Michael Jackson Executors Want 10%

[ivy]

for anyone wondering below is the california law for the payment to executors. important parts are in bold.. It is quite obvious that Michael's estate will worth over 25 million and include extraordinary services. In this case a fair amount of compensation will be determined by the court. If the judge believes 5% is too much, he would determine a more suitable number.

CALIFORNIA CODES
PROBATE CODE
SECTION 10800-10805

10800. (a) Subject to the provisions of this part, for ordinary services the personal representative shall receive compensation based on the value of the estate accounted for by the personal representative, as follows:
(1) Four percent on the first one hundred thousand dollars ($100,000).
(2) Three percent on the next one hundred thousand dollars ($100,000).
(3) Two percent on the next eight hundred thousand dollars ($800,000).
(4) One percent on the next nine million dollars ($9,000,000).
(5) One-half of one percent on the next fifteen million dollars ($15,000,000).
(6) For all amounts above twenty-five million dollars ($25,000,000), a reasonable amount to be determined by the court.
(b) For the purposes of this section, the value of the estate accounted for by the personal representative is the total amount of the appraisal value of property in the inventory, plus gains over the appraisal value on sales, plus receipts, less losses from the appraisal value on sales, without reference to encumbrances or other obligations on estate property.


10801. (a) Subject to the provisions of this part, in addition to the compensation provided by Section 10800, the court may allow additional compensation for extraordinary services by the personal representative in an amount the court determines is just and reasonable.

 

[elusive moonwalker]

How can you blame randy for the law firm that michael was suing? randy dont work for that firm, you cant blame randy and the jackson family for every thing you dont like, just dont make any sense, when you should look at the fact that branco work for that firm. thats what obvious.

randy hired them. during that time randy was mj manager. he didnt pay the bills/insurance to do with the ranch which led to all the issues with the workers not being covered etc all documented at the time

when you should look at the fact that branco work for that firm.

er no he didnt. branca has his own firm with other partners.

 

[blueocean]

Once again there's not such % on the will. The percentages reported from katherine, kids and charity are reported based on the trust by TMZ and such sites but no one saw or knows the full details the actual trust as it is private.

3% is the amount of payment seen as kinda industry standard in regular sized estates - it is the minimum amount that most banks charge for the duty or being an executor. But it is not a set amount as different states can have different amounts at their own trust laws and/or size of the estate can grant higher payments. It is possible that media reported that they would get "at least" or around 3% as it is seen in practice but by no means it is number determined or mentioned by Michael.

Sorry but it was listed and I remember reading the secion of the %,thats what i am refering to, and the other poster that remember it as 3%, I responed to that person post for pointing out the 3% that they remembered, onlything I can do is continuing looking for the section of the will/trust that give the % for the children and katherine etc. I know i read about the percent the executive would get. I did not pay that musch attention to it them, until I read they wnted 10%,

 

[marc_vivien]

they want 10 %, exluding profits from TII, MIJAC and Sony/ATV.
they waive their rights on production fees and others.

these 10 % are not 10 of the total revenues

 

[twinklEE]

randy hired them. during that time randy was mj manager. he didnt pay the bills/insurance to do with the ranch which led to all the issues with the workers not being covered etc all documented at the time


er no he didnt. branca has his own firm with other partners.

LOL!, Elusive it's not worth it don't bother witch such.. :cheeky:

 

[ivy]

Sorry but it was listed and I remember reading the secion of the %,thats what i am refering to, and the other poster that remember it as 3%, I responed to that person post for pointing out the 3% that they remembered, onlything I can do is continuing looking for the section of the will/trust that give the % for the children and katherine etc. I know i read about the percent the executive would get. I did not pay that musch attention to it them, until I read they wnted 10%,

go ahead and read the will - it is at http://i2.cdn.turner.com/cnn/2009/images/07/01/michael.jackson.will.pdf

It's 4 pages long, it should not take you much to see that there's not a section on the will that says any percentage about anything.

you will not find anything about the trust as it is private and anything reported from it is basically a hearsay or speculation. for example that is the reason why we also debate on whether the children will inherit the estate or not, whether Katherine can will her share or not. they are all in the trust and we don't know for sure - we can just speculate. The 40%,40% and 20% numbers were reported by TMZ but there's no document to show whether they are true or not.

 

[blueocean]

randy hired them. during that time randy was mj manager. he didnt pay the bills/insurance to do with the ranch which led to all the issues with the workers not being covered etc all documented at the time


er no he didnt. branca has his own firm with other partners.

Again how can you blame randy for the firm that michael was suing?, that law firm had obtain money from michael to pay bills, randy had nothing to do with they way that firm do business, randy did not profit from that firm, the lawyer's of the firm did, and i remember branca being part of that firm.

 

[twinklEE]

Again how can you blame randy for the firm that michael was suing?, that law firm had obtain money from michael to pay bills, randy had nothing to do with they way that firm do business, randy did not profit from that firm, the lawyer's of the firm did, and i remember branca being part of that firm.

Oh FFS PLEASE!! :smilerolleyes:

 

[blueocean]

go ahead and read the will - it is at http://i2.cdn.turner.com/cnn/2009/images/07/01/michael.jackson.will.pdf

It's 4 pages long, it should not take you much to see that there's not a section on the will that says any percentage about anything.

you will not find anything about the trust as it is private and anything reported from it is basically a hearsay or speculation. for example that is the reason why we also debate on whether the children will inherit the estate or not, whether Katherine can will her share or not. they are all in the trust and we don't know for sure - we can just speculate. The 40%,40% and 20% numbers were reported by TMZ but there's no document to show whether they are true or not.

I have read this part and it dont mention the percent for katherine or the kids etc, i am looking for the section that mention the percent. that is were i may have read it , evenso i read it and still looking for it.

 

[ivy]

I have read this part and it dont mention the percent for katherine or the kids etc, i am looking for the section that mention the percent. that is were i may have read it , evenso i read it and still looking for it.

ah there's no such section , it was reported by TMZ based on their sources not based on a public document. That's where we all heard the percentages and executor fee of at least or around 3% was mentioned during that time as it was an standard number for ordinary estates but not because MJ wanted to give 3%.

http://www.tmz.com/2009/07/02/michael-jackson-who-gets-what/
and
http://www.tmz.com/2009/10/12/michael-jackson-katherine-jackson-kids-inheritance-trust/


IMO don't waste your time for trying to find a document that hasn't been made public.

 

[enlightenu]

These 2 ....jdjdfljkdfjfj., Know what they are doing they have over 30 years of swindling and doing what they do, it took Mick Jagger and The Rollings Stones with Mick chasing Klien out of a meeting down a hall to let people understand just what these TYPES of MANGERS really do. If anyone has any doubt go back and read your headlines "Michael Jackson #1 Music Seller in THE WORLD a day after his Death", now I know some of you cannot even imagine how much money that was or wrap your mind around it just picture every artist in the world didnt make any money that day because it all went into Branca and McClain Accounts because see this is no longer Michael Jackson's Money only his name is on it as "ESTATE" how cute. They wrote this "WILL" so eloquent "they actually OWN MICHAEL JACKSON's NAME AND HIS MONEY FOREVER" unless these Jacksons and Michael's chosen Fans stop them.







Are people just on some special type of bandwagon for these people that ignores one thing and promotes another "MICHAEL JACKSON has been MURDERED" and it wasnt for his Beautiful Looks. These people keep talking about Branca and McClain deserves this, doing a Brilliant Job, they have done a GREAT Job, let me tell ALL of you something the "ONLY SOMEONE THAT HAS BEEN DOING A GREAT JOB AND WORKING HERE IS A MURDERED MICHAEL JACKSON" because his music would sell if my Grandmother was selling it on the Coroner, so all this credit for people that may be responsible for this man's Murder is just an Assumption and Rumor or Speculation at best, especially if they are found out to have any one of their two hands in Michael Jackson's Murder then that would mean that they also gave themselves "THIS JOB by FORGING his WILL", this is a MURDER INVESTIGATION in case anyone has FORGOTTEN, not an Accident or Sucide but Murder and according to LAPD "by SOMEONE ELSE's HANDS" how much clearer do you need it to get Branca and McClain little Cheerleading Crowd, but dont worry LAPD are going to tell a story to put all these fantasies in the Graveyard. What Work ? What Great Job have they DONE ? and the only thing Brillliant is how this plan was put together and the patience of over 20 years they waited to bring it to pass, because Michael is still Working for THEM they dont do nothing for Michael but FIGHT HIS FAMILY . ALL they have to do is COUNT THE MONEY and Hide it. Yes that what I said because this is a Murder and someone MURDERED my BELOVED MICHAEL JACKSON and everyone especially "MANAGERS" are suspects in a murder wheter the news says it, not even family can be excluded in Murder Inverstigations, Whoever did this and Im with LaToya "they are Many" Ill just call them "Legion", they think they are getting away with it but it aint Happening no matter who they send out. Michael Jackson "OFFICIALLY" has been Murdered its no Secret its all in the News in case anyone missed it, so try to play it down all you want but LAPD aint having it this man was subjected to an "OVERKILL as they say INTENTIONALLY".

INDEED! ! ! Bring these Branca/McClain cheerleaders back to earth!!

 

[elusive moonwalker]

Again how can you blame randy for the firm that michael was suing?, that law firm had obtain money from michael to pay bills, randy had nothing to do with they way that firm do business, randy did not profit from that firm, the lawyer's of the firm did, and i remember branca being part of that firm.

randy hired them didnt make sure the money they were being given was used to pay bills etc. hardly good mangement is it when he was the one in charge. and no branca didnt work for that firm. this isnt the conspriracy section

 

[elusive moonwalker]

INDEED! ! ! Bring these Branca/McClain cheerleaders back to earth!!

the problem is this isnt the conspiracy section where u can make up any old rubbish alsong as it suits your theory. when u can deal and discuss the facts then this section will suit you

 

[twinklEE]

randy hired them didnt make sure the money they were being given was used to pay bills etc. hardly good mangement is it when he was the one in charge. and no branca didnt work for that firm. this isnt the conspriracy section

lol....

 

[Annie123]

ah there's no such section , it was reported by TMZ based on their sources not based on a public document. That's where we all heard the percentages and executor fee of at least or around 3% was mentioned during that time as it was an standard number for ordinary estates but not because MJ wanted to give 3%.

http://www.tmz.com/2009/07/02/michael-jackson-who-gets-what/
and
http://www.tmz.com/2009/10/12/michael-jackson-katherine-jackson-kids-inheritance-trust/


IMO don't waste your time for trying to find a document that hasn't been made public.

Yes exactly. Thank you Ivy for providing all this documentation.

 

[loveforever]

Michael's children will end up without a dime. Everyone wants a piece of Michael. The money was cursed, all ended up to the greedy pockets. I cannot judge the estate executors without the fact but I had a bad feeling. We have seen there are more and more creditor claims everyday, and most of them are so ridiculous and questionable. but we never know how the estate handle them, no one reported. do they put Michael's best interest in their hearts? What we knew everyday was everyone wants money from Michael's pocket. The profit of This is it went to Sony and AEG's pockets, and Michael's estate still need to pay the debt to AEG? I told you we will never know the things they hide, and we will only know the things they want us to know. Normally the estate executor will get 2-5%, because it is Michael Jackson's they need 10%. that make sense.

 

[twinklEE]

What's this nonsense going on? Please moderators tell the conspiracy lovers to hit the IU. Please.

 

[Beachlover]

Joe DOES NOT NEED THE MONEY. He is still out there working and making plenty.
Here is a video and article to show you:

Joe Jackson Exploits Michael’s Movie and Death With $3,000-Ticket Party

http://showbiz411.blogs.thr.com/tag/joe-jackson/

 

[clarac]

the problem is this isnt the conspiracy section where u can make up any old rubbish alsong as it suits your theory. when u can deal and discuss the facts then this section will suit you

I'm starting to believe that some pp here don't really mean what they ramble about,it's just a game to get attention...

 

[jrsfan]

That's the most backwards logic I've ever seen. CEOs of billion dollar companies get paid more than CEOs of million dollar companies. The more money you are in charge of, the more you get paid. That's the way the world works.

CEO's in this country are totally over compensated - which is part of the reason why there is so much corruption. There used to not be such disparity & in places like Japan there is not the disparity.

Executors should be fairly compensated but not over so. To compare to a manager's salary while he was alive is bogus IMO.

 

[jrsfan]

for anyone wondering below is the california law for the payment to executors. important parts are in bold.. It is quite obvious that Michael's estate will worth over 25 million and include extraordinary services. In this case a fair amount of compensation will be determined by the court. If the judge believes 5% is too much, he would determine a more suitable number.

CALIFORNIA CODES
PROBATE CODE
SECTION 10800-10805

10800. (a) Subject to the provisions of this part, for ordinary services the personal representative shall receive compensation based on the value of the estate accounted for by the personal representative, as follows:
(1) Four percent on the first one hundred thousand dollars ($100,000).
(2) Three percent on the next one hundred thousand dollars ($100,000).
(3) Two percent on the next eight hundred thousand dollars ($800,000).
(4) One percent on the next nine million dollars ($9,000,000).
(5) One-half of one percent on the next fifteen million dollars ($15,000,000).
(6) For all amounts above twenty-five million dollars ($25,000,000), a reasonable amount to be determined by the court.
(b) For the purposes of this section, the value of the estate accounted for by the personal representative is the total amount of the appraisal value of property in the inventory, plus gains over the appraisal value on sales, plus receipts, less losses from the appraisal value on sales, without reference to encumbrances or other obligations on estate property.


10801. (a) Subject to the provisions of this part, in addition to the compensation provided by Section 10800, the court may allow additional compensation for extraordinary services by the personal representative in an amount the court determines is just and reasonable.

Thanks for the research Ivy.

 

[jrsfan]

For the first one I guess we'll never know it as of now the trust is private. Time will show us. I think there are 3 possibilities
1) they get the full control/ownership/inheritance at 21 or 25 or
2) they get a seat at the board of directors or
3) they just get their share from the profits.

2 things make me think that there will be at least some sort of management team/ executors for the long term
1) The will says that the executors can name replacements and
2) the recent document (the part about hiring people) mentions managing the business so that it could support generations to come.

I personally prefer a professional team of people who are knowledgeable in music industry, law, management, marketing etc to manage the estate with input from PP&B because
1) the estate is too big, too diverse (2 music catalogs, a production firm, unreleased songs, several real estate properties and so on) and to complicated to be managed and to be left to PP&B's hands alone
2) Also I would want the estate to support MJ's kids, grandkids and generations to come. In the history we have heard several stories about how heirs lost their inheritance, bankrupt the business etc. It is much more safe to have some sort of professional management team in place with PP&B having a say/ a seat in the board of directors/executors table.

I agree with your view that PPB won't get their inheritance like Lisa Marie did with Elvis. In Elvis's will that was explicitly said. The way this recent document is worded for the generations to come - it says to me that all they will get is an allowance like Merv Griffin's son. He was suing as the executors were supposedly ruining the estate. The executors have total control. McClain was reportedly not well (reported after MJ died) I don't know much more about his health, but then that leaves it all to Branca.

I really don't like that PPB will not have control - even just a seat at the Board of Directors would not be good enough. It is their fathers legacy.
That is what bothers me most about this document.:no:

 

[Niemand]

I really don't like that PPB will not have control - even just a seat at the Board of Directors would not be good enough. It is their fathers legacy.
That is what bothers me most about this document.

they are just kids. Michael could not know if they would be able to run his estate.

ivy, thank you very much for your posts in this thread.

 

[jrsfan]

they are just kids. Michael could not know if they would be able to run his estate.

ivy, thank you very much for your posts in this thread.

Now they are kids - but time passes by quickly & they will be adults.

I think they are quite capable of hiring people to run the estate when they are of age.

 

[twinklEE]

The actual documents with the details haven't been made public. They might gain full control of it at some point. I believe the age and if they do or dont wasn't made public. Besides, what bothers the most some people isn't the PPB issue, but the fact that the relatives were left out plain and simple. No need to hide true feelings or sugarcoat them.

 

[Beachlover]

The actual documents with the details haven't been made public. They might gain full control of it at some point. I believe the age and if they do or dont wasn't made public. Besides, what bothers the most some people isn't the PPB issue, but the fact that the relatives were left out plain and simple. No need to hide true feelings or sugarcoat them.

Very true what you said. The fact is that we are not required to support our brothers and sister or our parents. We are responsible only to our own inner families, meaning children.

The fact that Michael always DID pay for his mothers home and let everyone live there and paid for it should have been enough but then again, it never seems to be.

 

[blueocean]

Joe DOES NOT NEED THE MONEY. He is still out there working and making plenty.
Here is a video and article to show you:

Joe Jackson Exploits Michael’s Movie and Death With $3,000-Ticket Party

http://showbiz411.blogs.thr.com/tag/joe-jackson/

You are Bashing joe for making money from his own son, while so many other people including branca and mcclain are seeking more money from michael estate and then the people that are making money off michael in other ways, if this is what it all boil down to, I dont blame joe, why should joe and the jackson family sit on the side line and watch everyone else put there hands in his son money, joe is not a weak man but a very smart man, he know about these people making money off his son, and you think he is just going to let that be and not feel he and the jaskson family should be the ones profitting from michael which is his son, are you saying its ok for everyone else to make money off michael, as long as it not the jackson family? cause if joe stop making money the other people wll still keep making money off michael, joe is not crazy to let these people make all this off his son and he end up empty handed while these people get rich off michael.

 

[Beachlover]

You are Bashing joe for making money from his own son, while so many other people including branca and mcclain are seeking more money from michael estate and then the people that are making money off michael in other ways, if this is what it all boil down to, I dont blame joe, why should joe and the jackson family sit on the side line and watch everyone else put there hands in his son money, joe is not a weak man but a very smart man, he know about these people making money off his son, and you think he is just going to let that be and not feel he and the jaskson family should be the ones profitting from michael which is his son, are you saying its ok for everyone else to make money off michael, as long as it not the jackson family? cause if joe stop making money the other people wll still keep making money off michael, joe is not crazy to let these people make all this off his son and he end up empty handed while these people get rich off michael.

Excuse me, but where is he empty handed? He got 3000.00 from each person who went there and he is profiting from Michael quite nicely. He doesn't appear to be in dire straits to me is all I'm saying. That money should be going to his children and his mother as HE STATED IN HIS WILL.

Joe made PLENTY OF MONEY off Michael Jackson and the Jackson 5 in his lifetime.

 

[Annie123]

I really don't like that PPB will not have control - even just a seat at the Board of Directors would not be good enough. It is their fathers legacy.
That is what bothers me most about this document.:no:

But you don't know that is the case, it is an assumption.

 

[Justthefacts]

And even if it was the case that is how there father wanted it