Eric C. Briggs (Business and intangible asset valuations)
Briggs provided management to Goldman Sachs,, referred to Michael as BILL GATES….. COLONY CAPITAL,,,, TOM BARRACKS WHO SENT AEG LIVE IN FOR THE SHOWS,, AND FORTRESS WHO CHARGED MICHAEL EXTORTIONATE INTEREST RATES, TRIED TO SEIZE HIS PROPERTIES!!! AND LAST BUT NOT LEAST SONY http://www.fticonsulting.com/global2/professionals/eric-c-briggs.aspx
This man knows what Michael Jacksons worth is, as Goldman Sachs referred to Michael Jackson = Bill Gates. Goldman Sachs industry bigs, Wall Street giants interested in Michael bc they KNEW Michael Jacksons worth!! Click http://www.scribd.com/doc/43790300/Michael-Jackson-Bill-Gates
AEG attorney Sabrina Strong did the direct examination. Briggs is an expert witness in this case.
He was asked to assess the projections of Arthur Erk, plaintiffs’ retained expert.
Briggs is a senior management director at FTI Consulting and professor at USC Marshall School of Business.
Briggs said he helps a media company put together forecast and assess risks of projects.
Entertainment and media projects: looked at films, music, touring, video games, live events, pretty much everything.
Briggs said he gets hired by film producers, production companies, record labels, banks and private equity that invest money.
He has done work for talent agencies as well, like Creative Artist and William Morris.
Other clients: Estate of Elvis Presley, John Wayne, Frank Sinatra, Bob Hope, among others.
Briggs has worked in over 1100 engagements, 300 of those related to the music industry, like Rod Stewart, Bruno Mars, 50 Cent, Usher.
Briggs has also worked in endorsement deals.
Strong: How many film engagements have you had over the course of your career? Briggs: Probably 600
Briggs said some of his predictions have been inaccurate. “I don’t have a crystal ball,” he said.
He has been doing forecast in the entertainment business for 15 years.
Briggs studies Economy at Brown University and received his MBA at Anderson School at UCLA.
FTI Consulting has about 4,000 employees worldwide. Briggs is charging $800 an hour. He has spent approximately 350 hours.
Briggs has a team working on this matter, roughly 500-600 hours. Personnel on the team charge between $300-$800 per hour.
He has testified once in an England tax matter, equivalent to our IRS, and on an arbitration case.
Briggs mostly worked for companies that actively spend money in films.
Briggs said he has had significant involvement in most of the 1100 cases he worked on. “I’m not taking credit for somebody else.”
Strong showed exhibit with Erk’s Opinions: – Tour – Merchandise – Endorsement/Sponsorship – Las Vegas show – Movies
Briggs said he analyzed the first four opinions by Erk, since Erk didn’t project earnings for movies.
Briggs overarching opinion on topics: 1- It’s speculative whether these projects would occurred 2- The numbers projected are speculative
Briggs did not analyze Mr. Erk’s consumption numbers.
“My understanding is that damages cannot be speculative and I didn’t want to prepare a speculative,” Briggs said.
MJ had a prolific career which resulted in a catalogue that results in a lot of money every year. Briggs did not analyze that.
He said he looked at income MJ would’ve generated for performing, going on tour.
“My opinion relates to opinion MJ would have generated by working,” Briggs said.
Strong showed an exhibit with “Erk’s TII Tour: Speculative” – No agreement beyond 50 shows – MJ’s drug use
Exhibit: – MJ’s history of cancellations – World tour depends on completion of 50 shows – Performance Risk – Execution Risk
“As of the date of death, there was no agreement that AEG or MJ would go beyond 50 shows,” Briggs said
Briggs: MJ had a significant history of drug use, and this was significant to render my opinion.
“There’s significant testimony on the record from four medical doctors in this case regarding MJ’s drug use,” Briggs explained.
Briggs: As part of my job, I’m asked to analyze all sorts of things, including drug use for someone who needs to perform.
“It’s all about the same thing: the risks,” Briggs said.
“My conclusion, based on the evidence presented, MJ’s life expectancy was very short as of June 2009,” Briggs said.
“MJ was taking drugs in very dangerous ways, had history of taking drugs that had a long lasting impact on his health,” he opined.
Briggs: MJ had a unique history of great performance but cancellations, particularly in cases where they were practically certain to happen.
The expert said MJ canceled a number of dates on Dangerous tour to enter rehab, canceled HBO special in 1995.
Also, the Millennium concert didn’t take place, theTwo Seas arrangement where nothing came of it.
“The world tour depends on the completion of the 50 tours,” Briggs said.
“There’s always a risk of whether the audience will perform and whether the artist will show up,” Briggs testified.
He said Guns N Roses, U2, Lady Gaga, Van Halen — all cancelled shows that were pretty certain to happen.
Those aspects helped shape Briggs opinion that Erk’s projections were speculative.
“The four additional tours are also entirely speculative,” Briggs said. They were based on Erk’s personal opinion.
Briggs: MJ had agreed to do 50 shows when he died and was actively engaged in rehearsals.
Strong: Do you have an opinion on whether MJ would have completed the 50 shows at the O2?
“My opinion is that it’s speculative whether the 50 shows would have been completed,” Briggs said.
“There was a significant heath risk in place and the length of the tour exceeded 9 months,” Briggs explained.
Judge then adjourned trial until Monday at 10 am PT. We only had half a day today and will only have half day on Monday as well with Briggs.
Potential witnesses for next week: Debbie Rowe, video deposition of Randy Jackson and Rebbie Jackson. We hope to see you then!