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Thread: MJ Estate Second Accounting - Document & Summary & Discussion

   
  1. #121
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    Default Re: 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.

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  3. #122
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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    Quote Originally Posted by soulmum View Post
    '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.
    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

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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    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.
    Twitter : Ivy_4MJ

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  6. #124
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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    Thanks Ivy.
    Can you tweet that to Randy & Co?

  7. #125
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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    ^^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.

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  9. #126
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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    Quote Originally Posted by ivy View Post
    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?
    Got to find a way somehow,
    nothing's gonna stop me now,
    got to find a way somehow,
    even though you're gone.
    Things don't seem as bad as they did
    yesterday,
    every minute I get stronger,
    somehow someway.

  10. #127
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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    ^^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.

  11. #128
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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    Quote Originally Posted by Billie Jean 78 View Post
    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.
    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?
    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.
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  13. #129
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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    Quote Originally Posted by ivy View Post
    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?

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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    Quote Originally Posted by Bubs View Post
    Ivy, where did that $30 mil went, or is it already put into kids trust but cannot see it in this accounting?
    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.
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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    Katherine (read Randy) wanted to do extensive audit of Michael estate accounting,
    ref here:http://radaronline.com/exclusives/20...ackson-estate/

    I'm reading in twitter world that the judge has approved second accounting, therefore Katherine (read Randy) found nothing fishy going on.


    Ivy, do you have any info regarding extensive audit done?

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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    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.
    Twitter : Ivy_4MJ

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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    Oh thanks Ivy.
    Isn't nearly a time for 3rd accounting, we would see Immortal stuff too:-)

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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    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
    Last edited by marc_vivien; 16-01-2013 at 04:49 PM.

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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    Quote Originally Posted by Bubs View Post
    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.
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