tuesday, 3 June, 2003, 08:17 GMT 09:17 UK
Judge may dismiss Jackson case
Michael Jackson
Jackson is on the verge of bankruptcy, according to the lawsuit
A judge has said she will consider throwing out a lawsuit against Michael Jackson by a former financial advisor who says the singer owes him $12m (7.3m).

Myung-Ho Lee and his firm Union Finance and Investment Corp are suing Jackson for breach of contract and fraud.

They said he has failed to pay their bills - while at the same time squandering his fortune on a series of "charlatans, hucksters, sycophants and swindlers".

Jackson's lawyers say Mr Lee was not a licensed financial advisor in California and so could not have signed a valid contract with Jackson.

Mr Lee's lawyers insist the contract is valid under an exception in Californian law for advisors who do not maintain a place of business in the state.

Jackson - once said to have been worth 350m - has counter-sued, alleging that Mr Lee stole millions from him.

According to Mr Lee's lawsuit, Jackson is on the verge of bankruptcy.

In papers filed at Los Angeles Superior Court, the singer is characterised as a "ticking financial time bomb waiting to explode at any moment".

Judge Andria Richey, who is due to rule on the case, is also considering requests from news organisations to televise the case if it goes forward as scheduled on 18 June.

Jackson's lawyer, Zia Modabber, urged the judge to ban cameras - citing massive media interest during a previous testimony by the singer at an earlier case in November.

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