Katherine Jackson Wants An Extensive Audit Of Michael's Estate

MaryKMaryK Posts: 1,732
edited January 1970 in News
http://www.radaronline.com/exclusives/2012/08/katherine-jackson-audit-michael-jackson-estate?utm_source=dlvr.it&utm_medium=facebook<br /><br />[size=14pt]Katherine Jackson Wants An Extensive Audit Of Michael's Estate[/size]<br />Posted on Aug 24, 2012 @ 03:45AM  <br />By Jen Heger - Radar Assistant Managing Editor<br /><br />Katherine Jackson's legal team wants to do an extensive audit of late son's Michael Jackson's estate the matriarch's attorney, Perry Sanders, told RadarOnline.com exclusively.<br /><br />"My audit is being done to see the details of where the money is coming from and where it is going," Sanders told Radar. "The beneficiaries should be entitled to all detailed documentation so they can see what THEIR money is paying for."<br /><br />On July 19, Katherine's lawyers submitted legal docs asking for "production of supporting documents for account current," and the docs state, "Ms. Katherine Jackson...hereby requests that representatives John Branca, John McClain and counsel for the Estate of Michael Jackson produce for inspection and audit all supporting documents for the Second Account Current and Report of Status of Administration and Petition.."<br /><br />However, lawyers for Michael Jackson's Estate have several issues with Katherine Jackson's request, and said in their response, "John Branca and John McClain object to the Request to the extent that it is vague and ambiguous as to the phrase 'all supporting documents for the Second Account Current' in that the Request encompasses thousands of pages of documents which potentially support the Second Account Current...Responding Party (the executors) objects to the Request to the extent that it seeks highly confidential business and financial information...it will not produce such documents absent the entry of a stipulation and protective order governing, among other things, the access to and use highly confidential documents." Most of the contracts that the estate has entered into are sealed because they contain trade secrets and other privileged information, and this is routinely done to protect the best interests of the estate.<br /><br />As previously reported, Judge Mitchell Beckloff awarded co-guardianship of Michael's three children to Katherine and TJ Jackson on Wednesday after a string of bizarre incidents involving the 82-year-old grandmother/guardian, who was whisked away to an Arizona resort by her children and out of contact with the grandkids for 11 days.<br /><br />Almost all of the major contracts, business deals and other transactions have all been presented to Judge Beckloff by the executors, in order to be transparent with Michael Jackson's estate. The executors have requested that Michael Jackson's estate be handled in probate court for another year.<br /><br />In the three years since Michael's tragic death, the executors have wiped almost $475 million dollar in debt off the books that the pop singer had when he passed away. The estate has entered into lucrative business agreements with Pepsi, Cirque du Soleil and were instrumental in the wildly successful theatrical release of Michael Jackson's rehearsal footage, This Is It.<br /><br />Judge Mithcell Beckloff will weigh in on what documents if any, the estate will turn over to Katherine Jackson.<br /><br />

Comments

  • hesouttamylifehesouttamylife Posts: 5,393
    I posted that document somewhere on this forum because it seemed a whole lot of money was being ear marked to suit the executors needs exclusive of the Estate.  I’ll re-post it here:<br /><br />http://www.scribd.com/doc/101284813/MJ-Estate-Second-Accounting  I cannot seem to download it so if some knows how, please do.<br /><br />[ftp=ftp://www.scribd.com/doc/101284813/MJ-Estate-Second-Accounting"; style="margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block; text-decoration: underline;">MJ Estate Second Accounting</a><iframe class="scribd_iframe_embed" src="http://www.scribd.com/embeds/101284813/content?start_page=1&view_mode=scroll&access_key=key-18m533bq4ecmmzy4r3of"; data-auto-height="true" data-aspect-ratio="0.774683544303797" scrolling="no" id="doc_930" width="100%" height="600" frameborder="0"></iframe>]<a title="View MJ Estate Second Accounting on Scribd" href="http://www.scribd.com/doc/101284813/MJ-Estate-Second-Accounting"; style="margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block; text-decoration: underline;">MJ Estate Second Accounting</a><iframe class="scribd_iframe_embed" src="http://www.scribd.com/embeds/101284813/content?start_page=1&view_mode=scroll&access_key=key-18m533bq4ecmmzy4r3of"; data-auto-height="true" data-aspect-ratio="0.774683544303797" scrolling="no" id="doc_930" width="100%" height="600" frameborder="0"></iframe>[/ftp]
  • everlastinglove_MJeverlastinglove_MJ Posts: 2,884
    However, lawyers for Michael Jackson's Estate have several issues with Katherine Jackson's request
    <br /><br />I hope Perry Sanders wins the case and things will be clear for Katherine.<br /><br />Right now I'm confused :icon_e_confused: I don't feel to give the estate executors the benefit of the doubt, though http://vindicatemj.wordpress.com/2012/07/20/michael-jacksons-siblings-demand-estate-executors-resign-do-they-know-what-they-doing/<br /><br />Just wait and see how the truth will unfold..
  • MJonmindMJonmind Posts: 7,290
    If KJ can't have access to ALL of the Estate financial details,  then who can? The kids have no power yet. It seems a hopeless situation.  They keep emphasizing how many hundreds of millions Branca has made for the Estate, but it could be all the while he is siphoning off millions for himself and others and who's to know.  God help Michael...  I'll just 'keep watching'.
  • hesouttamylifehesouttamylife Posts: 5,393
    Trying to keep the faith, and praying that at the end of all of this Michael is still in charge.<br /><br />random-sexy-MJ-photos-michael-jackson-9047241-660-495.jpg<br /><br />How in the heck do you post a gff  :icon_e_confused:
  • marumjjmarumjj Posts: 1,027
    However, the link, I could only understand some points (this type of doc does not have the option to copy and paste to translate) not less than laws and laws in USA, but I feel good that KJ can not have a right to know the MJ's financial status, though Branca and McClain are the executors do not cease to be employees of the beneficiaries of the will, a large dark spot for me. I hope your comments to clarify my thoughts.  :WTF:
  • mindseyemindseye Posts: 980
    "However, lawyers for Michael Jackson's Estate have several issues with Katherine Jackson's request, .... <br />Most of the contracts that the estate has entered into are sealed because they contain trade secrets and other privileged information, and this is routinely done to protect the best interests of the estate."<br /><br />These two statements are interesting.  Maybe the family wants to show there's somebody working behind the scenes with the estate. <br />They've continued to create confusion with the custody and family contradictions. I think it has to do with the AEG.
  • MaryKMaryK Posts: 1,732
    So what I gather from most of your replies here (or on any other thread related to the Estate) is that many of you think that the Estate are the bad guys.<br /><br />Can I ask why you are so sure about that?
  • everlastinglove_MJeverlastinglove_MJ Posts: 2,884
    on 1345842666:
    <br />So what I gather from most of your replies here (or on any other thread related to the Estate) is that many of you think that the Estate are the bad guys.<br /><br />Can I ask why you are so sure about that?<br />
    <br /><br />I'm not sure if the executors of the Estate are bad guys and I refuse to assume that based on media reports. I can't deny that when I read about the Estate's issues on Katherine's request I got confused and had some doubts. Why would the Estate have issues? Because of the highly confidentional documents? I'd think the Estate should be at least cooperative at Katherine, because some documents and data could be significant for the AEG trial soon (Mindseye already mentioned the possible AEG connection). <br />We only read bits and pieces from the media, and although I question some things about the Estate, I'm neutral in this and as long as I'm not certain what's true I'll keep it that way.  :icon_neutral:<br /><br />I'll keep watching  :icon_e_geek: ->  :judge-smiley:
  • marumjjmarumjj Posts: 1,027
    on 1345842666:
    <br />So what I gather from most of your replies here (or on any other thread related to the Estate) is that many of you think that the Estate are the bad guys.<br /><br />Can I ask why you are so sure about that?<br />
    <br /><br />Maryk, in my opinion, I do not know if they are bad or not, they may be a little bad but just by the way they have taken the administration of the assets. While I recognize that the assets have been increasing.<br /><br />
    on 1345842289:
    <br />"However, lawyers for Michael Jackson's Estate have several issues with Katherine Jackson's request, .... <br />Most of the contracts that the estate has entered into are sealed because they contain trade secrets and other privileged information, and this is routinely done to protect the best interests of the estate."<br /><br />These two statements are interesting.  Maybe the family wants to show there's somebody working behind the scenes with the estate. <br />They've continued to create confusion with the custody and family contradictions. I think it has to do with the AEG.<br />
    <br />Still, I think KJ has a right to know, I just hope that these "secrets and proprietary information" has nothing to do with the diversion of money from the same unjustified or leaks. :animal0017:<br />
  • mindseyemindseye Posts: 980
    on 1345842666:
    <br />So what I gather from most of your replies here (or on any other thread related to the Estate) is that many of you think that the Estate are the bad guys.<br /><br />Can I ask why you are so sure about that?<br />
    <br /><br />Through all this I keep thinking of  Latoya’s statement: <br />“It’s like the movie the Illusionist and when I say that to you I say it because we’re all concentrating and focusing on this right hand.  We’re not paying attention to what this left hand is doing.  When we were in court, we were presented with the right hand.  The left hand is what was instrumental in getting rid of my brother”.<br /><br />First they sparked up controversy, feeding the media with drama – then family continues to stir up contradictions and conflict creating the appearance of chaos. We have the illusion that the family is splitting up – making  them look vulnerable.  Now it looks like the estate is also contradicting themselves along with the family. <br /><br />At first I thought the family was trying to confuse the estate so they or executors would make a wrong move or mistake… but I don’t believe Branca is a bad guy. My wild theory is that maybe the estate is involved with the bad guys because MJ had ties with them prior to his death, and was aware of their plans, threats, so then Branca was rehired knowing the history.  <br />Katherine is going to trial with AEG…. So maybe at the same time they are trying to get the estate into the courts? This would reveal the shady dealings controlling the estate. And then it makes sense to have one family member as co-guardian instead of the executors. <br /><br />If there really was a murder planned, and threats, they're still doing it to the family. It makes sense that this hoax is to set them up - also for the truth...wrongs righted.  They somehow need to get it into the courts to reveal the injustice, lies, manipulation. <br />
  • 2good2btrue2good2btrue Posts: 4,210
    There's $4,282,043.60 and $113,839.92 and $700,227.37 reasons why....Compensation to the Weitzman firm.  This is not including all the other millions that have been paid out to "so called" debtors.  Whose to say those "supposed" debts were not fabricated????  Or that these other leeches are actually working with the estate executors???<br /><br />Do any of you really believe Michael was in so much debt before he escaped???<br /><br /><br />estate.jpg
  • paula-cpaula-c Posts: 7,221
    on 1345842666:
    <br />So what I gather from most of your replies here (or on any other thread related to the Estate) is that many of you think that the Estate are the bad guys.<br /><br />Can I ask why you are so sure about that?<br />
    <br /><br /><br /><br />People have doubts for what the  antecedent of Branca are not the best :icon_e_wink:
  • AndreaAndrea Posts: 3,787
    I've always thought that Branca must know, that there's no way he couldn't.  I also think he's been working for MJ this whole time.  I've given Branca the side-eye as well but I'm more inclined to think he's in on it.  It would have to be a major huge sting if he's not in on it and I think he's too smart to not know about that or get himself trapped.  But what do I know.
  • marumjjmarumjj Posts: 1,027
    on 1345863565:
    <br />I've always thought that Branca must know, that there's no way he couldn't.  I also think he's been working for MJ this whole time.  I've given Branca the side-eye as well but I'm more inclined to think he's in on it.  It would have to be a major huge sting if he's not in on it and I think he's too smart to not know about that or get himself trapped.  But what do I know.<br />
    <br /><br />I agree with you, but it seems weird to trust Branca, after MJ proven a money drain, fired, rehired a week before 25-6. Why MJ, trust his plan to Branca? :confused:
  • hesouttamylifehesouttamylife Posts: 5,393
    What concerns me is that most people of Michael’s financial standing will aways update their wills upon some major change in their lives.  The 2005 trial was definitely a major change in Michael’s life.  His address changed, his circumstances changed, his lifestyle changed completely.  Certainly if not at any other time, he would have made some adjustments to his will. I cannot fathom that he didn’t because that’s human nature.  But besides that, being that Branca still had in his possession Michael’s “original” will which he wouldn’t have had he turned it back over to Michael when he was fired; the still unanswered question about the date the will was signed; and the validity of the claim that he had a re-hire letter from Michael keeps John Branca in my mind on the list of questionable characters.  I don’t and never have trusted him.  He is snide and in my opinion very tricky.  Not to mention his law firm he put on the Estate’s payroll.  Jesus Christ  :computer-losy-smiley:
  • guestforthedayguestfortheday Posts: 29
    "(the executors) objects to the Request to the extent that it seeks highly confidential business and financial information...it will not produce such documents absent the entry of a stipulation and protective order governing, among other things, the access to and use highly confidential documents." Most of the contracts that the estate has entered into are sealed because they contain trade secrets and other privileged information, and this is routinely done to protect the best interests of the estate."<br /><br />Contract contains trade secret..... Hmmm, does not make sense because trade secret is an information of specific techniques, formulas, process of business that is being kept in secret from anyone in the world. It cannot be discussed or included in the contract. Trade secret is a key of financial sucess of the business over its competitors. COntract only includes terms and condition of trade agreement, such as: I do this...., you do that...., and money will this much, if this and that conditions are met. Agreed....signed. That is all.<br />That said, it is an excuse Estate makes not to give those document to Katherine. Does it make them bad or good guys? I don't know. As a one of the beneficiaries in th  will, KJ has a right to know. It's just interesting why all of a sudden she is now interested in money transactions, not from the beginning. <br />
  • MJonmindMJonmind Posts: 7,290
    Yes, to me that statement of Branca, is a red flag.  Or like waving a red flag in front of a bull, metaphorically the Jackson family.  Now for sure everyone should be suspicious if KJ is told she CAN'T look at the will, no matter what mumbo-jumbo heavy-sounding excuse.  I think things are slowly going to heat up.
  • hesouttamylifehesouttamylife Posts: 5,393
    Here is a brief question & answer session executed exactly one year from Michael’s “death” with Weitzman.  He is definitely sure of himself & what he can do for Michael’s money since he didn’t live long enough to do it himself  :Pulling_hair:<br /><br />http://reporter.blogs.com/thresq/2010/06/michael-jackson-estate-lawyer.html<br /><br />Q&A: HOWARD WEITZMAN, LAWYER FOR MICHAEL JACKSON ESTATE<br /><br />Fri Jun 25, 2010 @ 10:30AM PST<br />By Eriq Gardner<br /><br />Pop superstar Michael Jackson died a year ago today. In life, Jackson was involved in a startling number of lawsuits and had a penchant for switching attorneys at every turn. These days, his estate continues to attract enormous legal interest. <br /><br />Attorney John Branca and music executive John McClain are the executors of the estate, but the primary responsibility for handling legal actions has fallen to Howard Weitzman, one of the few Hollyood lawyers equally comfortable with deals and lawsuits. He's been dealing with a range of issues, from copyright concerns over Jackson's posthumous songs to charities trying to leverage Jackson's name without authority to allegedly misleading documentaries and battles over control of the estate. Then, of course, there's the bizarre stuff.<br /><br />We caught up with Weitzman in preparation for our forthcoming Power Lawyers issue.<br /><br />Q: He's been gone a year but Michael Jackson must be keeping you very busy.<br /><br />Weitzman: It's been a real roller coaster ride. You have issues on the business front like the "This Is It" film with Sony and the Cirque du Soleil (shows). The transactional issues are mostly handled by Branca, but because of my unique position, I have the opportunity to look at and review these deals. That said, I'm mostly involved on the litigation front, from helping make decisions to pay certain claims from creditors that are meritorious to dealing with the challenges of the appointment of the executors. There's continuing challenges dealing with the Jackson family and we want to make sure the beneficiaries Katherine and the children are treated appropriately. <br /><br /><br /> Q: There were a lot of creditors hounding Jackson at the time of his death. What's the status there?<br /><br />Weitzman: A lot of claims we've been able to resolve because they were less than meritorious. Some claims were accepted and paid out. Others may end up at trial. I do expect more lawsuits to be filed in the future because Michael was and still is a big target.<br /><br /><br />Q: What are some of the strangest claims against the Jackson estate?<br /><br />Weitzman: Wow, not a week goes by where something strange doesn't happen. There are consistent claims by people claiming to be Michael's wife or child. One lady from the Netherlands kept insisting that she was his daughter. You have to take them seriously when they file claims. There was one woman who claimed $5 million because she wanted to mentor his kids. She insisted she be given a house. She even filed a petition to adopt the children!<br /><br />Q: How do you handle these situations?<br /><br />Weitzman: I try not to be rude. I just firmly have to tell them we don't think your claim is meritorious and don't think it would be in your interest to pursue this further. Most of the time it goes away. Of course, some matters just keep coming up, like that lady who says she was the basis for the song "Billie Jean." She's filed numerous times. Sometimes, you just have to laugh. It's amazing what some people are claiming.<br /><br /><br />Here’s another little tidbit executed on July 6, 2009:<br /><br />This is a rush transcript from "On the Record," July 6, 2009. This copy may not be in its final form and may be updated.<br /><br />http://www.foxnews.com/story/0,2933,530342,00.html<br /><br />GRETA VAN SUSTEREN, FOX NEWS HOST: When the dust settles, there could be so much money, hundreds of millions of dollars if the right people and handle Michael Jackson's estate the right way.  A few hours ago, a judge ruled in favor of the executors listed in Jackson's 2002 will. We spoke to Howard Weitzman, lawyer for the Jackson estate executors.<br /><br />(BEGIN VIDEOTAPE)<br /><br />VAN SUSTEREN: Who are the two co-executors?<br /><br />HOWARD WEITZMAN, ATTORNEY FOR CO-EXECUTORS OF MICHAEL JACKSON'S ESTATE: John Branca, John McClain. John Branca is one of the world's most recognizable music attorneys, John McClain a childhood friend of Michael Jackson's, a very well respected and known music executive. Two really skilled, experienced individuals.<br /><br />VAN SUSTEREN: Have they ever been executors of will before? That's a prerequisite, I'm just curious.<br /><br />WEITZMAN: To my knowledge, they have not been, although John Branca has administered a number of estates of recognizable people, whether it's the Presley estate, the Doors, Janis Joplin. They both (ph) have experience in dealing with probate courts and the administration of estates.<br /><br />VAN SUSTEREN: The actual business of running this estate could be immensely complicated.<br /><br />WEITZMAN: It will be. Myself and Joel Katz and two attorneys representing McClain and Branca are assembling a team of lawyers to look after the various aspects of Michael's opportunities.<br /><br />VAN SUSTEREN: It seems to me that has value -- this is a terrible thing to say, but much greater in death than in life.<br /><br />WEITZMAN: Here's what I think. If he had lived, and was able to go back out on tour, then you'll see at some point I think of video, just a reversal of the tour that was expected, and he could continue that for a number of years, I almost think the opportunities would have been unlimited, because he sold out instantly and would have continued to sell out arenas all over the world. That didn't happen. Because it didn't happen and he never had that opportunity, I agree with you. I think the assets, the music, the video, the publishing, will increase tremendously because of his death. People want to continue to remember him and his legacy.<br /><br />VAN SUSTEREN: The most similar situation I can think of probably is Elvis Presley's death. When Elvis Presley died, Graceland was not Graceland. Elvis Presley did not have a perfect balance sheet at the time. And then, of course, with very effective handling of the estate, it became a million-dollar industry.<br /><br />WEITZMAN: We think the opportunities could be even greater than what was recognized and realized in the Presley estate.<br /><br />VAN SUSTEREN: Now in terms of Neverland, hypothetically, so that people understand it, whether that could ever be anything like a Graceland, those business decisions will now be made by the executors. Is that correct?<br /><br />WEITZMAN: Yes. They will be made by John Branca and John McClain.<br /><br />VAN SUSTEREN: And in terms of the people who take under the will, it has been reported that his mother, his children, and some terrible organization? :WTF: What organization are they referring to?<br /><br />WEITZMAN: Thousand percent correct. The will designates three beneficiaries specifically, children's charities, which have yet to be designated, but we have an idea what Michael would have liked, and in due course, we'll implement those opportunities -- the children, and Katherine Jackson.<br /><br />VAN SUSTEREN: To people who have never had to go through states, what these two co-executors, they actually step into the shoes of Michael Jackson, right?<br /><br />WEITZMAN: That's right.<br /><br />VAN SUSTEREN: They made all the decisions on the catalog, on Graceland, how to handle disbursements to the children.<br /><br />WEITZMAN: That's right. They step into Michael's shoes. They have advisers, much like Michael did, although in some cases, because of their expertise, they won't need to hire experts.  But we intend to put together a team of people that will marshal the assets, expand the opportunities, and, we think, create a legacy not just for the beneficiaries, but for the millions and millions of fans worldwide.<br />(END VIDEOTAPE)<br /><br /><br /><br />Content and Programming Copyright 2009 FOX News Network, LLC. ALL RIGHTS RESERVED. Transcription Copyright 2009 CQ Transcriptions, LLC, which takes sole responsibility for the accuracy of the transcription. ALL RIGHTS RESERVED. No license is granted to the user of this material except for the user's personal or internal use and, in such case, only one copy may be printed, nor shall user use any material for commercial purposes or in any fashion that may infringe upon FOX News Network, LLC'S and CQ Transcriptions, LLC's copyrights or other proprietary rights or interests in the material. This is not a legal transcript for purposes of litigation.<br /><br /><br /><br />I don’t like the reference to stepping into Michael’s shoes.  And if they have all this expertise, then why are they still hiring people.  I need to read that report again.  And finally, since so many of these so called litigations have been “quashed”, what debts are they paying off to the tune of 475 million?  I am not an accountant or attorney so those with the expertise in these things please open my eyes  :icon_e_confused:<br /><br />Read more: http://www.foxnews.com/story/0,2933,530342,00.html#ixzz24aC405xd<br /><br />
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