AEG Live plotting its move in wake of Michael Jackson's death

June 28, 9:31 PMDenver Celebrity ExaminerJennifer Finke

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Questions loom over ticket refunds; photo credit UPI

AEG Live, a subsidiary of Anschutz Entertainment Group, reportedly spent this weekend planning what might be one of the largest ticket refund events in history - as more than one million Michael Jackson ticket holders wonder if they'll get their $85 million back. Jackson died Thursday of unknown causes, just weeks before his 50 concert event was set to occur at London's O2 Arena.

According to a Wall Street Journal story that comes out tomorrow (June 29, 2009), "Insurers had sold an $18 million policy through Lloyd's, the London insurance market, that was intended to help AEG recoup costs if concerts it was staging with Mr. Jackson were canceled due to an accident, according to a person familiar with the matter."

Sources told the Wall Street Journal that Jackson had been paid $20 million in advance, and that another $10 million was spent on "elaborate rehearsals."

Jackson was reportedly to undergo a physical in the coming days that would have set the coverage of the policy - and some are speculating that the coverage might not apply since this physical never happened.

AEG Live is expected to make a statement some time this week regarding how refunds will be handled.