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Court filings: Jackson estate will be 'solvent'

GinnyJackson

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By ANTHONY McCARTNEY, AP Entertainment Writer Anthony Mccartney, Ap Entertainment Writer – 6 mins ago
LOS ANGELES – Court filings show that the temporary administrators of Michael Jackson's estate have recovered $5.5 million from a former financial adviser.
The filings also indicate the administrators predict that the pop icon's estate will be solvent even though the singer died with an estimated $400 million or more in debt.
Attorney John Branca and music executive John McClain are serving as temporary administrators as spelled out in the King of Pop's will. The men are finishing several deals that they expect will generate "tens of millions of dollars of revenues."
They expect to submit those deals for court approval within the next week, the filings state.
The revelations were included in two motions requesting allowances for Jackson's three children and his mother, Katherine. The petitions state that Jackson was the primary source of income for his children, who range in ages from 7 to 12, and his mother, who receives some money from Social Security.
The monthly stipends that Branca and McClain hope to provide the Jacksons are redacted from the court records released Friday.
A judge refused to grant the allowances on Thursday, opting instead to consider them at a hearing on Aug. 3.
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So far it seems that Branca and McClain are doing what MJ wanted.
 
So really, Branca and McClain are actually doing a great job running things...and they are looking out for Katherine and the kids.

Hope this continues to work out well
 
Court Filings: Jackson Estate Will Be Solvent.

By ANTHONY McCARTNEY, AP Entertainment Writer Anthony Mccartney, Ap Entertainment Writer – 27 mins ago

http://news.yahoo.com/s/ap/us_michael_jackson_estate

LOS ANGELES – The temporary administrators of Michael estate have recovered $5.5 million and substantial amounts of personal property from an unnamed former financial adviser, and predict that the pop icon's estate will be solvent despite an estimated $400 million or more in debt, according to court documents released Friday.

Attorney John Branca and important]music John McClain are serving as temporary administrators as spelled out in the King of Pop's will. The men are finishing several deals that they expect will generate "tens of millions of dollars of revenues." They expect to submit those deals for court approval within the next week, the filings state.

The revelations were included in two motions requesting allowances for Jackson's three children and his mother, Katherine. The petitions state that Jackson was the primary source of income for his children and his mother, who receives some money from Social Security.

Katherine Jackson currently has custody of the three children, 12-year-old Michael Joseph Jr., known as Prince Michael; 11-year-old Paris Michael Katherine Jackson; and 7-year-old Prince Michael II, known as Blanket. The children and Jackson's mother are the only members of Jackson's family eligible to receive support from the estate, according to the court filings.

The monthly stipends that Branca and McClain hope to provide the Jacksons are redacted from the court records released Friday. Los Angeles Superior Court Judge Mitchell Beckloff refused to grant the allowances on Thursday, opting instead to consider them at a hearing on Aug. 3. The judge did allow the administrators to enter into deals that will bring reprints of Michael Jackson's 1988 autobiography, "Moonwalk" back to booksellers.

Branca and McClain "believe that the projected cash flow and the assets of the estate are more than sufficient to cover the payment of this of this amount as a family allowance for the benefit of the minor children."
Jackson paid for the expenses at the Jackson family home in the San Fernando Valley, the court filings state. The administrators plan to keep that arrangement, even though some of the expenses may go to other Jackson family members who also live at the home.

Jackson's children will receive Social Security benefits, which have been applied for but payments have not yet started. Their monthly stipends from the estate may be reduced, depending on much money they receive from Social Security, the filings state.
 
it's only been a month. don't give them more credit than they deserve. hopefully katherine can see this, back off a lil bit, and just wait for them to make a mistake, IF they do.
 
WHY WOULD THE JUDGE NOT GRANT THE ALLOWANCE Katherine ask for the kids? Seems stupid and unfair to me, and it looks like anything Branca and they ask for he gives them.
 
I totally trust Branca and McClain handling the estate honestly, and they have been doing very well for the most part.
 
PrettyYoungThang said:
Yes, the thing that I am worried about however is the inheritance tax.... isnt around 50%?
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he set up funds to pay for that seperatly i believe. love it how the media keep trying to up his debt i swear it will be one billion by the end of the year
 
It didn't say that the deals will generate to cover the debts?? How is all debts be paid?
 
Oh great news! :)

Anyone know of the possibility of Neverland turning into a museum?
 
yes up his debts from 300million to 500million and down the worth of sony/atv. last time said to be estimated at around 2billions now it's down to 500million? weird
 
music65 said:
WHY WOULD THE JUDGE NOT GRANT THE ALLOWANCE Katherine ask for the kids? Seems stupid and unfair to me, and it looks like anything Branca and they ask for he gives them.
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I guess as there is already a hearing scheduled, they leave it till then.
 
This comes as no surprise to me. I just hope some of the other jackson members living in the house now start to pull their own weight re: expenses and not expect things to continue as they did when MJ was here.

I also heard last night that that 5.5mil found was in cash!
 
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