Estate Management Report

[Memefan]

I feel so too. All these important documents leaked on the internet.... is a total invasion of privacy. But this is something that still is difficult to prevent that happening.

144,000: good point. is this report valid and authentic at all? how can the law be so easy to brokern by tmz?

i agree with you. michael could never be bankrupt. his assets generated constant cash inflows. however, he's too trusting. too many people took advantage of him in his entire life. the financings he got into were not negotiated to his advantage.

from the excerpt that i read, i don't feel the language used is intended to portray michael negatively.

it's so wrong that the bankruptcy of blockbuster, a public company, is not widely reported. however, the management report of the estate of michael jackson is disseminated to the public. this report is never intended to be read by parties other than the beneficiaries.

actually, i feel guilty after reading the excerpts. it's an invasion of privacy. i don't want strangers to read into my financial situation. michael's business should remain private.

Read the report. On page 10 & 11 (SECTION: MOTION TO SEAL STATUS REPORT AND PETITION) , they explain everything.

The redacted report was filed PUBLICLY. Meaning anyone, not just TMZ, can get a copy. Probate court is public....and the estate asked that the redacted information be kept confidential.

they have filed a non redacted report to the court.


And those who were spreading the lies that the estate was selling MJ memorabilia...you will find your answer on pg 5 of the section: REPORT RE MANAGEMENT OF MJJ BUSINESS

None of the non-cash assets of the estate has been sold or otherwise disposed of, as mentioned above, because the estate is required to file an estate tax return ...

 

[ivy]

Leaked today? :scratch:

Why everybody and their mama gotta know MJ's business is beyond me!

the question that needs to be asked is this.
why should a report be believable, if a law seems easily breakable by tmz?

144,000: good point. is this report valid and authentic at all? how can the law be so easy to brokern by tmz?

First of all the report is not leaked and/or TMZ is not breaking any law. They filed the document with conditional seal.

Page 3 of the document

" This motion does not ask the Court to file the entire status report and petition under seal. Instead Branca and McClain request that only certain sensitive information be redacted and sealed. Thus the public will have access to the status report and petition and supporting documents in redacted form"

As you can see that the form is public with sensitive, financial and proprietary information being redacted. It's not leaked, it's not against the law.

and this is an official document filed with court, any falsified information has severe consequences. If you cannot see a court document as credible and believable, I can't imagine what can satisfy your information standards.

Why?

Well with all the public interest and people attacking the executors as fraud, thief, "can do anything they want with no one knowing" etc, are you surprised that they choose an " here's what we have done we have nothing to hide, see it for yourself" approach? I'm not.

I'll be back with a summary and comments.

 

[yaazgurl]

First of all the report is not leaked and/or TMZ is not breaking any law. They filed the document with conditional seal.

Well with all the public interest and people attacking the executors as fraud, thief, "can do anything they want with no one knowing" etc, are you surprised that they choose an " here's what we have done we have nothing to hide, see it for yourself" approach? I'm not.

I'll be back with a summary and comments.

Well the judge told them from the beginning that they would have to provide status reports to the court regarding their business dealings.

 

[ivy]

Well the judge told them from the beginning that they would have to provide status reports to the court regarding their business dealings.

you have to provide status reports in every estate probate, it's not something special to Michael's estate and/or Branca/McClain - I always told that the "executors can do whatever they want" notion to be false and a federal judge was overseeing all the business.

However they weren't required to file a public but redacted status report, they could have asked to file all of it under seal - making it totally private.

 

[yaazgurl]

you have to provide status reports in every estate

However they weren't required to file a public but redacted status report, they could have asked to file all of it under seal - making it totally private.

And they should have. This should be only for the eyes of the beneficiaries and the judge. They should know how the media is going to run with this. This is not about PR for themselves.

 

[144000]

First of all the report is not leaked and/or TMZ is not breaking any law. They filed the document with conditional seal.

Page 3 of the document

" This motion does not ask the Court to file the entire status report and petition under seal. Instead Branca and McClain request that only certain sensitive information be redacted and sealed. Thus the public will have access to the status report and petition and supporting documents in redacted form"

As you can see that the form is public with sensitive, financial and proprietary information being redacted. It's not leaked, it's not against the law.

and this is an official document filed with court, any falsified information has severe consequences. If you cannot see a court document as credible and believable, I can't imagine what can satisfy your information standards.

Why?

Well with all the public interest and people attacking the executors as fraud, thief, "can do anything they want with no one knowing" etc, are you surprised that they choose an " here's what we have done we have nothing to hide, see it for yourself" approach? I'm not.

I'll be back with a summary and comments.

well, so the reporters are giving the executors the break that apparently MJ will never get. bottom line is, MJ never went bankrupt during 15 years of negative reporting, and many business people AND lawyers going in and out of his life. . and that still is the case. and Michael Jackson was the only constant. and that says a lot, pro MJ. and, for the record(though i know you never said anything on it) i have nothing negative to say about what the executors are actually doing.

 

[ivy]

And they should have. This should be only for the eyes of the beneficiaries and the judge. They should know how the media is going to run with this. This is not about PR for themselves.

Please remember the "freedom of information act". even though they would have filed it private, several parties - well media- would ask those documents to become public. that's why FBI releases documents or search warrants become unsealed. You can't have everything private indefinitely. So this is a nice middle ground.

I sometimes cannot understand people (no not you specifically), one moment we are complaining about redacted agreement between Michael and AEG and not knowing everything, the next moment we are arguing that the estate's business should be private. Which one is it? We can't have it both.

Also don't forget that Joe through Oxman has been saying that what the estate has too much secrecy and there's a fraud going on, several groups on the Internet running campaigns to the the executors get investigated etc. What do you want them to do? Argue with this people through statements to tabloids? This is much better approach IMO.

also I cannot see why the executors will need PR. The whole world could hate them, it wouldn't make a difference they would still be executors. It's not like "being an executor" is a business that you need to attract customers with good press.

 

[Ohood]

it is good toknow hat Michael's Estte is doing well and that he excuoters re doing a good job

some MJ fans insist in other theads that MJ was sick , controlled, out of it , unabe to read his contracts and needed alot of money so that AEG was able to take advantage of him.... and in this thread they say Michael was vey strong and very rich and he was very able to manage himself and everything was rosy , so all what these lawyers are doing now is stealing his hard work ....honesty these fans make me confused...

 

[MsMo]

:clapping: They really had their hands full and have been doin' a marvelous job.

Thank God. I hate to think what would have become of the estate if these guys had been removed from their positions.

 

[Memefan]

Please remember the "freedom of information act". even though they would have filed it private, several parties - well media- would ask those documents to become public. that's why FBI releases documents or search warrants become unsealed. You can't have everything private indefinitely. So this is a nice middle ground.

I sometimes cannot understand people (no not you specifically), one moment we are complaining about redacted agreement between Michael and AEG and not knowing everything, the next moment we are arguing that the estate's business should be private. Which one is it? We can't have it both.

Also don't forget that Joe through Oxman has been saying that what the estate has too much secrecy and there's a fraud going on, several groups on the Internet running campaigns to the the executors get investigated etc. What do you want them to do? Argue with this people through statements to tabloids? This is much better approach IMO.

also I cannot see why the executors will need PR. The whole world could hate them, it wouldn't make a difference they would still be executors.

Don't bother...it suits some people to believe whatever they want regardless of FACTS.

I am glad MJ put these people in charge...I cannot & refuse to consider what would have happened otherwise.

God bless MJ's 3 kids...and I hope the estate & MJ's legacy continue to grow.

 

[144000]

the more i see, the more i admire The King Of Pop.

 

[ivy]

Here's a summary if you do not want to read the 50 + pages

what we learn from the documents and what the estate has done

- Margaret G. Lodise is still the guardian ad litem for the children.
- Not surprisingly main assets of the estate is Sony/ATV catalog, Mijac Catalog, ownership of Michael's master recordings, Michael Jackson name and likeliness, interest in Neverland and trademarks, royalties, writer's share of income for the songs he wrote.
- Before he died all these were managed by 30 entities.
- Estate is still marshalling the assets and completing inventories.
- None of the non-cash assets have been sold.
- Sony/ATV and Mijac was highly leveraged and had been used as security for several loans.
- Mijac loan has been refinanced in December 09 with lower interest rate and tax savings ($3M over 5 years).
- Sony/ATV loan has also been refinanced with lower fixed interest rate.
- We all know what estate did in the last months : Moonwalk republished, TII movie, album and DVD released, merchandise agreement with Bravado, OPUS.
- Estate completely satisfied their obligation to AEG.
- Michael's agreement with BMI is extended. BMI collects composer loyalties for Michael's music.
- Estate is conducting a royalty audit of the reports and accountings provided by Sony. It's still ongoing.
- Agreements with SEE for Planet Michael, Ubisoft Game and Cirque de Soleil is mentioned.
- Agreement with Sony is mentioned. In this agreement executors are responsible for overseeing final selection and organization of the material as well as design and marketing.
- Michael had 10 lawsuits pending when he died.
- Estate is taking steps to enforce intellectual property rights ( fake Heal the World charity, removal of MJ zombie from Plants vs zombies game, cease and desist letters they sent etc etc).
- Beneficiaries (Katherine and MJ's kids) - they get family allowance. On Katherine's request the house has seen repairs and improvements. Estate paid the full mortgage on Hayvenhurst. Estate pays for the security, staff and maintenance of Hayvenhurst. They also bought Katherine and kids a car.
- Interesting point : As Katherine has no other income than the estate they loaned Katherine a redacted amount of money.
- Michael has not filed personal or business income tax for 2006, 2007 and 2008. Estate has filed and paid tax returns for Michael and 20 entities for 2006, 2007,2008.
- Estate is asking authorization to pay for several (well a lot of) lawyers / law firms that worked with Michael before his death and/or works with the estate now.

Actually a lot of things are kept private
- Perhaps the most important thing -the financial report that has all the details of these deals, which shows income and distributions and expenses is sealed.
Also major financial numbers are redacted (such as money the estate getting from several deals).
So we can all relax, the most important things are private.
- They have a report for the family allowance for Katherine and the kids which is sealed as well.
- And don't worry Katherine and Margaret G. Lodise has been provided with all the confidential information they requested about all those deals etc (see page 25 footnote labeled 6)

 

[yaazgurl]

Here's a summary if you do not want to read the 50 + pages

what we learn from the documents and what the estate has done

QUOTE]

Thank you Ivy for the summary. I believe the executors are doing a good job. I just take issue with two things they said about MJ. However, I want to say that fans are falling into black and white thinking. People in MJ's world are either seen as all good or all bad and fans are attacking eachother for it. Where as there can be merit seen from a multitude of sides and some things which are not accurate.

 

[love is magical]

Ivy, thank you so much for your explanations.

I didn't get the chance to read the complete report earlier. I was at work and my company blocks TMZ... I just read the exerpts posted in this thread and jumped into conclusion too quickly.

I actaully feel better knowing this report is not leaked or disseminated illegally. However, I still feel uneasy seeing how the media run with it and take advantage of michael again.

it's not any fan's business to question michael's financial situation and business matter. michael gave us his art and he didn't owe us anything. none of us has right to complain how the estate is conducting its business. the only parties who have rights to interfere are the beneficiaries. :2cents:

The Estate is in good hands. The fact that a periodic report is filed to the probate court is reassuring. Michael knew what he was doing when he named John Branca and John McClain. Michael was very smart. It's sad that he's intelligence was so underestimated...

the more i see, the more i admire The King Of Pop.

I know. The more I learn about Michael, the more I admire him. I wonder how a human being can have so many good qualities the same time...

His unparalleled talents, his kindness, his heart, his intelligence, etc... His charisma is irressistable. There is always something new to learn about him. He's a still a mystery. He's a never ending study...

 

[144000]

Here's a summary if you do not want to read the 50 + pages

what we learn from the documents and what the estate has done

- Margaret G. Lodise is still the guardian ad litem for the children.
- Not surprisingly main assets of the estate is Sony/ATV catalog, Mijac Catalog, ownership of Michael's master recordings, Michael Jackson name and likeliness, interest in Neverland and trademarks, royalties, writer's share of income for the songs he wrote.
- Before he died all these were managed by 30 entities.
- Estate is still marshalling the assets and completing inventories.
- None of the non-cash assets have been sold.
- Sony/ATV and Mijac was highly leveraged and had been used as security for several loans.
- Mijac loan has been refinanced in December 09 with lower interest rate and tax savings ($3M over 5 years).
- Sony/ATV loan has also been refinanced with lower fixed interest rate.
- We all know what estate did in the last months : Moonwalk republished, TII movie, album and DVD released, merchandise agreement with Bravado, OPUS.
- Estate completely satisfied their obligation to AEG.
- Michael's agreement with BMI is extended. BMI collects composer loyalties for Michael's music.
- Estate is conducting a royalty audit of the reports and accountings provided by Sony. It's still ongoing.
- Agreements with SEE for Planet Michael, Ubisoft Game and Cirque de Soleil is mentioned.
- Agreement with Sony is mentioned. In this agreement executors are responsible for overseeing final selection and organization of the material as well as design and marketing.
- Michael had 10 lawsuits pending when he died.
- Estate is taking steps to enforce intellectual property rights ( fake Heal the World charity, removal of MJ zombie from Plants vs zombies game, cease and desist letters they sent etc etc).
- Beneficiaries (Katherine and MJ's kids) - they get family allowance. On Katherine's request the house has seen repairs and improvements. Estate paid the full mortgage on Hayvenhurst. Estate pays for the security, staff and maintenance of Hayvenhurst. They also bought Katherine and kids a car.
- Interesting point : As Katherine has no other income than the estate they loaned Katherine a redacted amount of money.
- Michael has not filed personal or business income tax for 2006, 2007 and 2008. Estate has filed and paid tax returns for Michael and 20 entities for 2006, 2007,2008.
- Estate is asking authorization to pay for several (well a lot of) lawyers / law firms that worked with Michael before his death and/or works with the estate now.

Actually a lot of things are kept private
- Perhaps the most important thing -the financial report that has all the details of these deals, which shows income and distributions and expenses is sealed.
Also major financial numbers are redacted (such as money the estate getting from several deals).
So we can all relax, the most important things are private.
- They have a report for the family allowance for Katherine and the kids which is sealed as well.
- And don't worry Katherine and Margaret G. Lodise has been provided with all the confidential information they requested about all those deals etc (see page 25 footnote labeled 6)

Now there is a hell of a lot of difference between what you just posted, and what i read on tmz.

with your post, here, all i see is a smart guy who didn't like to, and never did spend liquid, though the media desperately wanted him to(see Chrysler, Blockbuster, Nicholas Cage, Donald Trump..all who spent liquid, gambled or charged customers through the nose, which are all the same thing, and these guys all went bankrupt). and forgot to file a couple of income tax reports(something a whole lot of people do, rich and poor, but it doesn't shine a negative light on them, or mean they're losing everything. most people get it corrected, if they're still living, at the time, and don't have a smidgeon of MJ's responsibilities, yet he only forgot three out of thirty nine years[the length of his career..the rest of his life] of income tax reports. whereas with tmz, i saw a guy who was(once again)about to go bankrupt.

the objective version came earlier than i thought.

 

[max000]

Thanks IVY.!! First rate job as usual.

 

[love is magical]

Here's a summary if you do not want to read the 50 + pages

what we learn from the documents and what the estate has done

- Margaret G. Lodise is still the guardian ad litem for the children.
- Not surprisingly main assets of the estate is Sony/ATV catalog, Mijac Catalog, ownership of Michael's master recordings, Michael Jackson name and likeliness, interest in Neverland and trademarks, royalties, writer's share of income for the songs he wrote.
- Before he died all these were managed by 30 entities.
- Estate is still marshalling the assets and completing inventories.
- None of the non-cash assets have been sold.
- Sony/ATV and Mijac was highly leveraged and had been used as security for several loans.
- Mijac loan has been refinanced in December 09 with lower interest rate and tax savings ($3M over 5 years).
- Sony/ATV loan has also been refinanced with lower fixed interest rate.
- We all know what estate did in the last months : Moonwalk republished, TII movie, album and DVD released, merchandise agreement with Bravado, OPUS.
- Estate completely satisfied their obligation to AEG.
- Michael's agreement with BMI is extended. BMI collects composer loyalties for Michael's music.
- Estate is conducting a royalty audit of the reports and accountings provided by Sony. It's still ongoing.
- Agreements with SEE for Planet Michael, Ubisoft Game and Cirque de Soleil is mentioned.
- Agreement with Sony is mentioned. In this agreement executors are responsible for overseeing final selection and organization of the material as well as design and marketing.
- Michael had 10 lawsuits pending when he died.
- Estate is taking steps to enforce intellectual property rights ( fake Heal the World charity, removal of MJ zombie from Plants vs zombies game, cease and desist letters they sent etc etc).
- Beneficiaries (Katherine and MJ's kids) - they get family allowance. On Katherine's request the house has seen repairs and improvements. Estate paid the full mortgage on Hayvenhurst. Estate pays for the security, staff and maintenance of Hayvenhurst. They also bought Katherine and kids a car.
- Interesting point : As Katherine has no other income than the estate they loaned Katherine a redacted amount of money.
- Michael has not filed personal or business income tax for 2006, 2007 and 2008. Estate has filed and paid tax returns for Michael and 20 entities for 2006, 2007,2008.
- Estate is asking authorization to pay for several (well a lot of) lawyers / law firms that worked with Michael before his death and/or works with the estate now.

Actually a lot of things are kept private
- Perhaps the most important thing -the financial report that has all the details of these deals, which shows income and distributions and expenses is sealed.
Also major financial numbers are redacted (such as money the estate getting from several deals).
So we can all relax, the most important things are private.
- They have a report for the family allowance for Katherine and the kids which is sealed as well.
- And don't worry Katherine and Margaret G. Lodise has been provided with all the confidential information they requested about all those deals etc (see page 25 footnote labeled 6)

Good. I'm relieved now.

Ivy, I'm just curious and don't know if you have the answer. If John Branca or John McClain becomes disabled and is unable to carry on his duty as special administrator, who has the right to pick his successor?

 

[Ohood]

thanx alot Ivy ... Michael was always a smart guy and " a brilliant business man " !
that's why i trusted all his choices especialyl those in his will...i wish MJ estate a great future and i can't wait to see Neverland back again with MJ kids ...

PS. even if MJ did not die, these projects and this loads of cash were on Branca's agenda , he and MJ decided to do all these projests and MJ himself negociate most of them before his death. MJ had some dificulites before 2009 but he was not a bankrubt and with his world tour and the rojects mentioned in the report , everything was going to flourish.

 

[ivy]

Now there is a hell of a lot of difference between what you just posted, and what i read on tmz.

I haven't read what TMZ wrote when I was making the summary. Let me go check and comment on it. Blue - TMZ reports

According to the docs, obtained by TMZ, Jackson owed 10's of millions of bucks at the time he died.

I believe they are going with the creditor's claim of $26M for this statement. However that's the creditor's claim filed but not accepted by the estate.

"We've previously reported how the Jackson family was about to lose their home in Encino and Jackson was on the brink of going belly up."

I believe Encino statement is true. However the major debts in MJ's life in other words loans on Sony/ATV and Mijac was due to mature end of 2010 and during 2011 respectively. It's a stretch to say that he was going belly up by mid 2009. Those loans could have been refinanced and/or paid partially or fully by TII concerts and/or any other project.

"Executors John Branca and John McClain turned things around in a big way, for two primary reasons. First, they restructured all of his debts and got creditors to significantly lower killer interest rates."

This is - I mean lower fixed interest rates and refinancing - mentioned in the documents, so true

Secondly, the executors went full bore to generate revenue -- and the brass ring was the movie, "This Is It." According to the docs, the flick grossed $260,000,000, the most lucrative documentary in history.

As for the album, "This Is It," it sold 5 million copies, making it the 3rd biggest album in 2009.

As for other deals, the executors:

- Republished the "Moonwalk" book
- Made mega-merchandising agreements for all things *****
- Distributed a leather-bound, coffee table book on the life of MJ
- Renegotiated MJ's royalty agreements with record label

all mentioned in the document all true

But there were lots of legal fees that were incurred to make the estate money -- more than $3.8 million since Jackson's death.

I haven't added up the numbers but yes there was a lot of legal fees about the lawsuits, deals, estate management, copyright issues etc etc before and after Michael's death. Therefore this number is not surprising and most probably true.

The estate also notes what we've already reported -- that they paid off the Jackson family home in Encino, bought Katherine Jackson a car and did lots of other stuff for the family.

all mentioned in the documents. I guess by "lots of other stuff" they mean improvements and repairs on Hayvenhurst and paying staff, security and management of the property.

The estate made a bunch of decisions on creditors' claims, but four stand out.

-- Dr. Arnold Klein submitted two claims for medical services in the months before Michael Jackson died -- totaling $58,522.89. Pretty ironic, since some people in the Jackson world believe Klein contributed to MJ's death. The estate has taken no action so far -- neither rejecting nor paying the dough.

-- Tom Mesereau, the lawyer who did a remarkable job in Jackson's 2005 molestation trial. Mesereau submitted a claim for $341,452.05. The estate paid the lawyer in full.

-- Kai Chase, the cook who was at Jackson's home the morning he died and the woman who interacted with Dr. Conrad Murray that day, submitted a claim for $8,000. The executors compromised with Chase and settled the claim by making partial payment. This one is interesting because some of MJ's family got pissed off when she made the rounds on TV following his death.

-- Raymone Bain, MJ's longtime publicist and friend who had a mega falling-out with Jackson, had filed two claims totaling $404,000. The estate rejected the claim and Bain sued. The court tossed her case out.

All true. Pages 44-46 is showing all the creditor claims and what the estate has paid or rejected or still working on.

Some other things that's not mentioned is they paid Leonard Rowe's creditor claim and working on an settlement agreement with John Landis and Ola Ray for Thriller.

They rejected Helen Harris-Scott claim for $50M who filed a lawsuit against Michael in 2006, claiming Jackson installed a tracking device in her car, wiretapped her phone and even had "organized criminals watching me inside my house in L.A. and reporting to him.". she filed a lawsuit but it got dismissed but she filed an appeal.

Nona Paris Lola Ankhesenamun Jackson and Malachi Jet Jackson got rejection notices at April 2010. It doesn't look like they filed lawsuits. However Raymone Bain has filed appeal for the dismissal. Estate also didn't respond to Tohme's creditor claim.

The Jackson Estate just filed a partial inventory of the tangible property MJ left behind when he died. Here's how it breaks down:

- Encino mansion ... $4,150,000
- Encino condo ... $315,000
- Desert Auto, LLC (in CA) ... $676,317
- 1998 Rolls-Royce ... $100,000
- 1990 Rolls-Royce ... $55,000
- 1988 Rolls-Royce ... $40,000
- Several bank accounts ... $444,260

Total: $5,780,577

It's a nice chunk of change, but nothing compared to the real jackpot ... MJ's Sony Music Catalog -- which has been valued as high as $1 billion.

Well this is not in the documents they posted before (executors say that they'll file a full inventory soon) but so much for Michael was going broke argument of TMZ.

I always said that Michael was "cash poor but asset rich". Even at the worst scenario (that he had no income and had to pay all the debts/loans), he could have sold Sony/ATV paid all his debt and still end up with hundreds of millions. He wasn't going broke.


Side note: As for the tax returns nobody should blame Michael for that. Apparently he didn't have accountants doing their job or he didn't have accountants at all. Wasn't he suing an accounting firm?

 

[144000]

quote posted by Ivy

"Total: $5,780,577

It's a nice chunk of change, but nothing compared to the real jackpot ... MJ's Sony Music Catalog -- which has been valued as high as $1 billion.

Well this is not in the documents they posted before but so much for going broke argument."

and that's if you don't count the mijac catalogue, which DOESN'T need radio, or advertising, as it sells itself.

how ironic that Barrack(along with actor Rob Lowe) who were seen sitting at Neverland, who supposedly 'saved' MJ, is now going into investing into the kind of thing that MJ invested in.

 

[ivy]

Good. I'm relieved now.

Ivy, I'm just curious and don't know if you have the answer. If John Branca or John McClain becomes disabled and is unable to carry on his duty as special administrator, who has the right to pick his successor?

according the estate documents (page 17 article 9)

- if one or more of the executors die, resign or become unwilling or unable , the other remaining executors take over their duties.
- all the executors can name one or more individuals to serve as their successor trustees
- if no individual trustee remains then Bank of America becomes the corporate trustee. (Executors and/or majority of the adult beneficiaries can change Bank of America with another corporate trustee - meaning another bank, financial institution etc)

so in short as an answer to your question Branca and McClain can choose their successors.

 

[love is magical]

according the estate documents (page 17 article 9)

- if one or more of the executors die, resign or become unwilling or unable , the other remaining executors take over their duties.
- all the executors can name one or more individuals to serve as their successor trustees
- if no individual trustee remains then Bank of America becomes the corporate trustee. (Executors and/or majority of the adult beneficiaries can change Bank of America with another corporate trustee - meaning another bank, financial institution etc)

so in short as an answer to your question Branca and McClain can choose their successors.

Thanks. Why Bank of America? When the children reach the age of 18, will they have the right to appoint? Is there any provision in the estate document that limits their rights?

 

[Autumn II]

according the estate documents (page 17 article 9)

- if one or more of the executors die, resign or become unwilling or unable , the other remaining executors take over their duties.
- all the executors can name one or more individuals to serve as their successor trustees
- if no individual trustee remains then Bank of America becomes the corporate trustee. (Executors and/or majority of the adult beneficiaries can change Bank of America with another corporate trustee - meaning another bank, financial institution etc)

so in short as an answer to your question Branca and McClain can choose their successors.

And not the children, at some point? Surely there is a time-limit to that, because children DO grow up? Time passes, and they WILL come of age. These children, and especially Prince, are coming of age rapidly. He seems like a very mature young man, and soon, I hope that the will allows HIM to take control, as his father's son. It is a tragedy, that they've had to grow up so soon, but it is also the reality.

I'd assume, then, that the executors have already named their successors, in case of the unforeseen?

Michael was an INDUSTRY, but he was also a father, and I'm sure his intention was to put his children first. Will that happen?

Decisions about the estate are not ONLY financial, but should be about Michael's artistry. I've not seen that yet, with the terrible choice of the TII song, just because of its title. Actually, it's not only about the money, but about the LEGACY. Right?

 

[ivy]

Thanks. Why Bank of America? When the children reach the age of 18, will they have the right to appoint? Is there any provision in the estate document that limits their rights?

Well it's the biggest bank in USA and like I said it can be changed by any other corporate trustee (bank and trust company) that has at least $25M in capital and profits.

They have the right to change the corporate trustee but not the individual trustees. that's because you select those people to run your estate, allowing beneficiaries to replace them would defeat the whole purpose. (example : let's assume that you think Mark will do a good job of being an executor and believe that Jake wouldn't so you designate Mark as the executor. If you give the beneficiaries the option they could remove Mark and replace it with Jake - and it would be against your wishes).

But remember by the age 30 the children will have a say so in the estate matters and if an executor participates in fraud or illegal activities regarding the estate they can legally be removed.

And not the children, at some point? Surely there is a time-limit to that, because children DO grow up? Time passes, and they WILL come of age. These children, and especially Prince, are coming of age rapidly. He seems like a very mature young man, and soon, I hope that the will allows HIM to take control, as his father's son. It is a tragedy, that they've had to grow up so soon, but it is also the reality.

the children are minors and that's why they have a guardian ad litem - Margaret Lodise.
When they become adults - turn 18 - estate will be giving them all the information, reports etc.
It's just that as of now as they are minors their lawyer gets the information that's all.

edit sorry I misunderstood: you mean the children become executors. By age 30 as they getting shares they'll have decision making power with the executors. by 40 they can run the estate - in other words be executors. before that I guess if we are talking of full control of the estate then the only way is the current executors naming them as the successor executors and then resigning. btw It's always possible for executors to ask them their opinions and put them on board of directors etc.

btw this 30 years old is normal in estates. Remember Lisa Marie was to get full control of her father's estate by 25. She voluntarily choose to delay that until 30 years old. Although it gave her full control by 30 years old, she still choose to run Elvis's estate jointly by her mother and a bank.

I'd assume, then, that the executors have already named their successors, in case of the unforeseen?

That's the most logical thing to do.

Decisions about the estate are not ONLY financial, but should be about Michael's artistry. I've not seen that yet, with the terrible choice of the TII song, just because of its title. Actually, it's not only about the money, but about the LEGACY. Right?

correct legacy is important but nobody is Michael and can make the decisions that he can make so now the aim is the next best thing. and then there's also the question of who can do justice to his legacy? any individual, bank, trust company? who or no one?

 

[144000]

Originally Posted by Autumn II

Quote:
 Decisions about the estate are not ONLY financial, but should be about Michael's artistry. I've not seen that yet, with the terrible choice of the TII song, just because of its title. Actually, it's not only about the money, but about the LEGACY. Right?




how terrible can the THis Is IT song be, since it didn't get in the way of the movie's profits?

 

[ivy]

[/B]how terrible can the THis Is IT song be, since it didn't get in the way of the movie's profits?

not terrible . that album sold 5 million copies, the only new, well okay unreleased song on that album was This is it. So it sold a decent number IMO.

 

[144000]

not terrible . that album sold 5 million copies, the only new, well okay unreleased song on that album was This is it. So it sold a decent number IMO.

i love the song, personally.

 

[Autumn II]

I faced this same situation, on a much smaller scale, when my mother died. She had an unsigned will, that was her intention. She died before she could sign it (within DAYS of signing. She died in a car-crash). My sister and I (the only heirs) knew her wishes, and her attorney did, as well (the one drawing up the new will). The intentions were clear, but the only SIGNED will that we could find, was one dated from when my sister and I were only children.

In my own situation (just speculating, here) the named executors took control. They fought us, the heirs, and they used the money from our own (small) estate to do so, to pay attorneys. In that sense, the executors were adversarial, NOT helping the heirs, and not honoring our mother's wishes. I'm just sayin', there might be more to this than is obvious?

Michael was above all, a father. I am SO sorry that Prince has had to grow up so fast.

There is much more to this estate than raking in the cash. The executors make money with every deal that is done, in a percentage. The profits of Branca/McClain are HUGE, because of this, and I just want everyone to understand this?

Michael was MUCH more than that. He was a perfectionist, and released NO music unless it was perfect. We already have examples of how this is NOT being done by the executors. There is making money, and there is a legacy. I see that there is NO artistic director involved. Just making a lot of money, as the goal?

One thing that troubles me, is that the executors seem only interested in the cash, and not in the artistry, or the legacy. There is NO ONE literate in music, who is involved.

NO, the executors did NOT "restore Michael's legacy and reputation." He was the greatest entertainer who ever lived, and his legacy is secure, for all time. This is not about BANKING, but about a PERSON, who was a brilliant musician, and a father. I just want that to be respected, and for the heirs to take control as soon as they can. They CARE, and the bankers do not.

The TII song was not "terrible." It was OLD, and the copyright was in question. It was chosen because of the title, and not because of the artistry.

 

[Justthefacts]

Leonard Rowe got money I thought he got turned down? Well I guess technically he did work for Michael for a bit

 

[PCR]

well, in the eyes of general public the film did help to "restore" his image or whatever you put it... I heard a lot of comments from all kinds of people who were in awe after watching the film and they praised Michael and were shocked even because they were so brainwashed by the tabloids they didn't think of Michael as a person and as a performer anymore, they just considered him this weird person. But the film did help to change their opinion about Michael.

Same for me :yes: