*Michael Jackson’s concert promoters have withdrawn a $17.5 million dollar insurance claim over loss of revenue from his “This Is It” series of concerts.

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Promoter AEG pursued the sum over loss of revenue from the late singer’s “This Is It” series of 50 concerts in London. Jackson died of acute Propofol intoxication during rehearsals for the shows.

The lawsuit has been withdrawn after AEG was countersued for allegedly concealing the singer’s poor health and his drug use.

Insurance underwriters Lloyds of London sued both AEG and the singer’s company, Michael Jackson LLC, after his death in June 2009, saying they had failed to properly disclose information about his lifestyle and physical condition.

Paul Schrieffer, of Lloyds, told CNN: ”In exchange for AEG withdrawing its insurance claim, underwriters agreed to dismiss AEG from the case and to waive any costs recoverable from AEG. The insurance case continues against the Michael Jackson Company LLC for, among other things, rescission of the policy due to nondisclosures of Michael Jackson’s prior drug use.”

At the time of his death, Michael was regularly being put to sleep using Propofol – a powerful aesthetic which should not be used outside of a hospital room – administered by his private doctor, Conrad Murray. The physician is currently serving a sentence for involuntary manslaughter in connection with his death.

One email sent internally by AEG Live’s president Randy Phillips and subsequently leaked shows how he saw Michael’s health problems first-hand on the day he was to announce the “This Is It” shows. In March 2009, he wrote: ”MJ is locked in his room drunk and despondent. I (am) trying to sober him up. I screamed at him so loud the walls are shaking. He is an emotionally paralyzed mess riddled with self-loathing and doubt now that it is show time.”

Another email from AEG Live executive Paul Gongaware to Randy also raised doubts as to Michael’s ability to perform. It read: ”We cannot be forced into stopping this, which MJ will try to do because he is lazy and constantly changes his mind to fit his immediate wants.”