Erm... that makes no sense. How exactly could MJ have forced Sony to sell their share?And after Michael has been through the storm and still alive ready to storm the stage in a deal that does not involve them, they sit down and say, man, if this guy has a succesful tour, we are done for. He will make money and then demand the right to walk off, not with 50% but can buy us out at 100%
http://www2.canada.com/windsorstar/n...f-f641b2e5fd3c
Beatles copyrights in Sir Paul's sights
In nine short years, Paul McCartney will hit the jackpot again.
The 67-year-old former Beatle -- already worth about £440 million (C$800 million), according to a report by Britain's Sunday Times in April -- will be able to start reclaiming the copyrights to the lucrative Beatles catalogue.
He and John Lennon, the Fab Four's primary songwriters, lost control of pop's most coveted catalogue as the band was falling apart.
They continued to receive songwriting royalties, but have lost out on a massive windfall over the years from licensing deals.
All but a handful of Beatles copyrights eventually ended up with Michael Jackson, and these 250-or-so songs form the crown jewel of Sony/ATV Music Publishing, a 50-50 joint venture between the late singer and Sony Corp.
The U.S. Copyright Act of 1976 gave songwriters the ability to recapture the publishing share of the copyright on pre-1978 works after two consecutive 28-year terms or 56 years. That means Beatles compositions registered in 1962 will be eligible for reversion in the United States in 2018, while songs written in 1970 will be eligible in 2026.
Under a clause in the Copyright Act, heirs of songwriters who die during the first 28-year term can recapture the publisher's portion of copyrighted works at the end of that term. In the case of Lennon, who died in 1980, the publisher's portion of his share of the Lennon-McCartney catalogue for songs written in 1962 became eligible for reversion in 1990, while songs written in 1970 were eligible in 1998.
Lennon and McCartney effectively lost control of the group's song rights even while the group was still a recording entity, in 1969.
That was when Northern Songs, the company established six years earlier solely to publish their joint compositions by English publisher Dick James and Beatles manager Brian Epstein, was sold to British media tycoon Lew Grade's ATV Music. Ownership of ATV subsequently passed to Australian billionaire Robert Holmes a Court and then, in 1985, to Jackson, who paid $47.5 million for the company.
In 1995, Sony came into the picture, forming a joint venture with trusts formed by Jackson, creating a new entity: Sony/ATV Music Publishing. Under the deal, Sony paid Jackson $110 million and gave him a 50-per-cent stake in the merged company, which at the time was valued at about $500 million, according to the 2007 book Northern Songs: The True Story of the Beatles' Song Publishing Empire by Brian Southall with Rupert Perry.
Sources estimate that Sony/ATV is now valued at about $1.7 billion
that's a bit much, don't u think? :no:If he is working with her she would not wish him removed as executor. Yet once again the Jackson's must be in the wrong. Some how what the Media tells you must be believed.
Jackson's own words( Is he wrong too)
http://www.youtube.com/watch?v=aW1T1DZdWrA
Katherine better hire a food taster ASAP. Hopefully she will note have a "cardiac arrest" or sudden "drug overdose" from the "stress".
tha hell ur ass been, boo?:tease:Speculation, my chile.
Item XI
Executor and Trustee
I appoint as executor of this, my last will and testament, and as Trustee of every trust required to be created hereunder, my said father.
http://www.ibiblio.org/elvis/elvwill.html
the principal at any time and from time to time to time for health, education, support, comfortable maintenance and welfare of:
(1) My daughter, Lisa Marie Presley, and any other lawful issue I might have,
(2) my grandmother, Minnie Mae Presley,
(3) my father, Vernon E. Presley, and
(4) such other relatives of mine living at the time of my death who in the absolute discretion of my Trustees are in need of emergency assistance for any of the above mentioned purposes and the Trustee is able to make such distribution without affecting the ability of the trust to meet the present needs of the first three numbered categories of beneficiaries herein mentioned or to meet the reasonably expected future needs of the first three classes of beneficiaries herein mentioned. Any decision of the Trustee as to whether or not distribution, to any of the persons described hereunder shall be final and conclusive and not subject to question by any legatee or beneficiary hereunder.
(c) Upon the death of my Father, Vernon E. Presley, the Trustee is instructed to make no further distributions to the fourth category of beneficiaries and such beneficiaries shall cease to have any interest whatsoever in this trust.
http://www.ibiblio.org/elvis/elvwill.html
Elvis' will appointed his father, Vernon Presley, as an executor and trustee of his estate, and it further stipulated that the inheritance bequeathed to his only child, Lisa Marie Presley, was to be held in trust and managed on her behalf until she reached age 25. Vernon Presley died in 1979, and his own will named three co-executors to succeed him: National Bank of Commerce; Joseph Hanks, Elvis' accountant, who retired from this post in 1990; and Priscilla Beaulieu Presley, Elvis ex-wife and Lisa Marie's legal guardian. Upon Lisa Marie's 25th birthday in 1993, the trust automatically dissolved. Lisa chose to form a new trust, the Elvis Presley Trust, and retain the executors to continue management of the estate in the form of a private business entity known as Elvis Presley Enterprises. Prior to 1993, there were two dilemmas confronting the executors of the trust. Firstly, there were a myriad of businesses and individuals who were blatantly using Elvis' name and image for their own profit, without permission of the executors of Elvis' estate. The executors wished to unify the disparate Elvis markets under the name of the estate. Following a number of successful, precedent-setting court rulings against infringers, the Tennessee legislature passed a new law, the Personal Rights Protection Act of 1984. (11) This law gave EPE the unqualified right to control the use of Elvis' name and likeness.
http://findarticles.com/p/articles/mi_hb2998/is_3_14/ai_n28947974/
Speculation, my chile.
yeah, just like ALL the other "speculations" that were and are The Truth.
and I'm not your 'chile', kiddo.
rsw22 - thank you so much for all the info. I'm learning so much.She is the one who tells off Dileo about creating and planting crazy stories that to this day still run as "sleeping in a hyperbaric Chamber" and whatever else Dileo did.
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The no-contest issue does not apply to exexutors
The will allows current executors to appoint an additional executor or a replacement executor should any of them resign.
The no-contest has to do with objecting to the executors or distribution of assets.
What Katherine is asking is to be appointed as a replacement executor/trustee and Branca does not want Katherine.
Wondered why MJ rehired Branca...you have answered it - he had no plans of dying...Michael forgot or overlooked that Branca was an executor in his will as he had no plans of dying.
Spot on mischief.
rsw22, Branca is correct to say that "adding Katherine Jackson as an executor or a trustee could raise tax questions because she is a beneficiary." (and note, 'could', not 'would'). You're over-simplifying to say "Elvis did it, so it won't", it's complex to say the least. It depends on the trust and the applicable laws. Generally, she could be a trustee and make distribution decisions without incurring tax issues provided those decisions are made to 'ascertainable standards'. But we don't know the terms of the trust, we don't know whether the rules of the trust meet those standards.
Given the potentially huge expense - potentially the estate being subject to estate tax twice - if they get it wrong, it'd be crazy for the administrators to not be cautious about it.
It's not income tax that's relevant here rsw22. It's estate tax. It's nothing to do with pay.There are no tax complications on the estate
Money was still going to be paid out for a third executor anyway.
Katherine gets paid as a beneficiary. She then has to pay income tax
When Katherine gets paid as an executor, she then pays the tax on that income
I can see the argument for allowing Katherine to be an executor - ordinarily any mother/close family member would wish to be privy to or in charge of that side of things. However, Michael didn't name her and obviously he had his reasons for that. If he didn't name her in 2002, even if there WERE another later will which I doubt, I can't see him naming her in a later one either.
On the trustee/beneficiary side - speaking generally here, appointing a bankrupt as a trustee I'd liken to putting an alcoholic in charge of a brewery! Aside from that we aren't privy to the ins and outs of that trust but I would fully expect it to contain a clause stipulating that Katherine's share of the trust cannot be used to pay her creditors.
That trust will be watertight in many many respects and not least to protect claims from any vultures seeking to gain a piece of the pie. There will be method in any perceived madness in the way it has been drawn up and I don't believe anything contained in it will be to the detriment of his mother or the other beneficiaries.
Let's not go into directing insults at Katherine, calling her a "bankrupt".
I'm not a kiddo either. :lol:
I'll give a scenario which may ...MAY... be a reason why it would not have been prudent then or now to add Katherine as a trustee.
Depending on the exact nature of the trust Katherine as a beneficiary MAY be protected under the trust against any claims by creditors made against her interest in the estate.
Were Katherine also to be or have been added as a trustee TOO then, again, depending on the exact nature of the trust, she might not then have this protection- because she is a trustee.
We can only guess and surmise because we don't know the specifics nor ever will but, and for the very reasons mentioned in the immediate posts above, its highly likely Michael will have wanted her to be protected from any such claims.
If you don't want her as a trustee, well and good, but don't find any reason in the book to slam her
Now we have an addition to the list
First it was conflict of interest,
Then it is Jacksons are incompetent,
Then it is tax complexities,
Now it is Katherine is a bankrupt
Roger Friedman in August 2002 was writing about how a plot is in motion to destroy Michael once and for all