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MJ Estate Second Accounting - Document & Summary & Discussion

'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.
 
soulmum said:
'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.
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I agree and I also want to point out that of all the lawyers that are hanging around Jackson, none of them has explained to them how probate works :scratch:
 
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.
 
Thanks Ivy.
Can you tweet that to Randy & Co?
 
^^You cannot tweet anything to Randy and co for them to understand. How many times we told them they cannot challenge the will, that Michael's assets is not theirs, that the estate is not an extension of the Jackson family and they still do not get it.

What we have is the typical behavior of Randy and co--whenever something glorious is going on in the Michael/fan/estate world, they come up with something inaccurate and sensationalized to induce a negative element in people's triumphs. Of course we still remain excited, but Randy and co will always try, hoping that some fan will post the nonsense and undermine our joy. Better luck next time Randy.
 
ivy said:
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.
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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?
 
^^Don't forget that the estate is engaged in several projects from which income is derived. They would be foolish to only focus on a catalog to bring in money to cover expenses, take care of the heirs, and to keep Michael's legacy going. Further, Branca and co are always thinking of new ways to make money, and some of these projects have been disclosed here.
 
Billie Jean 78 said:
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.
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yes I'm sure because the very first page of the accounting they say "Estate had generated gross earnings exceeding $475 Million"

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?
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I would assume that the net income would be somewhere 50-60% of the gross income due to taxes and such - but don't take my word for it. After the debt is paid the catalogs should bring steady income of royalties also future releases such as Bad 25 and Cirque show and merchandise should be another source of income. The levels won't be this high but it'll still be a good tens of millions.
 
ivy said:
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.
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Ivy, where did that $30 mil went, or is it already put into kids trust but cannot see it in this accounting?
 
Bubs said:
Ivy, where did that $30 mil went, or is it already put into kids trust but cannot see it in this accounting?
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we can't say it either way without the next accounting

Leslie Hu had said PPB inc had already $10 M in it but I don't know Leslie's source for it.
 
Not sure but I would think that it might be continuing. It's hard to say it for sure on probate where documents aren't available.

see these

11/02/2012 Miscellaneous-Other (AMENDED REQUEST FOR PRODUCTION OF SUPPORTING DOCUMENTS FOR ACCOUNT CURRENT, ETC. )
Filed by Attorney for Petitioner

07/19/2012 Request (PRODUCTION OF SUPPORTING DOCUMENT FOR ACCOUNT CURRENT )
Filed by Attorney for Petitioner

It shows the audit request and then an amended request after Estate pointing out it was too broad. There might have been a decision but I can't say for sure either way.
 
Oh thanks Ivy.
Isn't nearly a time for 3rd accounting, we would see Immortal stuff too:)
 
the account is granted

11/29/2012 at 08:30 am in Department 5, Mitchell L. Beckloff, Presiding
ACCOUNT CURRENT & FEES - Granted

I think that the estate lodged docs

11/08/2012 Notice of Lodging
Filed by Attorney for Respondent
 
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Bubs said:
Oh thanks Ivy.
Isn't nearly a time for 3rd accounting, we would see Immortal stuff too:)
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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.
 
ivy said:
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.
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Ok thanks.
The 2nd accounting was filed 2 Jul so I thought 3rd one would be around the same time next year:)
Long wait ahead.
 
ivy said:
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.
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Ivy, I don't think they can move the accounting period from year to year for fiscal purposes. An estate is like a company, they need to respect accounting rules & i can't see them preparing a different set of documents for IRS & another for probate.

I would assume they use those same documents to file taxes, so most likely they will maintain the same fiscal year they use for the 2nd accounting.

My educated/uneducated guess: regardless of when the documents were finally reviewed & approved in probate, they will have to submit again at the same period they did last year, covering the previous 12 months. I can't recall their year end... but will check later today.
 
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I'm really in a juridical/financial class, here!

Tks for Ivy, MemeFan and all of you, guys!

Great, great job!
 
Re: Statement from MJ Estate Pg 12 #170 / New Yorker - Did Thriller Really Sell a 100 Million Copies

Fiscal period for second accounting: November 1st, 2010 to December 31st, 2011.

So probate approved the documents almost a year later.

I expect the 3rd accounting period to cover January 1st 2012 to December 2012...which from now on would be the estate set accounting / fiscal period. Companies don't change their accounting calendar at whim, and estate's matches calendar year now, which is good.

I would expect another accounting report before or end summer...even if they file for an extension. Corporations deadline to file tax returns is mid-march or mid-september (if an extension is requested).
 
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Who is the "Guardian ad litem" to whom a payment of $ 54,478 was made?
 
Margaret Lodise is PPB's court appointed guardian ad litem.
 
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