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

@legacylegacy7 thank you. you here so much you don't know what is true. when it comes to Michael the news is nothing but LIES.
 
Whatever money they allow to katherine is out of her 40% allowance from the trust. She is not squandering the childrens inheritance. That is still held in trust for them. They will be billionares .. so not to worry. To make such statements against her over that shows ignrance of the facts and the trust as it is set up. Most likely her request will be allowed for her wrongful death suite. Like many I dont agree with all the claims in the suite against AEG But as Ivy even stated her request for advance allowance of her own 40% from Michael most likely will not be considered unreasonable. The Judge and The Estate are aware of the facts and the terms of the trust so they will decide what is rightfully allowed to her.

Also I dont believe for one second Katherine came up with those ridiculas claims against AEG. She had no way of knowing any of that. Someone more sinister was misleading her and we all should know that. She is not that savy. You can tell when she speaks she doesnt know what the hell is going on. (Her interviews prove that) She believes what she is told and has no way to knowing otherwise... How could she ?? She may very well question it all now but she is in to deep over her head. She is not in control of any of this. She also didnt come up with the idea to ask for more money either. Its all controlled by attorneys now. IMO I truly believe She is a pawn being used in all this and I find it so sad. Im sure she will also be glad when it's all over. So she can live out what short time she has on this earth in peace. I may not have the popular opinion here but from my 6th sense (gut) I believe it.
 
Kj is asking for an additional amount ontop of the 20k plus shes getting now. its not like she gets 40% of the entire estate in x amount of years. she gets an allowance till she dies and thats it.she wants money from the estate to pay lawyers fees etc that she chose to create and some of these fees are likely coming from lawsuits the estate is the other party in. she gets a huge monthly allowance where she could live in total wealth for the rest of her life but she chose to get involved in biz deal and lawsuits to try and make more money. a consequence of that is lawyers and accountant fees. no doubt the estate will end up paying again but imo these are not necessary payments interms of funding her lifestyle therefore is she wants to hire such ppl it should come out of her basic allowance which is more than enough.

kj has a history of using michael to make money and pay the bills of other family members. From talking him into the victory tour to the moonies to the family honours imo it is a tired argument to say katherine is a victim used by others.she is not insenile due to her age. she knew for eg what oprah had said and done to mj yet had no problem talking to her. inviting her into hayvernhurst and allowing the children to be interviewed.no one forced her to make the comments she did about her sons nose or parenting while in the same breath defending her other sons. the signing and talks into going into biz with howard mann before her son was even burried. etc etc. i feel such an argument is just an excuse for those who wish that katherine was what we all thought she was before mj was killed. but someone can only be judged on their actions not the image we have of them in our head and sadly katherines actions post june 09 have been greatly different from the image many had of her prior.

one could understand some of her actions if you were looking hard enough for an excuse if for example michael had left her with nothing and she was desperatly looking to make money to keep a roof over her head and pay the basic bills. but she has been left with a monthly allowance that some do not earn in a year. she has another daughter that probably is worth several millions and has other children that are not incapacitated from working if they chose and therefore providing for their mother. There is really no reason why these business deals should be made especially with the consequences that have occured from them. Consequences that the estate should not have to fund.
 
qbee said:
Whatever money they allow to katherine is out of her 40% allowance from the trust. She is not squandering the childrens inheritance. That is still held in trust for them. They will be billionares .. so not to worry. To make such statements against her over that shows ignrance of the facts and the trust as it is set up. Most likely her request will be allowed for her wrongful death suite. Like many I dont agree with all the claims in the suite against AEG But as Ivy even stated her request for advance allowance of her own 40% from Michael most likely will not be considered unreasonable. The Judge and The Estate are aware of the facts and the terms of the trust so they will decide what is rightfully allowed to her.
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Even though the money is coming from the income of her 40% share, that money is being wasted on unnecessary expenses. That money could be used by the executors to fund other investment opportunities and in so doing grow the Estate for the ultimate benefit of MJ3. This precisely what MJ wanted from his Executors.

The terms of the Trust were meant to cover KJ basic needs of care, maintenance and comfort. This is what MJ had in mind, and so did not want his Estate to fund KJ self-inflicted and self-serving lawsuits. Because in the end, it's the lawyers and accountants getting rich and NOT KJ.
 
windy09 said:
Job well done MJ Estate. This is very good news.

Ivy, I'm here in LA if you want to me to try and obtain the documents. Just let me know.
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if u can. I don't know if they are free. they were posted on July 02, 2012.
 
I am sorry but why can't Janet help her out? The others? They support this suit. Michael's money shouldn't be used to pay her legal fees for this. It feels like a conflict of interest or something like that. If the estate was involved in the suit then I can see how they could contribute. Nobody can touch what belongs to the children. Michael made sure of that with the way he set up his will. I don't understand why Michael has to pay for everything even now sorry.
 
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passy001 said:
The terms of the Trust were meant to cover KJ basic needs of care, maintenance and comfort. This is what MJ had in mind, and so did not want his Estate to fund KJ self-inflicted and self-serving lawsuits. Because in the end, it's the lawyers and accountants getting rich and NOT KJ.
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But Michael was mistaken. Care, maintenance & comfort are not enough.
 
passy001 said:
Even though the money is coming from the income of her 40% share, that money is being wasted on unnecessary expenses. That money could be used by the executors to fund other investment opportunities and in so doing grow the Estate for the ultimate benefit of MJ3. This precisely what MJ wanted from his Executors.

The terms of the Trust were meant to cover KJ basic needs of care, maintenance and comfort. This is what MJ had in mind, and so did not want his Estate to fund KJ self-inflicted and self-serving lawsuits. Because in the end, it's the lawyers and accountants getting rich and NOT KJ.
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Agree.

Incidentally the original post includes information on the debt, some who got paid, and someone who is asking for more money and why. Therefore, all opinions on these basic points are relevant to this thread. Simple because the person asking for more money is Michael's mother, does not mean there is an automatic rule that that behavior and request can not be critiqued. Nor am I saying we should be utterly disrespectful. However, it is a known fact that money is being asked for to pay for lawyers fees. We know that with little evidence, lawyers were contacted to sue AEG for money for causing Michael death. We know the estate did not sue AEG for Michael's death. Every time the estate has to give money to Katherine to pay for her legal fees, revenue is lost, and that is the point behind all the remarks from many who see this latest request by Katherine as counterproductive.

Additionally, we as fans have the right to take a look at this, because although we buy Michael products on our own free will, money from us is partly used to build up this estate. It is almost as though our hard earned cash is being squandered. Therefore, some will continue to watch the behavior of all those connected to the wealth of the estate.
 
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^Exactly Petrarose! Katherine is not entitled to 40% of the Estate, only 40% of the full stipend the Estate allocates and pays out monthly to the beneficiaries. In 2010 she complained and got a raise, but her monthly allowance was still more than what an average person would earn per annum. The lawsuit is not a one-off. Which means the Estate will have to continue funding the defense of all their business mishaps.

Also we - the fans, contribute to the Estate's revenue. I'd be skeptical as a fan to support all their endeavours if I think most of my monies are going towards funding the family's unncessary lawsuits.

I dont belive katherine is naive. Read Margaret Maldanado's book. Katherine maybe a lot of things, but she's certainly not a bystander in the family's business dealings.
 
I have a question about what is left to pay off. Michael's publishing catalogue? Is that separate from his sony catalogue he co-owns?
 
A man with a catalogue worth about 1 billion isn´t broke, but can have problems with cash sometimes.
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Especially when u have backstabbers on your back like mj did
 
Mod Note and Warning Closed for cleaning.
You are allowed to discuss this topic and have constructive criticism. But we asked not to post disrespectful attacks on Katherine's character or hateful/mean assumptions of Katherine's motives. This is on front page news and we are not going to allow these attacks in the manner a FEW are doing.

Please go read the rules in 2300 so you are up to par of what we request and the consequences for not abiding.
And ... If you were already removed from 2300 for disregard of the rules and guidelines in there that presents a bigger problem for you if you continued in the same vein here or elsewhere on the board.

 No you don't have a right here on MJJC to make disrespectful or hateful assumptions in the manner some are doing. You can discuss this topic in a respectful critical manner without all that.

Please dont reply to moderation actions in the threads. It only futher derails the topics.
If you have any concerns or questions please PM. Please READ OUR FORUM RULES
 
This Thread is re-opened for discussion _Please read
Please Stay on topic and keep any constructive criticism respectful in tone. In case you don't understand here is some good advice to help you when you post. Don't derail the thread with other non realated family matters so it stays on topic. Please Dont post disrespectful, adjectives about Katherine's character or motives. They are not needed to discuss this topic. It can be discussed fully, intelligently and reasonably without all that .
Thank you in advance for your cooperation :) Please READ OUR FORUM RULES
 
Great job estate...and great comments from Petrarose & Rhilo.

We fans support the estate by buying their products, and we have every right to reconsider things if our money is being used to support the other Jacksons or Katherine's project.

This is all about Katherine and nothing about MJ's permanent beneficiaries, his kids. I hope the judge & the ad litem attorney reject this mess.
 
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It's great that the estate have managed to get rid of so much debt but at what cost. The 'Michael' album, regardless of fan opinion, did some damage, both to Michael as an artist and to the Michael Jackson fan community.
I hope no more I'll fated decisions are made to help clear this debt at the cost of the genius of the greatest entertainer that ever lived.
 
I'm glad the Estate has done so well. MJ knew what he was doing, taking his estate out of the hands of his folks. As for Katherines request, I agree with Maral, Rhilo and Petrarose... Katherine has done shady things, and continues to do them, hence, putting an unneccessary strain on the Estate financially, even though they are bringing in money, that fans are giving, be it willingly or unwillingly, so many have a dog in the fight. At this rate, with all the antics, over 1 million will be going to lawyers for all of Katherine and her children's frivilous and shady deals. I also don't understand, why is MJ the only one that is looked upon to pay for everything for Katherine. She has 8 other children who are able bodied, who should be giving her money and helping her too. Heck, Janet is worth millions, why can't she pay for these lawyers and other situations they constantly keep getting into? Eventually the Judge is going to get tired of this mess, hence things have to go through him.

P.S. Well, thanks to Windy09 for the documents! Didn't know that until now. So, once again, thanks Windy09! ;)
 
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Michael Jackson $331 million in total liabilities
TMZ Aug 25 2009

Michael Jackson owed 400 million
TMZ headline Febuary 17, 2011

"$500 million in debt the King Of Pop left behind"
TMZ July 14, 2012

Michael Jackson was never 500 million in debt. No other celebrity in history has been hated on enough to have the media add
"Massive" amounts of debt whenever they want to. Infact this would not be allowed to happen to anybody else and it should no longer be allowed to happen to Michael Jackson's legacy.

Give Michael Jackson Credit For His Estate-facebook
 
Great news people can stop using it against his legacy Focus on whats important the MAN & his MUSIC
 
Guys,

In this post I want to address several issues.

In regards of Moderation

1. As the rules state if you have any questions in regards to moderation , please do not write it on the threads and derail the conversation. Please PM the mods or post it in the help section. If you think you aren't able to solve the issue with the moderator, please contact another mods and/or Gaz.

2. When a notice is placed on the thread such as "thread cleaned" moderators aren't required to send out individual messages.

3. I will be replying to the private messages shortly, also I would be taking over the moderation of this thread from now on. We appreciate your feedback and we all strive to find a solution to that would make everyone happy.

In regards to tone

1. I guess it's well known that there are active efforts in MJJC to have a respectful tone towards Jacksons especially in light of criticism from other parties. This doesn't mean you can't write your opinions and you can't criticize, we just ask you to be respectful and balanced. In most cases the issue isn't what you wrote but how you wrote it.

2. Please consider fellow members as well. Keep in mind that generally statements like "if you think like this than you are ------" gets reported as the other party sees it as a disrespect towards their opinion.

I just hope that we can now move on from the heated discussion on this thread with no ill feelings towards each other.

Now back to topic :)


I can happily say that we made progress in regards of getting the document thanks to Windy09. I'm personally looking forward to find out more details.
 
I have to be honest that I don't really understand about how estates and wills work. I know for me I know Michael wanted his mother taken care of but does that mean she gets everything covered? Are there limits and can they say no to things?

The catalogue is Michael's right? The estate have to pay something regarding that and will mean debt free for the estate? I am glad it will taken care of sooner than thought and then they focus on building the estate to be strong for the kids. I don't know if the debt was really $500 million but it will good to finish it off once and for all.
 
marebear said:
I have to be honest that I don't really understand about how estates and wills work. I know for me I know Michael wanted his mother taken care of but does that mean she gets everything covered? Are there limits and can they say no to things?
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wording is general. it says "trustee (Branca & McClain) can distribute as much of the net income and/or principal of the Trust estate as the trustee (Branca & McClain) deems necessary or desirable , in his absolute discretion for Katherine's care, support, maintenance, comfort and well-being".


So as long as they think it's necessary or desirable they can give Katherine up to 40% of the Estate. As MJ Estate is still in probate, now it requires the probate Judge's approval.

I'll say this. Although I think - as of now from everything we have seen- chances are slim that Katherine would win the lawsuit against AEG, but regardless the money can still be given to her to pursue the lawsuit for closure and for her to be able to say "I at least tried". This is an Estate that earns more than hundred million a year, they can afford to give less than $500 K a year for Katherine's legal costs.
 
legacylegacy7 said:
Michael Jackson $331 million in total liabilities
TMZ Aug 25 2009

Michael Jackson owed 400 million
TMZ headline Febuary 17, 2011

"$500 million in debt the King Of Pop left behind"
TMZ July 14, 2012
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2009 TMZ says MJ owned 331 million, next they added 69 million, and the following year they added nice round number 100 million:D
Seemingly millions means nothing to TMZ, they have to go for hundreds of millions.
I believe nobody really knows the real amount, except the estate executors, so heavens knows where TMZ pulled out those numbers.
 
Bubs said:
2009 TMZ says MJ owned 331 million, next they added 69 million, and the following year they added nice round number 100 million:D
Seemingly millions means nothing to TMZ, they have to go for hundreds of millions.
I believe nobody really knows the real amount, except the estate executors, so heavens knows where TMZ pulled out those numbers.
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From court documents probably

I'll tell you this much : 2005 -2007 Prescient lawsuit (the documents filed by Michael's lawyers) state that there was a $200M loan against Sony / ATV, $72.5 M loan against MiJac and $30 M loan against Neverland. That's $300 M in total.

From this time to Michael's death there had been Colony Capital Neverland deal which probably increased the debt amount and brought it to $331 Million.

After Michael's death 2 more expenses happened, around $40 M debt to AEG due to cancelled TII and $30 M in Creditor claims. That can bring the number to $400M.

Estate had some cost items as well such as they are responsible for 50% of the productions costs for Cirque shows, which again can increase the liabilities of the Estate.

So I don't think the numbers are necessarily that off but the issue is TMZ is lump sum them all as "debt" which isn't that correct. Like I said the $40M AEG liability in by book is "cancellation", the $30 M is "creditor claims" and any and all Cirque cost is "production costs" and not "a debt of MJ". It seems that TMZ is just adding liabilities column in the accounting and calling it "MJ's debt" without looking into the specifics.
 
ivy said:
I'll say this. Although I think - as of now from everything we have seen- chances are slim that Katherine would win the lawsuit against AEG, but regardless the money can still be given to her to pursue the lawsuit for closure and for her to be able to say "I at least tried". This is an Estate that earns more than hundred million a year, they can afford to give less than $500 K a year for Katherine's legal costs.
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I'm sure i read in that aeg thread that the lawyers were working on a no win no fee basis. So these expensive lawyers are getting paid after all, which gives them a perfect motive to be positive in front of the jacksons about their chances against aeg. I really don't agree at all that these huge sums of money from mj's estate should go towards this case, just so mrs j can have 'closure'. It's bordering on a frivolous lawsuit - there is simply nothing to tie aeg with the administration of propofol by murray and more importantly all the evidence in the trial is going to damage mj's reputation and cement his portrayal as a drug addict who routinely used propofol. So mj's money will be used to finance what will turn out to be a media circus dissecting mj's life once again - you couldn't make it up.

Ivy - do we know what happened to the $350K that mrs j's lawyers were asking for last year from the estate in their work to overturn the estate executors? Mrs j in her desire to have family involvement in mj's estate and her connections with howard mann and the heal the world foundation, and maybe in the future that brett livingston strong, is causing her son's estate to run up huge legal bills, so depleting his children's inheritance.
 
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