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Michael Jackson Executors Want 10%

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Michael Jackson's executors want 10% of the profits from all things Michael Jackson.

In legal docs filed today, lawyers for John Branca and John McClain asked the court to green light compensation to the tune of 10% of all profits, excluding profits from "This Is It."

Howard Weitzman, Branca's lawyer, notes that the estates of other big musicians pay out 15 to 25 percent of profits to people who run their businesses after death.

By TMZ
:punk:
 
Guess we have to thank certain people for making Branca and Co work overtime. I wish the people themselves would pay them this fee, as they made them go this far.
 
That's actually reasonable since most managers/agents take 15% and lawyers take 25%.
 
Their argument is kinda faulty, those other people that give away 15-25% aren't Michael Jackson. 10% of Michael's profits is a lot of money. What are they getting now?
 
10% for Branca and 10 % for McClain? Give me a break. I hope the judge won't allow it.
 
so his estate had to pay everybody?? wow all this news about his estate is so sicken
 
I really like these guys. I'm praying they keep up the fair and good work. Michael deserves good people.
 
In Michael's will, the administrators got 3% of profits. They need to accept it. It seems that everyone wants to challenge the will. If the will cannot get respect, what do we need it for? I hope the judge will object their requirements and totally respect Michael's last will.
 
loveforever said:
In Michael's will, the administrators got 3% of profits. They need to accept it. It seems that everyone wants to challenge the will. If the will cannot get respect, what do we need it for? I hope the judge will object their requirements and totally respect Michael's last will.
Click to expand...

read the will, no mention of the 3% fee
 
I absolutely agree with their request.
Some of you guys should check the facts up first and then something write.

And they need more young managers...., so... there is a plan for development of MJs Estate.
 
darmin said:
Their argument is kinda faulty, those other people that give away 15-25% aren't Michael Jackson. 10% of Michael's profits is a lot of money. What are they getting now?
Click to expand...

actually documents state that during his lifetime MJ gave 15-25% of his gross earnings to his management team. it says manager got 10-15%, counsel 5% and agent 5-10 %. As they are asking for 5% each (the document says total of 10%) , they are in reality asking for a low number.

also if I am not mistaken at page 6 of the document they are stating they will not take profit from the following
- sony/atv income - their share goes to the management of the loan
- this is it movie - their share goes to pay the debt to AEG.
- branca's share will also cover the cost of legal services done by his firm meaning they would not separately bill the estate of their services.
- mcclain's share will also cover free use of his studio and no producer fee on any songs he works on in the future.

they are really asking for a lot less than they could, the amount that they are excluding (paying from their own share and services that they will provide for free) is substantial.
 
Ever heard of the concept of doing a good job if the satisfaction is high up there?
I prefer them being paid well enough to be involved, engaged and satisfied.
Really.
I know there is a personal emotional involvement (probably) etc,
but if they simply do a terrific job and earn that money a hard way, I don't have a huge problem with it.
I want them to do damn good job here. They have a lot of responsibility.
Investing in them is not a bad idea in these circumstances.
No matter how we gonna look at this, at the end of the day, it is a job. Other today's news re estate are about people that (even being a family) are not working for MJ's estate, and they are the ones that should just sit down somewhere.
 
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Michael's estate need competent and forward thinking people to run his estate. I also want to say loyal, but is that asking too much? LOL! Too soon to tell, but so far the executors have done an excellent job considering Michael died unexpectedly.

They deserve fair compensation for the job they are doing for Michael.
 
ivy said:
actually documents state that during his lifetime MJ gave 15-25% of his gross earnings to his management team. it says manager got 10-15%, counsel 5% and agent 5-10 %. As they are asking for 5% each (the document says total of 10%) , they are in reality asking for a low number.

also if I am not mistaken at page 6 of the document they are stating they will not take profit from the following
- sony/atv income - their share goes to the management of the loan
- this is it movie - their share goes to pay the debt to AEG.
- branca's share will also cover the cost of legal services done by his firm meaning they would not separately bill the estate of their services.
- mcclain's share will also cover free use of his studio and no producer fee on any songs he works on in the future.

they are really asking for a lot less than they could, the amount that they are excluding (paying from their own share and services that they will provide for free) is substantial.
Click to expand...

Thanks ivy. Now I feel a little better about them.
 
If this is normal practice then why not? I hope they are even more motivated to run it with integrity and honour to his good name and what he stood for. It is imperative that his name is not cheapened in any way by the various lawsuits and products etc they sanction. It is good of them to settle for 10%.
 
GENTLEMEN, No explanation, No apologies. You have earned it, you deserve it.!!
I say make you permanent executors NOW.!!!
 
Sirena said:
That's actually reasonable since most managers/agents take 15% and lawyers take 25%.
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branca and company made money from the movie this is it for being producers along with sony, and aeg got ther cut by selling the movie to sony, sorry but I am one of those fans that dont trust this circle of people , and then they want 10% they suppose to get the percent that's in michael will, and no more and I thought the percet was 8%, do any body now for sure the percent thats in the will for the estate?
 
^^^
Read the documents posted in this thread or see my post above.
the document clearly state that their share of any profit (10%) that they got from TII is given to AEG as payment for a debt so the executors did not personally make money from TII.

Furthermore the percent is not stated in the will. so any number is just speculation.
 
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I just want MJ's business to be taken care of properly, no more con artists issuing dumb advise, competent people, it's what MJ deserves!

I'll give Branca and McClain the benefit of the doubt for now......lets see how they handle themselves.
 
After reading the documents (the whole thing) I am positive MJ made the best choice in selecting the two Johns. They seem to want to develop MJJ business for generations. God bless them.

Gentlemen, get to to work...we need an album by the end of the year.

I hope they hire really great and loyal people...Michael wasn't very lucky in that. He was mostly surrounded by money hungry people...

Read the documents posted in this thread or see my post above.
the document clearly state that their share of any profit that they got from is given to AEG as payment for a debt so the executors did not make money from TII.
Click to expand...

I think in that section they were referring to the 10% (from the movie profits) they are sharing with AEG to cover the cost of producing the show. I hope this mean MJ's will retain the rights to all the costumes & show's concepts...everything related to the show. Because apparently, AEG asked the estate to reimburse the money spent.
 
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Memefan said:
After reading the documents (the whole thing) I am positive MJ made the best choice in selecting the two Johns. They seem to want to develop MJJ business for generations. God bless them.

Gentlemen, get to to work...we need an album by the end of the year.

I hope they hire really great and loyal people...Michael wasn't very lucky in that. He was mostly surrounded by money hungry people...



I think in that section they were referring to the 10% (from the movie profits) they are sharing with AEG to cover the cost of producing the show. I hope this mean MJ's will retain the rights to all the costumes & show's concepts...everything related to the show. Because apparently, AEG asked the estate to reimburse the money spent.
Click to expand...

Exactly. I hate when people jump to conclusions without even taking the time to read the documents. It says historically MJ gave 10-15% to his manager - they are asking 5% each. Furthermore they are excluding their profit shares from Sony/ATV to pay for the loan on it, they give up their share from TII to pay for debts to AEG, Branca's law firm provides free legal services, McClain provides free music producing and his studio. What more people want?
 
this request sounds fair...and for Branca to not ask for profit from the catalog he helped Michael to get...makes it ever fairer..
 
loveforever said:
In Michael's will, the administrators got 3% of profits. They need to accept it. It seems that everyone wants to challenge the will. If the will cannot get respect, what do we need it for? I hope the judge will object their requirements and totally respect Michael's last will.
Click to expand...
I cant remember the exact amount the will states the administrators should get, but I believe its less than 10% and they are asking for more than what michael stated in the will, some fans complain when joe ask for money,and praise branca for asking for more, cant figure that out. and yes this would be considered a challenge of the will by branca and mcclain.
 
ivy said:
actually documents state that during his lifetime MJ gave 15-25% of his gross earnings to his management team. it says manager got 10-15%, counsel 5% and agent 5-10 %. As they are asking for 5% each (the document says total of 10%) , they are in reality asking for a low number.

also if I am not mistaken at page 6 of the document they are stating they will not take profit from the following
- sony/atv income - their share goes to the management of the loan
- this is it movie - their share goes to pay the debt to AEG.
- branca's share will also cover the cost of legal services done by his firm meaning they would not separately bill the estate of their services.
- mcclain's share will also cover free use of his studio and no producer fee on any songs he works on in the future.

they are really asking for a lot less than they could, the amount that they are excluding (paying from their own share and services that they will provide for free) is substantial.
Click to expand...
In michael will the administrators were not given 10% of profits cant remember the exact amount but less that 10%, so why would should they get more than michael wanted them to get?
 
blueocean said:
In michael will the administrators were not given 10% of profits cant remember the exact amount but less that 10%, so why would should they get more than michael wanted them to get?
Click to expand...

blueocean : the following link is the will please take the time to read it. it is only 4 pages long. if you read it you will see that the will does not state any percentage of payment to the executors. Any percentage that you might have heard before is just a made up number either by media or people and it is not based on Michael's will. Details of the trust has been private but people have been speculating about it as well.

http://i2.cdn.turner.com/cnn/2009/images/07/01/michael.jackson.will.pdf
 
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