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

   

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    Default MJ Estate Second Accounting - Document & Summary & Discussion

    As promised before with Windy09 's tremendous help now we have the MJ Estate second accounting in it's 96 pages of glory (omitted persons given notice section)

    The link to document is : http://www.scribd.com/doc/101284813/...ond-Accounting

    I will also embed it to the end of this post

    My brief summary follows but please keep in mind that I'm not an accountant. We actually welcome discussion and information from knowledgeable parties about accounting

    Summary:

    Gross earnings as of May 31, 2012 is $475 Million.

    Breakdown of $475 Million as follows
    - $310 Million gross earnings between June 2009 – October 2010 (first accounting period)
    - $134 Million gross earnings between November 2010 – December 2011. (second accounting period)
    - $30 Million gross earnings between January 2012 – May 2012.

    Alll debt is current

    Hayvenhurst mortgage paid

    $65 Million of Mijac debt is paid and Estate expect to pay it in full by the end of 2012.

    Estate is not in a position to be closed yet, Executors asking for administration of the Estate to be extended for one more year.

    The only sale happened was some tangible property sold to Richard LaPointe per the settlement agreement in Julien’s Auction lawsuit. Schedule H lists all the items LaPointe got per settlement agreement.

    Hayvenhurst is stated that “it will be maintained long term for the benefit of the family”. Renovations are still ongoing.

    Katherine is asking for onetime payment of $205,401 to cover her professional fees occurred in 2011. Katherine is also asking for additional $34,700 per month to pay for her accountant and lawyers as well as to cover the expenses of family house in Gary Indiana and a residence in Las Vegas. Estate is asking the judge to allow this onetime payment and monthly increase.

    12 Inventory value appraisals are done showing property valued at $50,677,002. Estate says additional personal property was discovered in Las Vegas and at Rock n Roll and Grammy Museum which is in total believed to be $6,700,000.

    Estate’s main assets are 50% share in Sony/ ATV, 100% share in Mijac, Michael’s name and likeliness, Neverland and trademarks.

    MJ Business activities consists of 2 Cirque shows (second resident show is scheduled to open in June 2013), Ubisoft MJ Experience game, multiple album deal with Sony, commercial endorsements and a possible film and documentary about Michael Jackson.

    At the time of his death Michael was facing at least 6 lawsuits. Executors have been part of at least 15 lawsuits. 4 of them are still active, the rest have been resolved favorably for the Estate. Estate has also faced 65 creditor claims.

    Estate is also employing multiple law firms around the world to protect Michael’s copyrights and trademarks. Second accounting lists 19 law firms (all around the world) and over $13.5 million in legal costs.

    Schedule A (beginning) and Schedule I (end) shows the list of tangible property and business interest of Michael and now MJ Estate

    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.

    Schedule I shows by the end of December 2011, personal tangible property of Michael valued at $13 Million and MJ Estate cash (or equivalent) at $19 Million.

    Schedule D shows net income from trade or business during second accounting period (Nov 2010- Dec 2011) at $106,734,448.

    Payments to Katherine and MJ’s kids are as follows (Nov 2010- Dec 2011)

    Kids allowance $2,139,194
    Katherine allowance $470,814
    Calabasas residence expenses $436,187
    Condo payments $15,569
    Hayvenhurst improvements $73,962
    Taxes on properties $144,605
    Insurance (health and property) $106,033
    House employees $658,915
    Katherine lawyer fees $233,911
    Guardian ad litem $ 54,478
    Utilities costs $53,211
    Security $654,414
    Repair & Maintenance $194,127

    Total $5,205,516

    Estate has also given multiple loans to Katherine

    Loan 1 to Katherine $235,000
    Loan 2 to Katherne $250,000
    Loan 3 to Katherine $75,000
    Loan 4 to Katherine $6,000,000 (for Katherine's debt to Segye Times)

    Total loans to Katherine $ 6,560,000

    Total paid to Katherine and kids equal $ 11,765,516 ( $5,205,516 + $ 6,560,000)

    Estate paid $50,862,363 in taxes and licenses.

    Estate has an archiving project ongoing that they paid $789,450. They paid over 1 million dollars for storage of Michael’s property. Estate employees were paid $443,640. Estate paid $442,774 for public relations.

    Total Co-executive & creative director compensation is $5,214, 933. The companies’ tables also show a $2,971,982 payment as Co-executive and creative director compensation, however I do not know if this is included in the Schedule G compensation of $5,214,933 or if it is a separate payment.


    Twitter : Ivy_4MJ


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

    Thank you!

    What happens when the Estate is closed? Will there be no more projects? What about the 7-year deal with Sony - how is this going to be handled? Who is going to manage the money?

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

    Quote Originally Posted by morinen View Post
    Thank you!

    What happens when the Estate is closed? Will there be no more projects? What about the 7-year deal with Sony - how is this going to be handled? Who is going to manage the money?
    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.
    Twitter : Ivy_4MJ

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

    Quote Originally Posted by ivy View Post
    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.
    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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    Default Re: MJ Estate Second Accounting - Document & Summary & Discussion

    Quote Originally Posted by Bubs View Post
    So after probate is over and estate doesn't run under court's supervision, we will not see these accounting documents any longer?
    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.

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

    Thanks ivy, very interesting and useful. The estate is doing a great job.

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

    Thank you Ivy for the summary and Windy09 for getting the document for us. Branca and McClain are s doing a tremendous job in growing Michael's estate and fending off the lawsuits .. They have been very generous to Katherine and even paid her last request ..

    Also those that say its all Michael and the execs don't have to do anything to do the build this Estate is wrong - This is a huge business undertaking it doesn't grow all on it's own power. That point could be proved very quickly by placing the Estate under the Jackson families control - I'm sure this report would be reading much different if that was the case.

    I also know Estate detractors will ignore everything positive here and focus only of the amount paid to execs for their most excellent work, stating they are are robbing the estate. In my opinion I think they have earned and worked hard for every Penney. The percentage they get paid as Execs is under the going rate for Most Estate execs receive.

    Bravo MJ Estate
    L.O.V.E. survives
    so we can Rock forever *

    Blog Facebook Twitter Youtube Tumbler
    *


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

    good job estate if that family seen this they would walk away with their tails up their asses

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

    Michael (and now his Estate) has 87.5% undivided membership in Neverland.


    Last edited by CherubimII; 28-07-2012 at 04:07 PM.
    God, I thank you for allowing Michael to continue to watch over his children:

    Prince Michael, Paris, and Blanket ("Bigi").


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

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

    Quote Originally Posted by morinen View Post
    "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.)"
    ...
    Believe it!

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

    Love does not see with the eyes but with the heart. (Shakespeare)

    MICHAEL, I LOVE YOU SO MUCH... BECAUSE YOU EVOKE THE BEST IN ME.
    "If we can dream, we can do." (Walt Disney)
    TWITTER: Shanti2511

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

    Well done Estate. All the Jackson that oppose the Executors of the Estate can suck it!
    Here for Michael. Only.

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

    Branca and McClain are doing a wonderful job! It sounds like Havenhurst isn't for sale and after they are done fixing it up, they will move back in.

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

    wow thanks Ivy for posting this! do u mind if i share this info to others whose interested?

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