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Michael WASN'T Broke

Jackson had $567.6 million in assets, including his Neverland Ranch, his share of the Sony/ATV Music Publishing catalog that includes the rights to songs by the Beatles, and an assortment of cars, antiques and collectibles, according to a statement of financial condition prepared by Washington-based accounting firm Thompson, Cobb, Bazilio & Associates.
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What is this amount based upon. His 50% percent of SONY/ATV alone is worth 3 to 5 times this.


The five-page report says Jackson had debts of $331 million, leaving him with a net worth of $236.6 million. Highlighting his shaky financial health, the singer known for his lavish shopping sprees had just $668,215 in cash, according to the report, which is dated June 12, 2007.
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What about 2009? Am I to believe Jackson paid $0.00 on his debts since 2007? This report is suspect. Who had it prepared and why has it surfaced now?

The report says the accounting of Jackson's finances is "based on information produced by his advisers." It paints a pictures of Jackson's tangled finances and the mountain of debt he left behind.
The report values Jackson's 50 percent stake in the Sony/ATV Music Publishing catalog - his most prized assets - at $390.6 million.
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$390 million for 50% for SONY/ATV Publishing that is BS! Would these "advisors" be Branca insuring Sony gets the catalog for nothing! Remember SONY offered 50 million for the rehearsals there is a bidding war for his unreleased music which will sell for over 100 million yet his 50% is less than he would have made from a World TII tour? This does not add up.

Another of Jackson's prized possessions, his Neverland Ranch, is valued at $33 million, according to the report. It says Jackson took out a $23 million loan against the 2,500-acre property in the rolling hills of Santa Barbara County.
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What makes this "report" right? Firstly Neverland is 2700 acres he land is worth more than that.He paid nearly $20 million for it in 1990 and it only appreciated by $13 million in 19 years? Will this be the basis for the lies they tell the Jackson Family to except peanuts for all of Michael's $billions in assets?


He also had $20 million worth of cars, antiques, collectibles and other property.
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Only 20 million? Where is all the millions equal to his supposed debts from "his lavish shopping sprees"; where did all those millions and millions go?
 
I do believe that he's not broke. I just want to know why he didn't to pay for his debts. Anyone know who he owes money to? That might tell a lot of thing, they might be the people who's not suppose to be paid. If he didn't have cash, how could he pay for his rental? He also didn't want his stuff to be auction too.
 
I dont think he was broke. BUT i do think that fighting constant legal battles would be costly. ESPECIALLY someone like Meserau defending you for months etc. He has fought battle after battle, even the small time crap that we never hear much about. A constant drain on things. Imagine what he would have been worth without all that! :)
 
I can't belive that he just have $668,215 cash, he must have much more.
 
his finances were clearly a mess. thats why tohme was hired, to make him some money to repay his debts. dont blame him tho.. loads of stuff came out at the trial about dodgy accountants etc... everyone was leeching, plus all those court battles.. not cheap. thats why he had so much in loans
 
StarSecret said:
He was in debt that didnt exceed his actual worth. That's the key. It wasn't debt that he couldnt pay off. It's not terrible in his case - being in debt reduces your net worth and in turn reduces the tax that you pay. Very wealthy people often have debts for that reason, because having many assets incurs an incredibly high amount of tax. Borrowing against assets means that he'll increase his debt, money borrowed against assets can be spent and claimed as an expenditure for his job.

This is just what I've learnt from someone I know who is savvy with finances, but it makes a fair amount of sense to me. However, if some proffessionals here could correct anything I'd appreciate it :)
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did everyone ignore my post?
I just wanted to know if what I was told is actually possible because there's so many theories going around.
 
very few celebs are cash rich. liquid assets and actual assets are different.

u can owe a billion dollars. have 200 million in actual money and a billion in assets...so ur not poor BUT u would have to liquidate ur assets to pay that money back.

the estate can't sell the atv so the debt has to be worlked off from royalties now
 
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