"They didn't say that when they needed things from me," he said.
Schaffel's lawsuit says he has had a business relationship with Jackson since 2000 and that he created Neverland Valley Entertainment with Jackson. He says he "was at all times a loyal and devoted associate and confidant" of Jackson and feels "betrayed" by the pop legend. He says Jackson stopped paying him in June 2004 as his financial representatives claimed he was broke.
Schaffel wants to get reimbursed for his work while he still can -- especially if Jackson has severe financial woes. "He is a ticking financial bomb," he said.
Jackson's former associate also said he is writing a tell-all book about his relationship with the singer.
News of the apparent breach between Jackson and one of his associates came as a boxed set of the singer's greatest hits spanning his entire career, "Michael Jackson: The Ultimate Collection," was released Tuesday.
Jury selection in Jackson's child molestation is expected to begin Jan. 31.
ABC News' Eileen Murphy, Santina Leuci and Eric Avram contributed to this report.
