I think I just read a quote from MOONWALK that kind of fits in to the blackmail part of your Billie Jean theory:
" ´Heartbreak Hotel´ had revenge in it and I am fascinated by the concept of revenge. It´s something I can´t understand. The idea of making someone ´pay´ for something they´ve done to you or that you imagine they´ve done to you is totally alien to me. The setup showed my own fears and for the time being helped quell them. There were so many sharks in this business looking for blood in the water. If this song, and later ´Billie Jean´, seemed to cast woman in an unfavorable light, it was not meant to be taken as personal statement. Needless to say, I love the interaction between the sexes, it is a natural part of life and I love woman. I just think that when sex is used as a form of blackmail or power, it´s a repugnant use of one of God´s gifts."
