Jackson Executors: How We Turned it Around
Jackson Executors: How We Turned it Around
11 minutes ago by TMZ Staff
The executors in the Michael Jackson estate have just filed legal docs explaining how they turned chaos and financial ruin into a booming, postmortem business.
View docs: <!-- m -->http://tmz.vo.llnwd.net/o28/newsdesk/tm ... ichael.pdf<!-- m -->
According to the docs, obtained by TMZ, Jackson owed 10's of millions of bucks at the time he died. We've previously reported how the Jackson family was about to lose their home in Encino and Jackson was on the brink of going belly up.
Executors John Branca and John McClain turned things around in a big way, for two primary reasons. First, they restructured all of his debts and got creditors to significantly lower killer interest rates.
Secondly, the executors went full bore to generate revenue -- and the brass ring was the movie, "This Is It." According to the docs, the flick grossed $260,000,000, the most lucrative documentary in history.
As for the album, "This Is It," it sold 5 million copies, making it the 3rd biggest album in 2009.
As for other deals, the executors:
-- Republished the "Moonwalk" book
-- Made mega-merchandising agreements for all things Jacko
-- Distributed a leather-bound, coffee table book on the life of MJ
-- Renegotiated MJ's royalty agreements with record label
But there were lots of legal fees that were incurred to make the estate money -- more than $3.8 million since Jacko's death.
The Estate also notes what we've already reported -- that they paid off the Jackson family home in Encino, bought Katherine Jackson a car and did lots of other stuff for the family.
<!-- m -->http://www.tmz.com/2010/09/23/michael-j ... rn-around/<!-- m -->
11 minutes ago by TMZ Staff
The executors in the Michael Jackson estate have just filed legal docs explaining how they turned chaos and financial ruin into a booming, postmortem business.
View docs: <!-- m -->http://tmz.vo.llnwd.net/o28/newsdesk/tm ... ichael.pdf<!-- m -->
According to the docs, obtained by TMZ, Jackson owed 10's of millions of bucks at the time he died. We've previously reported how the Jackson family was about to lose their home in Encino and Jackson was on the brink of going belly up.
Executors John Branca and John McClain turned things around in a big way, for two primary reasons. First, they restructured all of his debts and got creditors to significantly lower killer interest rates.
Secondly, the executors went full bore to generate revenue -- and the brass ring was the movie, "This Is It." According to the docs, the flick grossed $260,000,000, the most lucrative documentary in history.
As for the album, "This Is It," it sold 5 million copies, making it the 3rd biggest album in 2009.
As for other deals, the executors:
-- Republished the "Moonwalk" book
-- Made mega-merchandising agreements for all things Jacko
-- Distributed a leather-bound, coffee table book on the life of MJ
-- Renegotiated MJ's royalty agreements with record label
But there were lots of legal fees that were incurred to make the estate money -- more than $3.8 million since Jacko's death.
The Estate also notes what we've already reported -- that they paid off the Jackson family home in Encino, bought Katherine Jackson a car and did lots of other stuff for the family.
<!-- m -->http://www.tmz.com/2010/09/23/michael-j ... rn-around/<!-- m -->
Comments
"..and did lots of other stuff for the family", LOL. Wonder what other 'stuff' was done? <!-- s
Can someone post it? My computer is being silly and wont let me
Michael Joe Jackson's good work in the name of the King of Pop and Michael Joseph Jackson, LTD ( <!-- s8-) -->8-)<!-- s8-) --> ) will always turn up prosperous. Michael is a good and generous man.
He continues to reap the good that he has sown.
He does "everything good, better than anyone. better than anyone."
[youtube:179q4xlu]
Okay, I have only one question:
If Mike had SOOOO many debts, then how come we never heard anything about the IRS banging on his door..?
I've asked myself that question a million times. I'm glad you brought it up. Wesley Snipes made me think about that. Michael Jackson has never been mentioned as having tax issues.
Harvey you are right, died Jacko <!-- s
Great way to look at that!
JE - French "me, I"
JE - Just an Editor
JE - "JE source" http://en.wikipedia.org/wiki/JE
HWTA - "How would Tarzan answer"
e.g. http://www.imdb.com/title/tt0120855/quotes
Also, could it be considered a crime if MJ pay his debts with the money he got after the 'death'?
TMZ & LaToya have confirmed his middle name is Joe! <!-- s
Makes me think that this portion is wrapping up..... PLEASE GOD LET THIS HOAX BE WRAPPING UP!!! <!-- s
Exactly. I can't believe more people aren't catching on to that! <!-- s
Agreed! <!-- s
They haven't called Michael "Jacko" since before June 25/09....
Maybe "Jacko" is coming Backo!!
Oh looki looki, here's the answer to my question about Katherine listed as the kid's Guardian ad Litem instead of the kid's Guardian of the Persons in her Complaint for Damages, in Murray's Motion to Dismiss and in Joe's Wrongful Death Suit. Page 6 of the court document:
See <!-- l -->viewtopic.php?f=24&t=14207&p=237062&hilit=guardian+ad+litem#p236947<!-- l -->
Thanks Harv!!
Interesting - thanks for posting! So many loopholes conveniently placed but ever so slight that someone not looking would easily overlook it. Hmm...
10's of millions? I thought it was 100's of millions?
An extra confirmation of Margaret G Lodise being the Guardian Ad Litem for the kids on page 16:
I posted the question on TMZ. Now let's see if Uncle Harv is going to ignore me again, or if he's gonna be kind to me today and answer my Q...