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Michael Jr, Paris & Prince to start taking over estate when each turn 30

ivy said:
If any. Why would you expect new debts with all the money coming in?
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I was responding to Asedora. She said that false claims may appear and the Executors could use it to defraud the trusts.
 
oh okay.

btw the time period to file for creditor claims has passed. Nobody can say that Michael owns them money anymore.

So We have the already existing debt on the catalogs, $26M in creditor claims and the $300M AllGood lawsuit.

From now on I guess financially the one additional negative thing we can see is failed deals (loss on the deals). However when I think "Michael Jackson" to me it seems unlikely. TII was a huge success, Merchandising sells good as well. New album (and future release of albums,DVDs,games etc) and Cirque de Soleil show are not likely to cause loss for the estate. I'm not seeing any questionable deal being done by the executors. That's just my 2 cents.
 
There is something I don't understand. Why the trust, starts from 1995? Because in 1995 Michael was married to Lisa, so normally, Lisa should be in this trust...

I mean just for the beginnig, because they divorce after, but if Michael starts this in 1995, he was not single at this time.

In fact I don't understand. Just one thing I understand, it's Mike is a very intelligent man!

He didn't want to give all his money in one time to his children, so they will have time to do something of their life, not like the pathetics brothers of Michael who lived with Mike's money all their life...
 
Diplomate said:
There is something I don't understand. Why the trust, starts from 1995? Because in 1995 Michael was married to Lisa, so normally, Lisa should be in this trust...

I mean just for the beginnig, because they divorce after, but if Michael starts this in 1995, he was not single at this time.
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It's just that the creation of the trust was in 1995. He started planning for the future at that time. He was able to update and change the trust any way he wanted. For example Lisa could have been in the initial version but then later removed from the trust. The file is for the 2002 version of the trust.
 
It's stupid how the media has stated "Debbie was mentioned, but left out and Lisa Marie was ignored". Of course Debbie is mentioned because she was somehow important being the mother of Prince and Paris, and Michael had no children with Lisa Marie so I don't understand why his ex-wife should have been mentioned. I think it's pretty normal not to mention ex-wives and -husbands..
 
Ivy,
How do you think the trust was leaked?
Do you have any guess on who leaked?
Do you think Brian Oxman has/had access to the trust docs?
 
Michael's plan is so well thought up. Wow. One question though. Is it smart for a bank to control MJ's estate? Banks are failing. Is BoA fails, does the estate as well? If so, wouldn't it have been better to leave it with a credit union, which, as far as I know, don't fail in the economy?
 
dianadebraga said:
Ivy,
How do you think the trust was leaked?
Do you have any guess on who leaked?
Do you think Brian Oxman has/had access to the trust docs?
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I can tell you who legally had the copy of the trust and you decide

Executors (Branca & McClain) had a copy
It was filed with the court
Main beneficiaries (Katherine, MJ's kids - meaning their lawyer) were given copies according to Probate Code Section 16061.
Contingent beneficiaries may or may not have copies.
and probably the lawyer that prepared the trust has a copy
also any lawyer representing the above mentioned people (lawyers for the executors and beneficiaries etc) would have access.

so here the alternatives are executors, beneficiaries, related lawyers and the court employees.
(of course any person close to these people someway / somehow get access as well)
 
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Mystic said:
Michael's plan is so well thought up. Wow. One question though. Is it smart for a bank to control MJ's estate? Banks are failing. Is BoA fails, does the estate as well? If so, wouldn't it have been better to leave it with a credit union, which, as far as I know, don't fail in the economy?
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It's actually very well thought up about the bank as well.

I don't think that estate will fail if the bank fails, banks just run/manage the estate and estate continues to be a separate entity.

Bank of America is the biggest bank in America so it's a safe choice to start with. But also Michael is prepared for situations you mentioned. There's a provision saying that the executors and later his children (when at least 18 years old) can change the corporate trustee - meaning that they can choose another bank, credit union, investment / trust management firms etc..

Trust looks like he covered all the bases, real smart IMO.
 
News of the world is a legit news source now? how could Michael leave so much money if he was broke like they claim.... As long as the kdis are taken care of till they are old enough to gain control is the most important thing. Information about amounts of money they get should be private, it is really true that more money brings more problems.
 
nena said:
News of the world is a legit news source now? how could Michael leave so much money if he was broke like they claim.... As long as the kdis are taken care of till they are old enough to gain control is the most important thing. Information about amounts of money they get should be private, it is really true that more money brings more problems.
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No they are NOy considered Legit news here
we already deemed the article itself full of errors and typical tablod crap

but the 21 page document they aquired is legit and that is what we have downloaded are discussing.

Yes with great riches come great responsibility and problems but Michael seems to have done a great job
to protect his assest through the trust and protect his childrens interest above anyone else.
 
Ok, I have taken my time reading aaaalll your posts.

1) I hate tabloids. All of them. It's a shame they buy access to this kind of things. I still feel this is such a private issue.

2) I hate tabloids. They manage to twist every single thing and they manage to lead people to believe what they want them to. Laziness pays :(

3) I hate tabloids. They keep making fun and trashing Michael Jackson and now, making fun of his little kids.

4) IVY: You're our hero! You have done such a wonderful work for all of us. English is not my native language and add to that the legal terminology. I really needed all your guidance and explanations. Great, great, great work :clapping:

5) As for those believing in conspiracies... let's just say it's just fair have different opinions and there is no need to be challenging them every other post to say something now or to say this is fake/real, don't you think? :)

6) I just can't help but loving and admiring Mr. Michael Jackson more and more. I just know I know but nothing about him and the more I learn, the more I respect him.

7) I keep hating tabloids.
 
Ive been busy preparing for my daughters birthday tomorrow so I havent read it still yet but is the Sony/ATV catalogue in the trust? I believe it was supposed to be which meant that it couldnt be sold being its in the trust?
 
I haven't read this entire thread so I am sorry if I am asking a question that has already been answered. Do the charities get 20% every year or is it just a one time thing?




"But, in your presence I am lost for words.....words like......"I love you"
 
ivy said:
oh okay.
btw the time period to file for creditor claims has passed. Nobody can say that Michael owns them money anymore.

So We have the already existing debt on the catalogs, $26M in creditor claims and the $300M AllGood lawsuit.
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:clapping:
 
ilmjj said:
I haven't read this entire thread so I am sorry if I am asking a question that has already been answered. Do the charities get 20% every year or is it just a one time thing?
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No, it was not asked, but it was mentioned :)
A one time thing.
Michael keep his values all the way!!!!
 
Dangerous Incorporated said:
Ive been busy preparing for my daughters birthday tomorrow so I havent read it still yet but is the Sony/ATV catalogue in the trust? I believe it was supposed to be which meant that it couldnt be sold being its in the trust?
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Assets in the trust aren't mentioned explicitly(at least I didn't see them) but we know that starting 1995 Michael transfered his assets to the trust, anything he didn't transfer to the trust were transfered after his death. So yes Sony/ATV should be in the trust. (We heard executors refinancing the deal, paying of debt so it's in the trust).

I wrote about the selling of the assets before, see it below

Page 12. Towards the end of the page

1. To retain any property, business (present or acquired after death) as long as it's advisable. -It means that the goal is to keep the assets as long as they are profitable and it makes sense business wise.

I personally do not see executors selling any assets unless they become unprofitable (bring in a loss) or business wise/financial wise it doesn't make sense to hold on to them or they have to (such as they need money to pay debts etc).

ilmjj said:
I haven't read this entire thread so I am sorry if I am asking a question that has already been answered. Do the charities get 20% every year or is it just a one time thing?
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One time thing. Actually it's a another smart move. It benefits the children charities and at the same time it'll help to reduce the estate taxes. (any charitable contribution can be deducted from taxes)
 
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Here's a quote from the Sony/ATV website:

Sony/ATV Music Publishing was established in 1995 as a joint venture between Sony and trusts formed by Michael Jackson.
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Michael donated 300-400 million dollars while he was alive and now 20% in his will. He is just phenomenal!!! :wub:He certainly led with his actions.
 
Annie123 said:
Here's a quote from the Sony/ATV website:

Sony/ATV Music Publishing was established in 1995 as a joint venture between Sony and trusts formed by Michael Jackson.
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himm 1995. so that's why he started the trust to begin with : to put the Sony/ATV catalog. Can I once again say smart move?

Trusts can also be formed for tax benefits and asset protection. By putting the ownership of the catalog to the trust and not on himself personally, Michael could been planning protection of Sony/ATV from personal bankruptcy and creditor claims etc.

(Plus I believe it could be a way to protect his assets against divorce & his wives asking for 50% of his properties)
 
Thank you very much for clarifying ivy and Annie123.

So how does it work being that the ATV catalogue is in the trust, but MJ still owes loans to Sony and if those loans arent paid back, Sony has the right to retain 25% even if its in the trust because of a deal made when MJ was alive. So worse case scenario is that MJ would end up with only 25% which couldnt be sold unless it was no longer profitable (which would never happen unless money stopped existing)

How much did MJ owe Sony? With that $250M deal recently made with Sony, that should have just cancelled out their loan right there no?
 
Dangerous Incorporated said:
Thank you very much for clarifying ivy and Annie123.

So how does it work being that the ATV catalogue is in the trust, but MJ still owes loans to Sony and if those loans arent paid back, Sony has the right to retain 25% even if its in the trust because of a deal made when MJ was alive. So worse case scenario is that MJ would end up with only 25% which couldnt be sold unless it was no longer profitable (which would never happen unless money stopped existing)

How much did MJ owe Sony? With that $250M deal recently made with Sony, that should have just cancelled out their loan right there no?
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That's a different thing than the estate.

When Michael needed money he took loans backed by his catalog, he showed the catalog as collateral - in a more simplified fashion it's like saying "give me this money and I'll pay it back and if I don't pay it back you can take over this asset". That's why paying back the loans on the catalog is important.

You are right about the 25%, when the refinancing deal was done in 2006 (for $300M) Michael gave the Sony the option to buy the 25% of the catalog (leaving him with 25%). Sony at any time can exercise that option.

And no loans and deal does not cancel each other out.
1) the loan is from Barclays PLC (not Sony), Sony just helped him with the refinancing of the loan.
2) loans are paid back over a period of time and I personally do not believe that Sony would pay $250M in total upfront for a 7 year/10 project deal -it doesn't make sense business wise. (I think that the estate will get $25M per project or $36M per year).
 
ivy said:
Bank of America is the biggest bank in America so it's a safe choice to start with. But also Michael is prepared for situations you mentioned. There's a provision saying that the executors and later his children (when at least 18 years old) can change the corporate trustee - meaning that they can choose another bank, credit union, investment / trust management firms etc..

Trust looks like he covered all the bases, real smart IMO.
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I have a mortgage with Bank of America and I just got through a nightmare with them having something corrected because they made a huge error. Oh Michael your trust is brilliant except you should have chosen a different bank, lol.
 
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