Michael Jackson’s Money Man Also Has Sony/ATV Side Gig

[CherubimII]

Michael Jackson’s Money Man Also Has Sony/ATV Side Gig

By Claire Atkinson

April 17, 2015 | 11:04pm

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Michael JacksonPhoto: AP

http://nypost.com/2015/04/17/michael-jacksons-money-man-also-has-sonyatv-side-gig/


The man who holds the purse strings to Michael Jackson’s estate has also managed to carve out a lucrative side gig at the late singer’s music publishing company.

John Branca, a top entertainment lawyer and one of two executors for Jackson’s estate, sits on the board of Sony/ATV, which owns the bulk of the singer’s song catalog.

He also has landed a role as a senior adviser to parent Sony. His salary, which started at $500,000 in 2014, is set to rise to $1 million next year, according to emails leaked by Sony hackers.

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John BrancaPhoto: Ramey Photo

Several sources tell The Post that Branca has sought a top role at Sony/ATV, which is run by CEO Martin Bandier, for some time but that Sony offered alternative arrangements instead.

His dual roles as a paid adviser to the Sony/ATV board of which he is also a member led to some handwringing within the company, according to the emails that came to light this week on WikiLeaks.
Top Sony executive Nicole Seligman scratched her head trying to figure out to whom Branca should report without ruffling feathers.
She wrote in one email: “Bandier is awkward because Branca is on the Board (as is Bandier), the Board is awkward because he is on it, so why pay him to advise it?”

The fact that Branca wears more than one hat is also raising some questions among outside observers.
Branca, along with co-executor John McClain, is tasked with assuring the financial future of Jackson’s three children — with much of their income derived from the Gloved One’s song catalog.

Sony/ATV is co-owned by Jackson’s estate and Sony. The music venture has been expanding, including teaming with an investor consortium to acquire the publishing assets of EMI in 2012.

“It’s a serious conflict of interest,” said one person, referring to Branca’s two hats working for the kids and the company. “How can he be taking money from the asset that the kids own 50 percent of?”

Branca was said to be overseas and unreachable. His lawyer, Joel Katz, declined to comment.

But Branca’s supporters say he is only looking out for the Jackson family’s interests by getting even closer to their profit source. As a consultant to Sony, he can help maximize the value of the music assets, such as advising on the purchase of new catalogs.
Branca is one of the top lawyers in the field of music and is a partner in the law firm Ziffren Brittenham. He has represented the likes of The Beach Boys, The Doors and Berry Gordy, among others.

In his consulting role, Branca will provide “legal advice on matters related to music publishing, artist development and relationships, and other matters of importance,” according to the emails.

http://nypost.com/2015/04/17/michael-jacksons-money-man-also-has-sonyatv-side-gig/

 

[Bubs]

Whats this is all about?
Since Sony/ATV beginnings, there has always been someone from MJ's camp sitting on board, for example Dileo, Raymone, Tohme and even Branca previously.
I think it is only right to have someone from MJ's camp on the board so it is not just Sony who gets all the benefits of it. I'm sure once the kids grows up, one or more of them will be sitting on board.


“It’s a serious conflict of interest,” said one person, referring to Branca’s two hats working for the kids and the company. “How can he be taking money from the asset that the kids own 50 percent of?”

Is that Taaj Malik:smilerolleyes:

 

[HIStory]

Is that Taaj Malik:smilerolleyes:

Actually I can imagine the New York Post took this from fan boards. I have seen these discussions by anti-Estate fans on certain boards. Slow news day it seems and I guess Stacy Brown too is on a vacation, if the New York Post has to rehash fan board discussions as "news".

 

[Bubs]

I know there are various posts from TM in LSA (if thats what you mean?) and it wouldn't be first time when she is pestering tabloids for her anti-estate "scoops"

 

[HIStory]

I know there are various posts from TM in LSA (if thats what you mean?) and it wouldn't be first time when she is pestering tabloids for her anti-estate "scoops"

There is a poster on LSA who calls himself truth78 and he is spamming the forum with this stuff for weeks now. I don't think it's Taaj Malik. Apparently it's a male.

 

[marc_vivien]

Its the b__marco guy

 

[ivy]

Whats this is all about?
Since Sony/ATV beginnings, there has always been someone from MJ's camp sitting on board, for example Dileo, Raymone, Tohme and even Branca previously.
I think it is only right to have someone from MJ's camp on the board so it is not just Sony who gets all the benefits of it. I'm sure once the kids grows up, one or more of them will be sitting on board.

He is on the board of directors but apparently he also got an advisory job

 

[Tygger]

Anyone who has read Sony’s email leaks would know the consultant/adviser role Branca requested at the surprise of Sony is described incorrectly in this article.

 

[LindavG]

He is on the board of directors but apparently he also got an advisory job

And how does this negatively affect the Estate?

 

[ivy]

And how does this negatively affect the Estate?

it doesn't. depending on your perceptions you can see it as a possible conflict of interest or not.

 

[barbee0715]

Did they call him a bad name instead of an adviser? I wouldn't be surprised-I read a few of them this morning (not digging through them, it was posted on the Associated Press) where they disparaged Bruce Jenner and some other people. These execs are something else.

I do see where an advisory position would be a conflict of interest with the board itself. But I'm glad he's a board member-I would want someone looking out for one of the Estate's most valuable assets. And his past successes in Entertainment Law speak for themselves. Glad it was done in the past and glad it's done now.

 

[Autumn II]

He is on the board of directors but apparently he also got an advisory job

Whether or not this is a conflict of interest depends on how Sony has structured its board of directors. Some boards are advisory and only use membership from outside the company for oversight (i.e. not paid employees, although they may be shareholders.). Some boards do have authority over hirings/firings, salary, etc., in which case the dual role could be a conflict. I don't see a conflict with the estate, though, because the goal would be the same -- to preserve and increase the revenue stream (Branca gets a percentage of the earnings of the estate, so he has a vested interest to see that Sony does well, for the estate, for the heirs, and for his own revenue.)

 

[ivy]

..

Here's the source email : https://wikileaks.org/sony/emails/emailid/139814

 

[barbee0715]

^^ok thank you both for the info and for the link. I read the link on my phone.

What I read made it sound like a conflict due to reporting to a 3 person team, including a member of the Estate. Well that's him or McLain. When I get to a PC I will try to look further. Thank you.

 

[Autumn II]

Here's the source email : https://wikileaks.org/sony/emails/emailid/139814

Thank you! Now THAT is very useful, as a "primary source." (and oops about the leakage? Sony's problem, obviously.) Whether or not it was/is a conflict-of-interest is an internal matter for Sony to sort out, but I can't see how it would affect or in any way compromise his duties to the estate.

 

[ivy]

but I can't see how it would affect or in any way compromise his duties to the estate.

me neither. he advises sony/atv, sony/atv makes money - sony makes money, estate makes money, he makes money. I guess some see the double position as a possible conflict of interest.

 

[Tygger]

^^ok thank you both for the info and for the link. I read the link on my phone.

What I read made it sound like a conflict due to reporting to a 3 person team, including a member of the Estate. Well that's him or McLain. When I get to a PC I will try to look further. Thank you.

Barbee0715, I would like to know what you discover regarding the consultant role Branca requested to Sony’s surprise if you (or others here) do look further into this. The conflict appears in the consultant role he requested, not his role as a member of the Sony/ATV board.

Should prove to be an interesting discussion at that time.

 

[barbee0715]

^ok. I'm on wiki leaks now, actually. So far I'm finding memos about terms, bonuses, expenses. Nothing about the job itself.

If I (or anyone else find something maybe we can start a separate thread in the Trials section.)

 

[Autumn II]

Branca is an entertainment lawyer. That he would consult for Sony, makes sense. That he would be asked to be on the Sony board of directors, also makes sense. The estate has a huge interest there, so the financial health of Sony benefits the estate. Whether or not it's a conflict depends on Sony policies about the dual role.

 

[Victory22]

LOL! You know Taaj has her mouth all over this! :cheeky:

 

[barbee0715]

Branca is an entertainment lawyer. That he would consult for Sony, makes sense. That he would be asked to be on the Sony board of directors, also makes sense. The estate has a huge interest there, so the financial health of Sony benefits the estate. Whether or not it's a conflict depends on Sony policies about the dual role.

And I would think they wouldn't hire him if it was against their policies. Again, I'm glad he's on the board to protect the assets. And to guide and advise them with new investment opportunities.

He's one of the very best entertainment lawyers ever-he brokered the deal for the Rodgers and Hammerstein Estates ' catalog a few years ago, the only time the Estate didn't make it in the top highest earners that year.

 

[Autumn II]

And I would think they wouldn't hire him if it was against their policies. Again, I'm glad he's on the board to protect the assets. And to guide and advise them with new investment opportunities.

He's one of the very best entertainment lawyers ever-he brokered the deal for the Rogers and Hammerstein Estates ' catalog a few years ago, the only time the Estate didn't make it in the top highest earners that year.

Based on the link Ivy provided, from leaked Sony email, these seems like an internal dispute at Sony having to do with personalities? That he would have either position is reasonable, but maybe policies aren't clear on someone having both those roles?

I'd say -- the world may, indeed, abound with "conspiracies," but this really doesn't seem to be one of them (and trying to make something out of essentially -- nothing -- still produces nothing).

 

[Annita]

He's one of the very best entertainment lawyers ever-he brokered the deal for the Rogers and Hammerstein Estates ' catalog a few years ago, the only time the Estate didn't make it in the top highest earners that year.

When I remember correct there were 2 timmes Michael was not on the top.

2009, Yves Saint Laurent-Estate sold the assests

and the year E. Taylor died becuause of selling her jewelery-collection

 

[barbee0715]

^yes-I remember that too. I need to try and see if I can find where they fell. I'm remembering as #1 but that must be wrong.
I was just shocked that the Rodgers and Hammerstein families sold it. They're super protective.

 

[barbee0715]

Found it-2009: (Oct 1, 2008-Oct1, 2009)
1. YSL
2. R&H
3. Michael

The only deal for Michael at that time was TII. Didn't really count yet -it hadn't time to even hit theaters.

So he made #3 just on the Sony deal for TII and all the sales of his back catalog.

 

[Tygger]

Whether or not it's a conflict depends on Sony policies about the dual role.

No. The conflict depends on the roles and responsibilities of the consultant role and how that role affects an executor's fiduciary duty.

 

[Autumn II]

No. The conflict depends on the roles and responsibilities of the consultant role and how that role affects an executor's fiduciary duty.

The role of executor is to preserve and grow the estate. Sony investments are a large part of the estate. The role of a consultant is to advise Sony, to their financial advantage. The roles are congruent. The better Sony does, the better the estate does. Not only is it not a conflict, but it is to the advantage of the estate to have Branca involved with Sony strategies. They are not at cross-purposes, and I don't see any way it would NOT be of mutual advantage.

(edit) If Branca were consulting for a company where the estate was not involved, I could see that could be a time-constraint to fiduciary duties. But that is not the case here.

 

[Tygger]

Not only is it not a conflict, but it is to the advantage of the estate to have Branca involved with Sony strategies. They are not at cross-purposes, and I don't see any way it would NOT be of mutual advantage.

Without knowledge of what Branca’s consulting role truly entailed, it is illogical for one to suggest if the consultant role would pose a conflict of interest or not.

Adding: from Ivy's link that you referred to in a previous post.

Excluded services -- This arrangement does not cover his position as Executor or lawyer to the Estate or role as a Representative on the Sony/ATV Board, it being acknowledged that he has different obligations in those capacities.

No conflicts -- Written confirmation by John Branca that this arrangement does not violate any fiduciary duty owed to any client or arising as a result of his role as Executor, and does not cause a conflict of interest with, or require any approvals relating to, his other roles, including his positions as Executor and lawyer to the Estate, lawyer to other clients, and Representative on the Sony/ATV Board

 

[Autumn II]

Without knowledge of what Branca’s consulting role truly entailed, it is illogical for one to suggest if the consultant role would pose a conflict of interest or not.

I work as a consultant (not for Sony, though). It is very logical, actually. A consultant is hired to provide services of benefit to the company. Consulting work for Sony would be that which enhances the company, and there is no logical reason why it would be otherwise, as my own consulting work is of benefit to clients. His duty to the estate is to preserve and grow the estate. It is LOGICAL that something that enhances the company, also benefits the estate. In the quote above, it says that Branca has confirmed in writing that there is no violation of any fiduciary duty . . . . arising from his role as Executor and lawyer to the estate. I don't believe he made a false statement. Unless you can provide a SPECIFIC instance where that dual role would present a conflict. .. moving on here.

 

[Tygger]

^^
Questions please: what are you basing Branca’s consulting role on? Your idea of what the role entails or what the role actually entailed? Without knowledge of what his role would actually entail, how are you able to suggest if it is a conflict or not?

In the quote above, it says that Branca has confirmed in writing that there is no violation of any fiduciary duty . . . . arising from his role as Executor and lawyer to the estate. I don't believe he made a false statement. Unless you can provide a SPECIFIC instance where that dual role would present a conflict. .. moving on here.

It dose not say that at all. In the quote above, a Sony employee suggests a draft of what to propose to Branca for the consultant role he requested. If you have no knowledge of what his service would actually entail, you would not know if I state false responsibilities or factual responsibilities.