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MJ Estate Second Accounting - Document & Summary & Discussion

MjsLovelyOne88 said:
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?
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Hi Lovely

in this thread
http://www.mjjcommunity.com/forum/t...hme-Tohme-countersues-Tohme-s-complaint-pg-14

you can read more about the neverland-Deal between Michael and Th. Barrack.

"undivided membership" means: Although Michael is the owner from 87,5% of the property Neverland (and Th. Barrack 12,5%) everything what happens with the property (purpose... use... ) can do only both in common (together).

This is among others one point of the Estate-suit against Tohme....
 
What is "First Account Current Change in Cash and Liabilities Held in Business entities" in the Summary of Account and schedule A?
 
I am curious about the 120K that the bank is researching because they do not know where it came from. It reminds me of Thome giving back the 5 mil that he was holding. I guess once the issue with Thome and Mann are cleared there should be less expenses for the estate.

Did anyone get excited about what could be in the storage facilities--music, clothes, videos, pictures. I am drooling!!!
 
Memefan said:
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.
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Read I right, Memefan?:

The Sony/ATV-Catalog with over 7 Thousands songs brought in 25,5 Mio (9,5 plus 16)
and
Michael's MIJAC brought in 37 Mio ?

This ist enormous!!!!
 
Mneme said:
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!!!!
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Because Sony/ATV is a privately held company, they do not publish their financial statements. We don't know what their revenue , Operational expenses & EBITA are.
I even checked Sony Corp financials, There's a footnote, but no detailed info. and Sony Corp merges their Sony/ATV numbers with Sony Music corporation...so no way to pinpoint Sony/ATV separately.

A corporation like S/A will not hand over all profits to their stockholders...but will instead distribute dividends (a percentage of profit and/or retained earnings) and keep the rest in their cash account, investments, retained earnings and what not.

This is all up to the board of directors...so just because only 16M appear in the MJ-ATV trust account, it doesn't mean their net profit was only 32M (16M for Sony & 16M for estate). For example, last year's total profit & retained earnings might have been 100M , but the board decided to distribute 32% (16M Sony & same amount to Estate) ..and the remaining 68M goes in their Retained Earnings in the Balance Sheet.

Again because it's a privately held company, we will never know until the board decides to release their financial statements (which I doubt will ever happen). Unless a company is public, there is no obligation to release verified financial statements to the public.


morinen said:
What is "First Account Current Change in Cash and Liabilities Held in Business entities" in the Summary of Account and schedule A?
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Schedule A is a restated statement of the ending value of assets on hand submitted last year. Probate referee had undervalued their assets (mostly the trust companies) by $144M. They re-evaluated some of the assets..so in last year's report instead of showing Property on hand valued at $79M, it should have shown $218M. They restated the opening balance to 218M .
 
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Boggy said:
we have not the EBITDA ?
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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.
 
Memefan said:
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.
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thanks much for the explanation :)
 
Memefan thank you so much for the piece below because you know some silly reporter commenting on Michael's estate will read it the wrong way. I remember after the estate funded the trust, one reporter said that after making millions, Michael only had 30 mil remaining. Your piece below prevents us from making such stupid statements.

This is all up to the board of directors...so just because only 16M appear in the MJ-ATV trust account, it doesn't mean their net profit was only 32M (16M for Sony & 16M for estate). For example, last year's total profit & retained earnings might have been 100M , but the board decided to distribute 32% (16M Sony & same amount to Estate) ..and the remaining 68M goes in their Retained Earnings in the Balance Sheet.
 
morinen said:
"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.)"
...
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Believe it!
 
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.
 
ivy said:
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.
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So after probate is over and estate doesn't run under court's supervision, we will not see these accounting documents any longer?
 
Bubs said:
So after probate is over and estate doesn't run under court's supervision, we will not see these accounting documents any longer?
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No we will not. Unless Branca decides to keep making them public for transparency & avoid more family threats & accusations.

But just like, we had never seen MJJ Productions Inc financial statements when MJ was alive, they are not obligated to release those documents to the public.
 
Memefan I have a special respect and admiration for people like you who are good with numbers. Thanks a bunch.
 
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.

MichaelJacksonsEncinoCondo14_thumb.jpg


It is hard to say about the $15,000 in Condo expenses, isn't it?
 
Memefan said:
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.
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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?
 
mybluesaway said:
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.
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because it's an undivided interest and Colony Capital has the equal right to use all of the property.

Let me explain this undivided versus divided interest thing

Assume that you and I buy land, assume that I have 10% and you have 90%.

if the share was divided , that would mean that I only have the control and use of my own 10%. and you have the control or use of your 90%. Either one of us could have done whatever we like with our share without asking the other one for any permission.

if the shares are undivided like in the case of Neverland, although I might have the smaller 10% share, I would have rights to access and use of the whole property.
 
AliCat said:
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.

MichaelJacksonsEncinoCondo14_thumb.jpg


It is hard to say about the $15,000 in Condo expenses, isn't it?
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The $15,000 condo expenses is the mortgage payment on Lindley. That part is clear. so it probably means it was refinanced and/or used as a collateral at some point in time.

morinen said:
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?
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It's probably too early to see anything from Cirque. Remember the shows started in October 2011 and Estate had to pay for the half of the production costs and this accounting ends at December 2011. Probably by that time they weren't showing any profit on Cirque shows.
 
@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!
 
AliCat said:
@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!
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You can find your answer if you look to the document

Page 42, Schedule G, items 131 through 137

Lindley Mortage Interest Expense furthermore it says "specialized loan servicing" Total $15,569

yes it does specifically says that payment is for Lindley condo.
 
Thank you so much Ivy, Windy09, and Memefan. This is the kind of information fans need in order to speak responsibly about issues being discussed concerning the estate. I am very pleased with what the executors of the estate have done to try to fulfill Michael's wishes while keeping some peace in the Jackson family. (e.g. Katherine's loans)

Of course I believe that the main problem was demonstrated shortly after Michael will was made public, when a very angry sibling pointed to Joe Jackson and said "This is the estate. My father is the estate."

No matter what a great job the executors do, it won't be enough for some.
 
ivy said:
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.


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Doesnt Michael have two condos? The one on Lindley Ave and the one in Century City/Westoowd (known as the the Hideout)?
 
but then that colonial capital deal wasnt smart if no matter how small the percentage they have equal control . or was that the only term they choose for the deal ?
 
MjsLovelyOne88 said:
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:
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^^^
I cannot get this Neverland thing into my head at all, is it only up to Barrack what is going to happen to Neverland? Shouldn't he mention that the estate has a say too as he only owns 12.5% of Neverland?
We need to ask the estate have they got plans for NL and what they are going to do with it.
 
That video is over 2 yrs old 2010 (Not New) much could have changed since then. and Im sure I heard him say the are working in cooperation WITh Estate waiting to see what they want to do .. in the un- edited video.
 
^^ Michael Jackson interactive museum in Neverland:w00t::tongue_roll::stars::jumpy:
one can only :pray:
 
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