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MICHAEL JACKSON Estate Clears MJ's Massive Debt ... Almost

loveforever said:
If Michael's estate almost clears the debt, there is no way for me to believe the 500 millions amount. The estate grossed 475 millions and a lot of these money had to be paid for taxes, salaries, legal fees, production fees, Katherine and michael children's life + Katherine's extra demands+her debts+2 houses...
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this is the second accounting filed. so the $475 Millions could be the second part of the earnings. It's hard to say without seeing the documents.

plus in the older documents they said by refinancing they reduced the debt , also it's possible that as the Estate had other income sources the money from the proceeds of the catalogs went all towards the debt
 
Michael Jackson has generated over $475 million since death
July 13, 2012, 3:34 PM EST

WENN
The executors of Michael Jackson's estate are on course to pay off the late singer's $500 million debt by the end of the year.
The singer's finances were a mess when he died in June, 2009, and administrators have been working to make amends for his excessive spending by generating funds for his three children's inheritance by striking various publishing and licencing deals.
Bing: The Jacksons on tour
And their efforts appear to be paying off -- by the end of May, the estate had generated gross earnings of more than $475 million, according to documents obtained by TMZ.com.
Executors are currently trying to settle a big debt regarding Jackson's publishing catalogue, but the funds are reportedly expected to be paid off in the coming months. But the work doesn't come cheap -- fees for the estate lawyers from May, 2010 to November, 2011 have mounted up and now exceed $13.6 million.
 
dmehta;3670378 said:
Michael always had the earning potential to clear the debt himself - we saw that with how quickly the 50 O2 Arena dates sold out in 2009. However, due to the trial situation between 2003-2005, and the fact that Mike needed to take time out for a couple of years after that, his earnings dropped.

I think the reason Mike had accumulated this debt is because he hadn't toured since 1997. Most artists earn their money these days through touring and live performances, as sales of music have dropped due to illegal file sharing. So the term "cash poor, asset rich" sums up the situation for MJ in his final years.

Glad all this debt has now been paid off, or nearly paid off.
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I agree with you.
Do you remember the note Michael wrote about making huge money?
I read he would get one million for every concert but I suppose he would have earned much more on merchandise and the concerts would be good PR for both his older music and the new albums he planned.
I think his albums would have been selling very good after his shows
There were the computer games and Michael still had the music catalogue.
It was something about Beatles music and itunes,anyway Michael would have earned money on it even if he was alive.
He wanted Branca back and then he would get help with his business and to get rid of some people


A man with a catalogue worth about 1 billion isn´t broke, but can have problems with cash sometimes.
 
Michael KNEW what he was doing when he appointed these people to manage his empire should he not be here. And they deserve all their fees earnt for a job VERY well done.
I can't help but think, 'see what can be achieved if family are kept at arms length'?
 
ivy said:
Two other things ... Katherine is asking for an additional $34,700 a month to pay for lawyers and accountants, and another $205,041 to cover lawyer and accountant fees from 2011.
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Great job from the estate lawyers:bow:
Cirque Du Soleil Immortal was one of their best decisions, it is huge money maker and it provides steady income for the estate.

Katherine asking more money is no surprise.
 
ForeverKOP said:
Is there any truth to people saying that "Michael was broke/poor when he died"...? Did he have any money during the final days of his life?
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no. he had assets of over 1.5 bill as of around 07/08 when he refinanced and considering how much thome and others were paying themselves it seems he wasnt as cash poor as we thought considering how others were dipping their fingers into the pot. i find it intresting that according to reports when mohammad al fayed mjs friend and owner of harrods sold harrods for 1 billion 600 mill of that went back to to banks for loans he had. is he classed as broke as no doubt mj would be if he sold a big asset to pay his loans. mj was paying his back and was keeping his assets.

so katherine wants the estate to pay for her lawyers. She's kept well enough by the will but she needs lawyers etc cause of all her deals
 
Big Apple2 said:
Mother needs $34,00.00 extra per month to pay for lawyers AND accountants, what is she running a mini-conglomerate? LOL!
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It is called Jackson Family Enterprises.

Ivy, the money KJ is asking for her lawyers fees and accounting, if she gets the money, it would be deducted from her 40% am I right?
 
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^I hope Katherine doesn't get any extra money for her legal battles, all of which are unnecessary, could have been avoided and a complete drain on the time and resources of all parties involved. It's senseless and unfair by the Estate and Michael's kids to bear the brunt of Michael's parents and siblings actions.
 
If the Estate refuse Mrs. Jackson request of 34.000 she just might have to withdraw her law suit.
 
Bubs said:
Ivy, the money KJ is asking for her lawyers fees and accounting, if she gets the money, it would be deducted from her 40% am I right?
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i presume shes asking for that money ontop of her monthly allowance. as she doesnt get a lump sum interms of the 40%. she wants extra money to pay her lawyers etc. if she wants to spend her allowance on lawyers then thats her choice but why should the estate give her extra money to compenstate for that.

does it say anything in the will about her being able to ask for more like the kids can if they want to buy a house etc?
 
I hope the estate asks to see receipts and accounting of what and how she is paying these people for.

Or are the lawyers and accountants named the Jackson family?
 
It's hard to comment without the documents

but

Katherine is asking additional $34,000 a month plus the payment of her 2011 legal expenses. She's the beneficiary of the Estate and the trust document calls for her living expenses to be covered.

It's all a matter of whether the Executors and/or the judge will see it as reasonable expense. I would assume that they would - as she's mainly seeking a civil wrongful death lawsuit and as the Estate isn't having problems with money.
 
Is there a possibilty to get the documents? I would love to see more details.
 
for probate docs you can only get it in person in LA. So unless some media posts it or someone makes the trip, we won't see them,
 
Rhilo said:
^I hope Katherine doesn't get any extra money for her legal battles, all of which are unnecessary, could have been avoided and a complete drain on the time and resources of all parties involved. It's senseless and unfair by the Estate and Michael's kids to bear the brunt of Michael's parents and siblings actions.
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I agree with you.
In case the judge doesn't allow it, Katherine has to dig deep and find the money from somewhere else, or borrow from estate again.
She already borrowed 6 million from the estate against her inheritance, in the end, I wonder how much more she is going to end up borrowing.

Also she should pay back all the expenses that the estate have to spend for those cases caused by her and Joe making deals with some crooks.
 
There used to be legal eagle posting in TMZ, and one time he posted this info there (which I copied for future ref).
It is a good reading for those who thinks that the estate lawyer are holding back the money from Katherine.
I read it again, it doesn't look like KJ is going to get her lawyers fees paid by the estate.
Note, it is from the time when they were living in the Havenhurst but otherwise it is still valid.
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• The allowance amount of $26,804.00 per month was set by the probate court and NOT the estate. When the probate process began the court asked Mrs. Jackson how much of an allowance she needed each month. (Understand you cannot just throw out a figure, you must be able to show the court proof of your expenses, i.e. spending habits, mortgage payments, credit card bills, car payments, etc.)
At the time Katherine Jackson requested a monthly allowance in the amount of $33,500.00 per month. The court reviewed all of Katherine Jackson’s monthly expenses and financial records. In their examination the court found a number of “redundant” monthly expenses. Due to these redundancies the court, rightfully, adjusted the amount of her monthly allowance to $26,804.00 which covers HER actual expenses. (If, for example, Katherine Jackson was making four separate car payments each month for vehicles owned by other family members, that is a redundancy. The court is obligated by the guidelines set forth by Mr. Jackson in his will. Those guidelines are clear; Mr. Jackson wanted his assets, in part, to cover his mother’s expenses, NOT the expenses of extended family members whom funnel their financial obligations through Katherine Jackson.)
• Katherine Jackson receives an additional $60.........,000.00 each month in support payments for raising Mr. Jackson’s three children.
Court do***ents also verify:
• The estate has paid off the mortgage in full for the Hayvenhurst home. No Jackson family member is being charged rent to continue living there.
• The estate, NOT Katherine Jackson, DIRECTLY pays ALL fees and expenses associated for the daily operation of the Hayvenhurst home including: Staff salaries, all security costs and personnel (including bodyguards for Katherine Jackson and the children when they are away from home), insurance, indoor and outdoor maintenance, utilities, etc.
• The estate also purchased a brand new Cadillac Escalade for the exclusive use of Katherine Jackson and Mr. Jackson’s minor children. As Katherine Jackson says she no longer feels comfortable driving, the estate pays the monthly salary for a driver (of Katherine’s choosing) to chauffeur her and the children.
NONE of these expenses come from the $26,804.00 personal allowance Katherine Jackson receives each month for her exclusive use, nor do they come from the $60.........,000.00 in support she receives for the children.
• ALL tuition and educational fees associated with Mr. Jackson’s children are paid DIRECTLY from the estate. These costs are NOT deducted from the $60.........,000.00 monthly support payments meant to benefit Mr. Jackson’s children.
If in fact Katherine Jackson has acquired additional or unforeseen personal expenses over the last year, the court will certainly adjust her allowance accordingly. But Katherine Jackson needs to prove to the court that those expenses are legitimate and pertain to her being.

I hope this helps clarify things.

Be well all,
Mjuls, Esq.
**DISCLAIMER: The information expressed is not intended to substitute for professional legal advice and does not create an attorney-client relationship. You should accept legal advice only from a licensed legal professional with whom you have an attorney-client relationship.
As a matter of record I state I am in no way affiliated with the Estate of Michael Jackson.
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Thanks IVY. That's a beautiful thing.
Tho he's not physically here, it's MJ who caused the funds to roll in.
I'm sure everyone who is involved are ecstatic too.
 
Indeed, all in all.....not bad at all. Still amazing feats from a brotha long gone, eh? Somethin's tellin' me this is only the beginning...
 
mdiegee210 said:
If the Estate refuse Mrs. Jackson request of 34.000 she just might have to withdraw her law suit.
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Well, if she is so adamant about her claims, why not have her surviving children foot the bill then if the Estate refuses.

But we know that would be a lost cause, so the focus has to be on MJ's money.
 
Bubs;3670644 said:
There used to be legal eagle posting in TMZ, and one time he posted this info there (which I copied for future ref).
It is a good reading for those who thinks that the estate lawyer are holding back the money from Katherine.
I read it again, it doesn't look like KJ is going to get her lawyers fees paid by the estate.
Note, it is from the time when they were living in the Havenhurst but otherwise it is still valid.
-----------------------------------------------------------------------

• The allowance amount of $26,804.00 per month was set by the probate court and NOT the estate. When the probate process began the court asked Mrs. Jackson how much of an allowance she needed each month. (Understand you cannot just throw out a figure, you must be able to show the court proof of your expenses, i.e. spending habits, mortgage payments, credit card bills, car payments, etc.)
At the time Katherine Jackson requested a monthly allowance in the amount of $33,500.00 per month. The court reviewed all of Katherine Jackson’s monthly expenses and financial records. In their examination the court found a number of “redundant” monthly expenses. Due to these redundancies the court, rightfully, adjusted the amount of her monthly allowance to $26,804.00 which covers HER actual expenses. (If, for example, Katherine Jackson was making four separate car payments each month for vehicles owned by other family members, that is a redundancy. The court is obligated by the guidelines set forth by Mr. Jackson in his will. Those guidelines are clear; Mr. Jackson wanted his assets, in part, to cover his mother’s expenses, NOT the expenses of extended family members whom funnel their financial obligations through Katherine Jackson.)
• Katherine Jackson receives an additional $60.........,000.00 each month in support payments for raising Mr. Jackson’s three children.
Court do***ents also verify:
• The estate has paid off the mortgage in full for the Hayvenhurst home. No Jackson family member is being charged rent to continue living there.
• The estate, NOT Katherine Jackson, DIRECTLY pays ALL fees and expenses associated for the daily operation of the Hayvenhurst home including: Staff salaries, all security costs and personnel (including bodyguards for Katherine Jackson and the children when they are away from home), insurance, indoor and outdoor maintenance, utilities, etc.
• The estate also purchased a brand new Cadillac Escalade for the exclusive use of Katherine Jackson and Mr. Jackson’s minor children. As Katherine Jackson says she no longer feels comfortable driving, the estate pays the monthly salary for a driver (of Katherine’s choosing) to chauffeur her and the children.
NONE of these expenses come from the $26,804.00 personal allowance Katherine Jackson receives each month for her exclusive use, nor do they come from the $60.........,000.00 in support she receives for the children.
• ALL tuition and educational fees associated with Mr. Jackson’s children are paid DIRECTLY from the estate. These costs are NOT deducted from the $60.........,000.00 monthly support payments meant to benefit Mr. Jackson’s children.
If in fact Katherine Jackson has acquired additional or unforeseen personal expenses over the last year, the court will certainly adjust her allowance accordingly. But Katherine Jackson needs to prove to the court that those expenses are legitimate and pertain to her being.

I hope this helps clarify things.

Be well all,
Mjuls, Esq.
**DISCLAIMER: The information expressed is not intended to substitute for professional legal advice and does not create an attorney-client relationship. You should accept legal advice only from a licensed legal professional with whom you have an attorney-client relationship.
As a matter of record I state I am in no way affiliated with the Estate of Michael Jackson.
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thanks intresting reading. but what the heck is kj spending that money on if not the rest of the family? 26k and that doesnt include the cost of running the house then? buying clothes? unbelievable that someone that old needs that sort of money. and 60k a month for the kids!!!. i hope records are kept of what if anything is left over. i couldnt spend that pocket money a month if i tried. who set the 60k amount?
 
TMZ Article From Aug, 2009

TMZ has reviewed financial documents according to these documents Jackson's net worth was $1,360,839,979 as of July 31,2007.
His total liabilities $331,000,000. Again a total net worth of well more than $1 billion. Since Aug 2009 every article written by TMZ has raised his debt by more than $150,000,000. While no article ever mentions his extreme net worth.


Give Michael Jackson Credit For His Estate
http://www.facebook.com/pages/Give-Michael-Jackson-credit-for-his-Estate/260054354029190
 
so Katherine's $26,804 pocket money and children's $60000 which also under katherine's control are not enough. now she asked for more:bugeyed. I know the estate pay Katherine's employees, cars, house, securities, children's nannies, tuition fees ect. And now they also have to pay Katherine's legal team, how many lawyers she hired against AEG, I think 6 or 7? I still remember in 2010 the estate spent more than 10 millions on Katherine and the children for one year alone When Katherine called them greedy.
 
This is indeed very good news!

If the Estate was able to make nearly half a billion in net earnings, how much gross profit did the whole renaissance of Michael post 25/6 make?

Plus, since Katherine is getting a LOT of money from the Estate, does anyone from the Estate ever check that half of that money doesn't go to one of Katherine's children or their wifes? Plus, does anyone know if this net earning came from MJ projects alone, or are the incomes from Sony/ATV included?
 
Did the Estate ever say how much money Michael owed? and how much Michael was worth.
 
@mdiegree210
The estate does not respond to rumors or speculation about the amount of debt. However in July 2009 they said "The Estate of Michael Jackson is solvent and worth more than $500 million."


@Billiejean78
Yes MJ made $100 million a year from his 2 music publishing companies. "According to forbes, Michael Jackson was making as much as $75million a year from his music publishing deal with Sony alone."



http://www.facebook.com/pages/Give-Michael-Jackson-credit-for-his-Estate/260054354029190
 
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