Re: Michael Forever Tribute/ MJJC Official Statement / Discussion / Estate statement / Fan letter @p
may i ask what korean lawsuit you're referring to?
It is from a deal the some of the Jackson made with the Moonies to get Michael to do a series of concerts in Korea. This should explain it
Michael Jackson's Estate - Will Katherine Jackson Lose Her Inheritance?By
Julie Garber, About.com Guide
July 6, 2010#spacer{clear:left}#abc #sidebar{margin-top:1.5em}if(zs>0){zSB(3,3)}else{gEI("spacer").style.display='none';gEI("sidebar").style.display='none'}
Maybe it's really just a coincidence, and maybe it's not, but right on the heels of the one year anniversary of their son's death, Michael Jackson's parents have become embroiled in two different legal battles. Today I'll discuss the legal troubles of Michael's mother, Katherine Jackson, and tomorrow I'll discuss those of his father, Joe Jackson.
Probably the more disturbing of the two legal battles is the $13 million+ claim filed by the South Korean newspaper,
Segye Times, against Michael Jackson's estate, in relation to a judgment that the newspaper obtained against the Jacksons in 1994. According to celebrity gossip writer
Roger Friedman, the battle between Segye Times, which Friedman claims is a front for Reverend Moon's Unification Church (better known as the Moonies), and the Jacksons has been brewing since 1990 for the following reasons:
In 1990 Katherine Jackson, Joe Jackson and Michael's brother, Jermaine Jackson, guaranteed that Michael Jackson would participate in a South Korean tour along with his brothers that would be financially backed by Segye Times.
- Gifts of cash, Rolex watches and luxury vehicles were bestowed upon Katherine Jackson, Joe Jackson and Jermaine Jackson by Segye Times in exchange for their promise that Michael would participate in the South Korean tour.
- When the tour didn't happen, Segye Times sued. In 1992 Michael Jackson settled with the newspaper for an undisclosed amount, but in 1994 it obtained a $4 million default judgment against Katherine Jackson, Joe Jackson and Jermaine Jackson because they failed to defend themselves in the lawsuit.
- In 1996 Segye Times filed a lawsuit against Michael Jackson in order to take over possession and control of a house he owned in Encino, California. This is where Michael's parents lived and the newspaper claimed that ownership of the house had been transferred into Michael's name in order to defraud the creditors of Katherine and Joe Jackson and prevent collection of debts they owed.
- In 1999 Katherine and Joe Jackson filed for bankruptcy and listed the Segye Times' judgment as one of their outstanding debts.
So apparently since then Segye Times has been waiting patiently to collect on its $4 million judgment which, with interest accruing over all of these years, has ballooned to over $13 million. By filing a claim against Michael Jackson's estate, the newspaper will attempt to collect on its debt by seeking payment from Katherine Jackson's share of the estate (note that Michael cut out his father as a beneficiary of his estate, otherwise the newspaper would be going after Joe Jackson's share too). But it will face an uphill battle trying to get anything out of the lifetime trust that Michael Jackson established for his mother under the terms of the Michael Jackson Family Trust. Instead, the newspaper may be able to force a settlement for pennies on the dollar, otherwise it may just have to wait for Katherine Jackson to die and then go after her estate.