Victory22
Proud Member
Thank you Ivy and memefan for this, interesting how being an MJ fan makes us read documents and things that otherwise we wouldn't come across .
So very true. Thank you Ivy.
Thank you Ivy and memefan for this, interesting how being an MJ fan makes us read documents and things that otherwise we wouldn't come across .
I know this is probably a stupid question. But what will happen to Neverland? what does Michael (and now his Estate) has 87.5% undivided membership in Neverland mean?
They received $16M from Sony/ATV and $9.5M was used to pay the loan.
The $84M listed on Schedule I (p53 of 65) is the Ending value of Mijac Trust. But last year, Mijac Trust brought in $37M in revenue.
Read I right, Memefan?:The Sony/ATV-Catalog with over 7 Thousands songs brought in 25,5 Mio (9,5 plus 16)andMichael's MIJAC brought in 37 Mio ?This ist enormous!!!!
What is "First Account Current Change in Cash and Liabilities Held in Business entities" in the Summary of Account and schedule A?
we have not the EBITDA ?
No, these are not "Standard" financial statements. They probably meet probate requirements...but most probably not GAAP(account principles) rules.
Much like Sony/ATV, MJ's estate is a private co..if not for the probate process, we would have never found out the assets value or revenue. Once probate is over... we will no longer get those documents.
Believe it!"Michael Jackson's Facebook page is now... the seventh most popular Facebook fan page overall with more than 49 million followers. (The day before Michael Jackson died, he had less than 800,000 followers.)"
...
Estate will not close, they mean probate process. Currently Estate is going through probate which is ensuring all debts are paid first. Court is overseeing this process. Estate is saying they need at least one more year.
After the probate is over , Estate will continue to run but will not be under court's supervision.
So after probate is over and estate doesn't run under court's supervision, we will not see these accounting documents any longer?
We can speculate payments are taken directly from Sony projects' royalties, because I looked over all RECEIPTS, and there is nothing from Sony. That's what led me to believe payments are taken directly to pay off the 300M loan.
If Michael and estate own over 80% interest in Neverland why did they have to take everything Michael out of there. It seems so sad and sterilized and back to the original Sycamore Valley Ranch.
Here's some information about the Condo Michael owned on Lindley:
In February 1981, Michael Jackson purchases a 3 Bed/3 Bath condo at 5420 Lindley Ave Unit# 9 (near the 101 freeway) Encino, CA for $210,000. He paid $175,000 in cash. Katherine paid the remaining $35,000.
Michael purchased the 3 bedroom, 3 bathroom condo, which measures 1,890 square feet, upon the suggestion of his long time lawyer John Branca, who thought it was time the 22-year old singer moved out on his own.
The building is gated. From what I can tell, the complex, which was built in 1973 and is quite large, houses 81 different units.
It is hard to say about the $15,000 in Condo expenses, isn't it?
I don't see any receipts from Cirque either, and the overall amount from receipts is small ($443 thousand) which means the majority of the income from business entities is simply not detailed. There is a table detailing the income by business entities though. Does anybody know which company has a contract with Cirque and which one has a contract with Sony?
@Ivy
and a condo (valued at $315 K) and Condo payments $15,569
So you are saying that the Lindley Condo was refinanced (due to Michael's borrowing and debt) and that is what is reflected in the Condo valued at $315,000 and Condo payments of $15,569?
The wording on this line of the document-
In addition to Hayvenhurst (valued at $4.1 M) and a condo (valued at $315 K), Michael (and now his Estate) has 87.5% undivided membership in Neverland.
...makes it sound like the Lindley Condo is paid for, much like Hayvenhurst home. Is there something that specifically states that the $15, 569 is in reference to the Lindley Condo that Michael owned? That's why I thought either it was the Estate paying for Joseph's place in Las Vegas or the townhouse/condo that Alejandro is now renting, the $15,569. Thanks for the info!
In addition to Hayvenhurst (valued at $4.1 M) and a condo (valued at $315 K), Michael (and now his Estate) has 87.5% undivided membership in Neverland.
I know this is probably a stupid question. But what will happen to Neverland? what does Michael (and now his Estate) has 87.5% undivided membership in Neverland mean?
Still, thank you for the info, MJJC always keeps us up to date. :clapping: