Administrators of Michael Jackson's estate have received his life insurance proceeds

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http://www.google.com/hostednews/ap/article/ALeqM5h9a7kycTsBsS5YVilTVuapWmQ4JgD99RH1DG1

Michael Jackson's mother attends court hearing
By ANTHONY McCARTNEY (AP) – 8 hours ago

LOS ANGELES — Katherine Jackson is attending a court hearing where several key issues involving her son's children and estate will be decided.

Mrs. Jackson arrived for the hearing in Los Angeles Monday with daughter LaToya and several attorneys who represent her. The 79-year-old could be named permanent guardian of her three grandchildren, who range in age from 7 to 12, after reaching a deal last week with Michael Jackson's ex-wife Deborah Rowe.

A judge still has to decide several crucial issues regarding the King of Pop's estate, including whether Mrs. Jackson and his children should receive a monthly allowance.

Court records state Jackson was a key source of money for his mother, who has been caring for his three children since the singer's death on June 25.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

LOS ANGELES (AP) — Administrators of Michael Jackson's estate have received his life insurance proceeds, according to court filings.

Money designated for the King of Pop's three children has been received by a trust being handled by special administrators of the estate, according to the filings.

The records, filed Friday, are redacted and don't indicate how much the policy paid out. They are meant to augment a petition to give the children a monthly stipend. Another filing indicates that Jackson's mother, Katherine Jackson, is also eligible for some benefits from the policy.

The administrators are also seeking an allowance for Mrs. Jackson, 79, who has temporary guardianship of the children, who range in age from 7 to 12. She has been caring for them at her home north of Los Angeles since her son's death on June 25.

At least one major hurdle was cleared last week with a custody agreement between Mrs. Jackson and Deborah Rowe, the biological mother of the singer's two oldest children.

Court Public Information Officer Allan Parachini said Mrs. Jackson arrived Monday at a courthouse in downtown Los Angeles to attend a hearing meant to tackle a number of estate and family issues in her son's death, including guardianship of the children.

Los Angeles Superior Court Judge Mitchell Beckloff has deferred hearing arguments or making rulings on several motions brought by attorneys for Katherine Jackson and the two men who have temporary control of the pop icon's financial matters: attorney John Branca and music executive John McClain.

Jackson's estate has been described in court documents as having an estimated value of more than $500 million, but its actual current worth is about $100 million, and could increase in value to $200 million or more with some financial restructuring, according to a person briefed on the matter. The person was not authorized to speak publicly and requested anonymity.

Branca and McClain could leave Monday's hearing with a firmer rein on the estate. Similarly, Katherine Jackson could emerge with permanent guardianship of her three grandchildren, since her agreement with Rowe, which grants the singer's ex-wife visitation rights, means no one is expected to challenge the current arrangement.

Meanwhile, Katherine Jackson said in a recorded phone interview with Geraldo Rivera that she doesn't believe her son died of natural causes. The interview aired Sunday night on "Geraldo at Large" on the Fox News Channel.

"All I know that my son is dead, and I don't think he just died of natural causes or whatever," she said. "He's too young to have that. Something happened. I don't know what it was. And I can't say."

The to-do list for Monday's hearing has grown in recent weeks, with Beckloff deferring decisions on several issues, most of which have to do with Jackson's finances.

Among the issues Beckloff is slated to consider:

_ An allowance for Katherine Jackson and her grandchildren. The special administrators of Jackson's estate have asked for monthly stipends for the group, noting that Jackson supported all of them when he was alive. Beckloff delayed considering the payments until Monday, but attorneys on both sides agree they are necessary.

_ Decide when Katherine Jackson will become the permanent guardian of her grandchildren, 12-year-old Prince Michael, 10-year-old Paris Michael and 7-year-old Prince Michael II, known as Blanket. No one else has petitioned for custody of the children, and Jackson was her son's first choice named in his 2002 will.

_ Whether Katherine Jackson can challenge the men currently administering the son's estate, without actually contesting her son's will. Her attorneys have asked Beckloff to decide whether if they petition to remove Branca and McClain as administrators, they will trigger a no-contest clause in Jackson's trust. Without the protection of Beckloff's ruling, Mrs. Jackson could lose her 40 percent share of Jackson's estate if she mounts a challenge to Branca and McClain's authority.

_ Mrs. Jackson's attorneys have expressed concerns about possible conflicts of interests that Branca and McClain may have, and have been seeking greater access to Jackson's records in the form of subpoenas and depositions. They sought that authority last week ahead of Monday's hearing, but were told they would have to wait until that day for a ruling.

_ Decide whether Branca and McClain continue administering Jackson's estate. Court filings indicate the pair have already received $5.5 million from a former Jackson financial adviser, later identified as Tohme Tohme. They have also take possession of many of the King of Pop's property, and have said in court filings that they hope to finish several multimillion deals soon.

_ Beckloff could be presented with some of those deals. The judge has already approved one that will bring Jackson's 1988 autobiography, "Moonwalk" back to store shelves. The singer left behind several unfinished projects and a trove of unreleased music.
 
Told You, Keep Watching they gonna show you how REAL KILLERS do it.
 
uh oh.... this is a worry. So who regulates them to ensure they dont siphon off some of that money?
 
The crooks are Hiding Michael's Money!!!!!!!!!!! His Estate is worth damn more than any 100 million dollars!

They are being so blatant and obvious!
 
The crooks are Hiding Michael's Money!!!!!!!!!!! His Estate is worth damn more than any 100 million dollars!

They are being so blatant and obvious!


You are too right about that.



McMillan, in an interview with CBS Thursday, estimated the Jackson estate was worth $2 billion, while the executors have estimated in court that its value is around $500 million.

http://www.cnn.com/2009/SHOWBIZ/Musi...ef=mpstoryview
 
mj will be worth 50 bucks by next week now its down to 100 mill HA fecking HA
 
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