'They' always like to turn positivity into negativity. Hate the press for their one sided and uneducated articles. Why, oh why do they never research anything fully.
to be blunt the amount of idiocy in regards to Estate's earnings is astounding.
First we see people refer to a Billboard article and say " Estate made 1 Billion dollars". No they didn't. That article mentioned all the values of the deals etc. (such as $250 deal with Sony) but many of those deals do not pay all the money up front (like Sony deal). So in other words Estate has the capacity to make 1 Billion dollars over the next few years. As of now they made $475 Million. and we have the 1st and 2nd accounting to prove it.
Then you have people say "If they made $475 million why didn't they pay all the debt". Can't anyone comprehend the difference between gross earnings and net income? Gross earnings of $475 Million means they need to pay taxes, pay salaries, pay expenses and so on. And then they need to set aside money for beneficiaries expenses, estate expenses, money needed for projects (such as 50% of production costs of Cirque).They are also required to keep some cash at hand. The rest goes to the debts and a significant amount of debt has been paid to date.
Finally there's the never ending "why don't they give money to the charities and beneficiaries"? As I said before "first all of the debt has to be paid" and it's not paid yet, Estate is still in probate. It'll happen in due time. Also remember that beneficiaries are living like Kings and Queens. they got $11.5 Million last year. MJ's kids alone are given on average $150,000 per month.
All of this nothing more than either misinformation of fans, an agenda to portray MJ Estate negatively or some people wanting get their hands on a big sum of money.
Are you sure the $475M number is gross income? Now English is not my mother tongue but if someone tells me they made X, I would assume it meant net income.
If that is indeed the gross income, does anyone have an estimation what the net income was? And how do they plan to make anywhere near the same amount of income now that the MJ frenzy has already reached and his back catalogue most probably never will reach the 2009 heights again? Do they mostly count on income from the Sony/ATV catalogue?
MJ Estate also asked for permission from the judge to make a initial $30 Million transfer to the beneficiaries account. Court only approved it on February 2012. Estate is also in the process of forming PPB Inc etc for the distributions of assets.
Ivy, where did that $30 mil went, or is it already put into kids trust but cannot see it in this accounting?
Oh thanks Ivy.
Isn't nearly a time for 3rd accounting, we would see Immortal stuff too
The third accounting hearing is set for December 2013 and I would imagine they would file it a short time before the hearing. The accounting time period starts after the previous accounting has accepted. So it'll be a while before we see the third accounting - we are looking to November or December 2013.
The third accounting hearing is set for December 2013 and I would imagine they would file it a short time before the hearing. The accounting time period starts after the previous accounting has accepted. So it'll be a while before we see the third accounting - we are looking to November or December 2013.
Thanks! :flowers:Margaret Lodise is PPB's court appointed guardian ad litem.