Michael Jackson was paid advance fees for his sold out concerts. His estate is estimated to be $400 million dollars in debt, so it is unlikely that AEG Live, the promoters, will be seeing any recovery from that, unless the posthumous sales of his back catalogue can provide the necessary boost to the bank account. The evidence to date is of only minimal insurance cover, because Jackson had a history of not making many of his promised appearances and his health was known to be suspect.
Whoever scheduled such a big series was clearly taking a significant risk. They had accurately determined the demand, but had failed to consider adequately the supply side risks. The contract between AEG Live and the artist will make interesting reading as to how certain risks were provided for. As for risk mitigation startegies ,will there be a series of memorial concerts which could fill the O2?
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