MJ Estate teams up with Yonder & Beyond to create US-based social media application PlayMeet

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[h=1]Tech firm linked with Michael Jackson[/h]
  • 15 hours ago April 01, 2015 4:21PM




AN Australian technology investment company has bought a stake in a new American social media app linked with Michael Jackson's estate.

YONDER and Beyond, which listed locally in February, is buying 10 per cent of PlayMeet, which will connect users who share similar musical tastes, whether it's Kylie Minogue, Elvis Presley or One Direction.
"Tinder for music is the best way to explain it," chief executive Shashi Fernando told AAP, comparing it to a popular dating app. "If you're playing a lot of Kylie underneath, it will also know that and match you to different groups of people that you can interact with." PlayMeet launched as a Sony joint venture 2013 but it won't go live in Australia and the US until May. It has been likened to the era of cassettes, when friends shared personal mix tapes with each other. "That whole ability to share and work with each other to create stuff for each other is not there anymore so PlayMeet plays into that," Mr Fernando said. Renowned music producer John McClain, an executor of Michael Jackson's estate who has previously worked with Janet Jackson and Justin Timberlake, helped create PlayMeet. Yonder and Beyond is acquiring a 10 per cent interest in the app for $US1 million, staged over two $US500,000 transactions. Yonder is based in London, with offices in Perth and Los Angeles. It joined the Australian Securities Exchange by taking over shell company Quintessential Resources, which had been a Papua New Guinea gold miner. Yonder and Beyond shares fell two cents to 18 cents.

http://www.news.com.au/finance/busi...-michael-jackson/story-e6frfkur-1227287883521
 
Sounds interesting. Looking forward to finding out more.
 
So as I understand it, it's Grindr for people with similar tastes in music.

I don't know if this will get a lot of traction or not...
Or why the estate, let alone any artist/label, would have an interest in this.
 
Renowned music producer John McClain, an executor of Michael Jackson's estate who has previously worked with Janet Jackson and Justin Timberlake, helped create PlayMeet.

The Estate has enough funding to invest in Mclain's ideas that has absolutely NOTHING to do with Michael Jackson but, not enough to retain Michael's assets like NL?

I am not interested in this venture and I am not supportive of Estate funding being used in this manner.
 
^

I have no interest in this either (given it's timing I'm not even sure if this is legit) but surely you know that creating an app is a lot lot lot cheaper than NL. Anf if successful an app has the possibility of bringing profits. so it's a comparison of apples to oranges imo.
 
Ivy, I truly hope this is an April Fool's post for the sake of the beneficiaries. I see no purpose in discussing the possible profits of an application. First and foremost, this investment of Estate funds has nothing to do with Michael which makes it unacceptable.
 
Seeing this is MJ kids estate who own and will run it one day makes since that this is a teen type of project I liked it just for MJ kids sake. Seems like a rebuff on tidal,lol free share!
 
Seeing this is MJ kids estate who own and will run it one day makes since that this is a teen type of project I liked it just for MJ kids sake. Seems like a rebuff on tidal,lol free share!

If this venture is true, it is a conflict of interest.

Mclain is well compensated as a co-executor. His funding for that role should be pooled with (correction) JMPM Properties to support his venture; NOT the funding of the MJ Estate as this has nothing to do with Michael.
 
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MJ himself has invested in Internet stuff while he was alive, it's business. I hope this is successful (if it's true).....it's music oriented too, so not totally unrelated I guess.
 
MJ himself has invested in Internet stuff while he was alive, it's business. I hope this is successful (if it's true).....it's music oriented too, so not totally unrelated I guess.

Michael invested his own funds. Mclain is investing MJ Estate funding for his own idea which is a conflict of interest.

I truly hope this is not true.

Adding: the possible success of an application is ridiculously small compared to the generational wealth a 2700-acre property offers. The focus here is the conflict of interest if this is indeed true.
 
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his home and land is not lucrative as it is. It should be sold and done with whatever the next person(s) wish.
His legacy isn't defined by a place where he slept or kept a zoo.
 
Michael invested his own funds. Mclain is investing MJ Estate funding for his own idea which is a conflict of interest.

I truly hope this is not true.

Adding: the possible success of an application is ridiculously small compared to the generational wealth a 2700-acre property offers. The focus here is the conflict of interest if this is indeed true.

I don't see how it's a conflict of interest. MJ left the executors to act on his behalf, so they invested in an Internet business. Would it be different if McClain wasn't involved in the creation of this app?

Also, don't they have to get approval from the court for these things? If so, the judge probably approved it.
 
Serendipity, I was waiting for an Estate statement stating this is not true and based on the correction tweet from Y&B, it is.

It is a conflict of interest that a business venture that a co-executor’s helped to create is being funded with Estate funds. Mclain should have sought other funding not Estate funding for his business venture with (correction) JMPM Properties. Michael’s only link to this venture is the funding through his Estate. Provided this venture succeeds, Mclain would receive his executor compensation which would include a percentage of the any profit from this venture and whatever portion of profits he will receive from this venture as a co-creator. I do not know if the probate judge has to approve this use of funding or not. Provided he did, it would not make it any less questionable.

AtlasAir;4084205 said:
his home and land is not lucrative as it is.

Please submit proof that the value of 2700-acres of land has diminished.

ExoticPrincess;4084275 said:
So that clears that up then.

How so? Mclain is the Estate representative who developed PlayMeet with the use of Estate funding. Y&B never had a partnership with the Estate; they are investors in the venture at 10%. They are only correcting the "collaboration with the Estate of MJ" bullet point.
 
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^^
IMO no collaboration with MJ Estate means no Estate funding. Actually there has never been any statement that this was funded by Estate or any other person. Their clarification to me makes it clear that this has nothing to do with MJ Estate and it's an individual project of McClain.
 
Ivy, do not twist the correction. Y&B has brought a 10% share in this venture (they state that costs $1M in their press release) and are guaranteed $25K/month to manage and administer the technology behind this venture. They are ONLY correcting the bullet point that they are in a collaboration with MJ Estate.

Who would you suggest funded the other $9M in this venture between Estate/JMPM Properties? Are you suggesting the latter funded the project solely and their partner in the venture, MJ Estate, can conveniently collect profits with no monies owed to their partner?
 
^^
IMO no collaboration with MJ Estate means no Estate funding. Actually there has never been any statement that this was funded by Estate or any other person. Their clarification to me makes it clear that this has nothing to do with MJ Estate and it's an individual project of McClain.
Thank you. I started to think I was really dense-no where in that press release (I've read it a few times now) did I see where they said the Estate invested in this in any way-so I wasn't understanding the argument. :( Unless it was the part that said Sony started it as a joint venture.

I wouldn't think that is the same as the Estate. The press release mentioned John McClain, himself, and that was it. I'm confused-I'll go back and read it again.

Personally, I think it's an idiotic idea, but I didn't "share cassettes" with people back in the day, either.
 
Thank you. I started to think I was really dense-no where in that press release (I've read it a few times now) did I see where they said the Estate invested in this in any way-so I wasn't understanding the argument. :( Unless it was the part that said Sony started it as a joint venture.

I wouldn't think that is the same as the Estate. The press release mentioned John McClain, himself, and that was it. I'm confused-I'll go back and read it again.

The MJ Estate was mentioned several times. It is a partnership between Estate/JMPM Properties. The tweet is correcting Y&B stating they were partners as well; they are only investors and administrators to the venture. It is Estate/JMPM only not Estate/JMPM/Y&B.
 
They are ONLY correcting the bullet point that they are in a collaboration with MJ Estate.

yes and I assumed that would have made you happy given that it's clarified that this is not an Estate project.

Who would you suggest funded the other $9M in this venture between Estate/JMPM Properties? Are you suggesting the latter funded the project solely and their partner in the venture, MJ Estate, can conveniently collect profits with no monies owed to their partner?

First of all not an Estate venture. They clarified that. JPPM never claimed partnership with Estate. Secondly there has been no claim that Estate would collect profits. So it's not a venture between them and Estate and Estate has no obligation towards that other $9 Million.

As for the rest this could be JMPM project with McClain being hired / paid for his experience and developing the app. Or this could be a partnership between McClain and JMPM and Mcclain providing some funding from his pocket. we wouldn't know for certain.

Overall there's no proof, no claim or reason that Estate would provide funding and/or receive profits, especially after it is clarified that this is not a partnership with Estate.

did I see where they said the Estate invested in this in any way

they didn't say such thing. It was an assumption done here. They initially claimed partnership with Estate and the assumption was that Estate would be involved in funding and profit sharing. Given they clarified that there's no partnership with Estate, that assumption is now moot.

The press release mentioned John McClain, himself, and that was it.

yes and the clarification made it clear that this is a McClain project and not Estate project. Most probably this foreign company wasn't clear about the difference between McClain personally or MJ Estate.
 
The MJ Estate was mentioned several times. It is a partnership between Estate/JMPM Properties. The tweet is correcting Y&B stating they were partners as well; they are only investors and administrators to the venture. It is Estate/JMPM only not Estate/JMPM/Y&B.

We are clearly understanding the press release and the following clarification differently.

first of all JMPM has not released a statement or claimed partnership with MJ Estate. The only statement came from Y&B. And actually not in their press release but in their tweet they claimed partnership with Estate which they later clarified to be not true. Neither JMPM nor Estate announced or confirmed such partnership.

The J&B press release itself says the project is "co -investment with JMPM" which is clarifying the funding is done by JMPM and J&B. Estate only referred to in regard to creation of the app as "collaboration with Estate of MJ" or "app linked with MJ Estate" which with the clarification explained as only McClain and he "helped create" the app.

So I understand this as an partnership between JMPM and J&B with collaboration with McClain (as an individual) who helped create the app. so nothing to do with MJ Estate per my understanding.
 
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yes and I assumed that would have made you happy given that it's clarified that this is not an Estate project.

Interesting response. I would assume you would prefer there not be a conflict as well as that has negative connotation for the Estate.

Ivy, are we reading the same press release? PlayMeet is collaboration between JMPM Properties and MJ Estate. Y&B have a 10% stake in that collaboration. This is in the press release I read in the first post. Y&B is not a part of the collaboration that is only between JMPM and MJ Estate which is what the tweet refers to. They will administer and maintain the technology for the mobile application that was co-created by Mclain, a representative of the MJ Estate.

As for the rest this could be JMPM project with McClain being hired / paid for his experience and developing the app. Or this could be a partnership between McClain and JMPM and Mcclain providing some funding from his pocket. we wouldn't know for certain.

Overall there's no proof, no claim or reason that Estate would provide funding and/or receive profits, especially after it is clarified that this is not a partnership with Estate.

The above is your speculation of the collaboration between JMPM and MJ Estate. Why the need to speculate against what is said in the crystal-clear press release? How/Why are you suggesting this is not an Estate project/venture as per the press release? Could it be the conflict of interest the collaboration poses? Who clarified this is not an Estate venture and where? Do you believe a full page press release can be corrected in an 140-character or less tweet? Indeed.

they didn't say such thing. It was an assumption done here. They initially claimed partnership with Estate and the assumption was that Estate would be involved in funding and profit sharing. Given they clarified that there's no partnership with Estate, that assumption is now moot.

yes and the clarification made it clear that this is a McClain project and not Estate project. Most probably this foreign company wasn't clear about the difference between McClain personally or MJ Estate.

That is NOT true. The collaboration is between JMPM and MJ Estate of which neither has commented about what their partnership entails. The Y&B tweet only corrects that Y&B are not in a collaboration with MJ Estate. It did not correct the JMPM/MJ Estate collaboration.

And actually not in their press release but in their tweet they claimed partnership with Estate which they later clarified to be not true

The claim was in the press release in the first post.

Neither JMPM nor Estate announced or confirmed such partnership.

Nor denied such partnership.

The J&B press release itself says the project is "co -investment with JMPM" which is clarifying the funding is done by JMPM and J&B.

Y&B invested 10% so you are suggesting JMPM invested the remaining 90%. If that is true, then there would be no collaboration between MJ Estate and JMPM. As you stated before, there has been no comment from JMPM and/or MJ Estate.

The MJ Estate often releases statements quickly to defend itself. I have not seen a statement clarifying there is no partnership between JMPM and MJ Estate and that the MJ Estate did not fund this venture. When that happens, we will have confirmation there is no conflict of interest for Mclain and there will be no need to have conflicting interpretations of a press release and a tweet.
 
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As I said we clearly read/ understand it differently, I already explained my take of the situation. As far as I'm concerned this is "turns out it got nothing to do with Estate, don't care about what McClain does as an individual, couldn't care less about this app" situation for me. You are free to believe whatever you choose to believe.
 
Ivy, I believe what I read. Let us see if the MJ Estate will confirm or deny Y&B's press release which will confirm or deny a conflict of interest.
 
^^

I'm not quite sure what you define as a "conflict of interest" either. Trust allows Estate to do investments and there's no requirement that the such investment needs to be MJ related and/or MJ approved and/or what MJ would have done and so on. So I don't see any problems with any investments either. but again you are free to believe what you want to believe.
 


The opening post of this thread said it's "a collaboration with the estate of Michael Jackson." The above quote says it is not, but IS a collaboration with representatives of the estate, i.e executors? So either the executors have engaged with this investment on behalf of the estate (to grow the estate from the proceeds), or they have invested privately and just happen to be executors of the estate? And if this is a private investment, as individuals, then why mention the estate at all?

It is expected that the executors will invest estate funds (their choice as to how and where) to benefit, i.e. "grow" the estate for the heirs. Those investments may or may not capitalize on Michael Jackson, the BRAND. The executors are also free to invest their own money for their own benefit. This seems very tangled. . . . .
 
Ivy, I explained the conflict in a previous post.

Let us simply wait for the MJ Estate's statement regarding this provided there will be a statement. In my view, it would be beneficial for the Estate to clarify their position in this venture.
 
if this is a private investment, as individuals, then why mention the estate at all?

either a honest mistake and not understanding the difference between executors as individuals and executors as executors of the MJ estate. or deliberate mention of MJ name to bring attention to the company.
 
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