Lyric discussion by eternally 

Cover art for Sinking In lyrics by Lisa Marie Presley

Taking what we know from Lisa's own words since Michael Jackson died, it is likely about him. She tried to save him, and defensed him. Also, she did leave Danny for another man..so that wouldn't fit. Furthermore...we know Michael kept worrying his mother and Lisa was in contact with the family, so she knew this. Ten years form 2003 is 1993... When she started dating Michael (she accompanied him to the Carter fundraiser in Atlanta, for example). So..that's my take based on the best evidence out there.