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Thread: MJ Estate Probate Notes

   
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    Default Re: MJ Estate Probate Notes

    Quote Originally Posted by elusive moonwalker View Post
    U mean did blanket change his name to biggi. I dunno some jacksons said he did. Dunno if jr and paris have comented on it. Its always blankito for me !

    Blanket was a nickname and as far as i know biggi is a nickname too.

    Of course the press keep saying blanket changed his name but that's not strictly true - he changed his nickname.
    Last edited by MJTruth; 10-11-2017 at 12:19 PM.

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  3. #257
    elusive moonwalker
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    Default Re: MJ Estate Probate Notes

    Yes both are nicknames. His legal first name is prince

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    Default Re: MJ Estate Probate Notes

    This probate process is sure taking a loooong time!

    In 2009 I never would have thought it'd still be ongoing in a decade's time!

    Is there any indication of when probate might be closed?

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    Default Re: MJ Estate Probate Notes

    This article seems to be partly derived from a legal doc 'Seventh account current and report of status of administration and petition for settlement thereof' dated 11th October 2019. This appears to be for the financial year 2016, ending 31 Dec 16. (Sony bought the catalogue in March 2016. The Estate says they had to sell the catalogue because of the contractual clause(s) with Sony - nothing to do with MJ's children needing the money - they would have earned from the catalogue without it being sold.)

    Michael Jackson estate value up a billion in one YEAR after selling Beatles song rights ‘to save his kids from poverty’

    MICHAEL Jackson's worth has rocketed by around a BILLION dollars in just one year.

    The sale has made *****, who was penniless in his last few months alive, the world's highest earning superstar in recent decades.

    As of December 31, 2018, the new filing reveals, the estate generated gross earnings of $1.7billion (around £1.2 billion) - although much of it has gone to pay off debt, accrued by the star before his 2009 death.

    The court papers filed by MJ's estate lawyers, also reveal how lawyers have managed to ensure the three children will now stay multi-millionaires for life.

    It is a staggering turn around for Prince, Paris and Blanket whose father's $500m (around £374.5 million) debt left their financial futures in jeopardy.

    The money breakdown, outlined in the court documents, show how Prince's elite university fees and Blanket's private schooling costs over $100k (approximately £74,920) annually in 2016 - the most recent year for which records have been released.

    However the King of Pop's estate has been forced to sell its Beatles song catalogue for a staggering $757 million (around £567 million) to ensure *****'s three kids didn't end up with money woes, according to court papers obtained by Sun Online.

    Jackson's lawyers had to sell the hottest song collection of all time to stop Prince, Paris and Blanket from facing a life on the breadline - and face years more legal problems due to their dad's bad business practices.

    Now the Thriller singer has made a huge profit on the song collection - which he famously snatched from under Paul McCartney's grasp in 1985 for $47.5 million (around £35.6 million)

    The new court papers, filed by lawyers for Jackson's estate, reveal for the first time that Jackson's share of Sony/ATV Music Publishing - which includes the Lennon/ McCartney song catalogue - was sold for $756,696,117.11 (£566,950,782.26), partly to avoid a lawsuit with Sony Music, who were owed tens of millions by Jackson in loans dating back over two decades.

    Lawyer Jeryll Cohen makes it clear that the sale was necessary to secure the kids' finances, stating: "The sale terms were highly favorable to the Estate and the sale avoided the Estate's potential default on its loan obligation ...the consideration was more than sufficient to cover the personal debt and provide the Estate with sufficient assets to ensure the long term financial security of Michael's children."

    Even though the estate has three homes, Prince paid $5600 (£4,195) monthly for rent to be near the Loyola Marymount University in LA and gets an unlimited petrol budget for his cars and beloved motorbikes.

    All the kids received a cash hand out of over $32.5k (£24,347) over the year without explanation, according to the figures.

    They also enjoyed a luxury holiday with friends and family, where $30,996 (£23,220) was shelled on a hotel in Hawaii.

    The gated community mansion, considered their family house, in Calabasas, Los Angeles, has an annual mortgage of $203k (£152,079).

    The figures also show hundreds of dollars was spent on parties and celebrations - with goods from top LA bakeries Hansen's Cakes and Cordie Cakes, $1,242 (£930) on balloons and more cash on "party services" and DJs.

    The estate spent almost $50,000 on catering services in just one year, according to the figures.

    Their cousin Tito Jackson Jr, who is their guardian, received almost $250k (around £187,230) for caring for them.

    Their grandma Katherine too was well looked after with a staggering $1.7m (£1.2m) paid in medical expenses along with legal costs for the year. The estate also loaned her over $6m (around £4.5m) for undisclosed reasons.

    And the Ribero Law Firm, who oversees the kids' lives via the estate, took home over $2m (around £1.5m) for that work.

    While Jackson's kids are enjoying a millionaire lifestyle, the accounts show that protecting their dad's reputation and businesses came at a cost.

    Lawyers working for the singer, who was acquitted of all criminal charges of child sex abuse in 2005, racked up fees of at least $6m (around £4.5m).

    During 2016, Jackson's estate who were fighting against court clams against Wade and James also spent nearly half a million ($450,929.61 or £337,710.20) on PR companies.

    Their legal and PR plan worked at the time as Los Angeles judges refused to allow the abuse cases through - based on the statute of limitations for an abuse case only being five years.

    However in 2020 the Jackson estate may have to spend even more money defending itself after the California governor altered the rulings meaning that victims can proceed with lawsuits, forty years after the alleged molestation.

    Robson and Safechuck's lawyers are planning to resurrect those lawsuits, alleging that the superstar abused the pair as young boys.

    That case will be fought by the Jackson estate, who claim the pair are "fantasists".

    Cohen admits: "Although the Executors have made substantial progress in resolving creditors' claims and litigation, there remain challenging business, tax and legal issues such that the Estate is not yet in a condition to be closed."

    https://www.thesun.co.uk/news/105654...beatles-songs/
    Last edited by myosotis; 18-12-2019 at 10:40 AM.
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    Default Re: MJ Estate Probate Notes

    Quote Originally Posted by MJTruth View Post
    This probate process is sure taking a loooong time!

    In 2009 I never would have thought it'd still be ongoing in a decade's time!

    Is there any indication of when probate might be closed?
    The Estate has to wait until the IRS case has been decided, before probate can be closed. Hopefully we may hear a result from that case in the next few months.
    'We may not change the world in one day but we still can change some things today, in our small way.'[/SIZE][/SIZE]

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    Default Re: MJ Estate Probate Notes

    Quote Originally Posted by myosotis View Post
    The Estate has to wait until the IRS case has been decided, before probate can be closed. Hopefully we may hear a result from that case in the next few months.
    The Thome Thome case also affects probate.

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    Default Re: MJ Estate Probate Notes

    Quote Originally Posted by myosotis View Post
    This article seems to be partly derived from a legal doc 'Seventh account current and report of status of administration and petition for settlement thereof' dated 11th October 2019. This appears to be for the financial year 2016, ending 31 Dec 16. (Sony bought the catalogue in March 2016. The Estate says they had to sell the catalogue because of the contractual clause(s) with Sony - nothing to do with MJ's children needing the money - they would have earned from the catalogue without it being sold.)

    Michael Jackson estate value up a billion in one YEAR after selling Beatles song rights ‘to save his kids from poverty’

    MICHAEL Jackson's worth has rocketed by around a BILLION dollars in just one year.

    The sale has made *****, who was penniless in his last few months alive, the world's highest earning superstar in recent decades.

    As of December 31, 2018, the new filing reveals, the estate generated gross earnings of $1.7billion (around £1.2 billion) - although much of it has gone to pay off debt, accrued by the star before his 2009 death.

    The court papers filed by MJ's estate lawyers, also reveal how lawyers have managed to ensure the three children will now stay multi-millionaires for life.

    It is a staggering turn around for Prince, Paris and Blanket whose father's $500m (around £374.5 million) debt left their financial futures in jeopardy.

    The money breakdown, outlined in the court documents, show how Prince's elite university fees and Blanket's private schooling costs over $100k (approximately £74,920) annually in 2016 - the most recent year for which records have been released.

    However the King of Pop's estate has been forced to sell its Beatles song catalogue for a staggering $757 million (around £567 million) to ensure *****'s three kids didn't end up with money woes, according to court papers obtained by Sun Online.

    Jackson's lawyers had to sell the hottest song collection of all time to stop Prince, Paris and Blanket from facing a life on the breadline - and face years more legal problems due to their dad's bad business practices.

    Now the Thriller singer has made a huge profit on the song collection - which he famously snatched from under Paul McCartney's grasp in 1985 for $47.5 million (around £35.6 million)

    The new court papers, filed by lawyers for Jackson's estate, reveal for the first time that Jackson's share of Sony/ATV Music Publishing - which includes the Lennon/ McCartney song catalogue - was sold for $756,696,117.11 (£566,950,782.26), partly to avoid a lawsuit with Sony Music, who were owed tens of millions by Jackson in loans dating back over two decades.

    Lawyer Jeryll Cohen makes it clear that the sale was necessary to secure the kids' finances, stating: "The sale terms were highly favorable to the Estate and the sale avoided the Estate's potential default on its loan obligation ...the consideration was more than sufficient to cover the personal debt and provide the Estate with sufficient assets to ensure the long term financial security of Michael's children."

    Even though the estate has three homes, Prince paid $5600 (£4,195) monthly for rent to be near the Loyola Marymount University in LA and gets an unlimited petrol budget for his cars and beloved motorbikes.

    All the kids received a cash hand out of over $32.5k (£24,347) over the year without explanation, according to the figures.

    They also enjoyed a luxury holiday with friends and family, where $30,996 (£23,220) was shelled on a hotel in Hawaii.

    The gated community mansion, considered their family house, in Calabasas, Los Angeles, has an annual mortgage of $203k (£152,079).

    The figures also show hundreds of dollars was spent on parties and celebrations - with goods from top LA bakeries Hansen's Cakes and Cordie Cakes, $1,242 (£930) on balloons and more cash on "party services" and DJs.

    The estate spent almost $50,000 on catering services in just one year, according to the figures.

    Their cousin Tito Jackson Jr, who is their guardian, received almost $250k (around £187,230) for caring for them.

    Their grandma Katherine too was well looked after with a staggering $1.7m (£1.2m) paid in medical expenses along with legal costs for the year. The estate also loaned her over $6m (around £4.5m) for undisclosed reasons.

    And the Ribero Law Firm, who oversees the kids' lives via the estate, took home over $2m (around £1.5m) for that work.

    While Jackson's kids are enjoying a millionaire lifestyle, the accounts show that protecting their dad's reputation and businesses came at a cost.

    Lawyers working for the singer, who was acquitted of all criminal charges of child sex abuse in 2005, racked up fees of at least $6m (around £4.5m).

    During 2016, Jackson's estate who were fighting against court clams against Wade and James also spent nearly half a million ($450,929.61 or £337,710.20) on PR companies.

    Their legal and PR plan worked at the time as Los Angeles judges refused to allow the abuse cases through - based on the statute of limitations for an abuse case only being five years.

    However in 2020 the Jackson estate may have to spend even more money defending itself after the California governor altered the rulings meaning that victims can proceed with lawsuits, forty years after the alleged molestation.

    Robson and Safechuck's lawyers are planning to resurrect those lawsuits, alleging that the superstar abused the pair as young boys.

    That case will be fought by the Jackson estate, who claim the pair are "fantasists".

    Cohen admits: "Although the Executors have made substantial progress in resolving creditors' claims and litigation, there remain challenging business, tax and legal issues such that the Estate is not yet in a condition to be closed."

    https://www.thesun.co.uk/news/105654...beatles-songs/


    Re: MJ Estate Probate Notes
    This article seems to be partly derived from a legal doc 'Seventh account current and report of status of administration and petition for settlement thereof' dated 11th October 2019. This appears to be for the financial year 2016, ending 31 Dec 16. (Sony bought the catalogue in March 2016. The Estate says they had to sell the catalogue because of the contractual clause(s) with Sony - nothing to do with MJ's children needing the money - they would have earned from the catalogue without it being sold.)

    Michael Jackson estate value up a billion in one YEAR after selling Beatles song rights ‘to save his kids from poverty’

    MICHAEL Jackson's worth has rocketed by around a BILLION dollars in just one year.

    The sale has made *****, who was penniless in his last few months alive, the world's highest earning superstar in recent decades.

    As of December 31, 2018, the new filing reveals, the estate generated gross earnings of $1.7billion (around £1.2 billion) - although much of it has gone to pay off debt, accrued by the star before his 2009 death.

    The court papers filed by MJ's estate lawyers, also reveal how lawyers have managed to ensure the three children will now stay multi-millionaires for life.

    It is a staggering turn around for Prince, Paris and Blanket whose father's $500m (around £374.5 million) debt left their financial futures in jeopardy.

    The money breakdown, outlined in the court documents, show how Prince's elite university fees and Blanket's private schooling costs over $100k (approximately £74,920) annually in 2016 - the most recent year for which records have been released.

    However the King of Pop's estate has been forced to sell its Beatles song catalogue for a staggering $757 million (around £567 million) to ensure *****'s three kids didn't end up with money woes, according to court papers obtained by Sun Online.





    Jackson's lawyers had to sell the hottest song collection of all time to stop Prince, Paris and Blanket from facing a life on the breadline - and face years more legal problems due to their dad's bad business practices.

    The irony of that sentence.

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    Default Re: MJ Estate Probate Notes

    The Sun needs to shut up. "Pennyless"? Really? MJ still had money and he had GREAT ASSETS. These fools are dumb and do not know the meaning of "pennyless" or just like to pick on Michael (And I still think the name j**** is a racist name. Always have to disrespect someone black). Also, what business is it to these lying tabloids on what MJ/MJ's Estate has earned? I have never seen people in these trashy paper talke trash about someone like MJ YEt their @$$ is always up in his business even after death. And they want to call MJ w****? They need to look in the mirror (even one the tabs is name after the mirror. Use it to see your lying reflections). And these kids are a LONNNG way from poverty. People with Ph.D wish they had an ounce of what these kids have on their worst day. Idiots.
    Mike's PYT

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    Default Re: MJ Estate Probate Notes

    Its the sun what do you expect😂

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    Default Re: MJ Estate Probate Notes

    Quote Originally Posted by elusive moonwalker View Post
    Its the sun what do you expect😂


    I find it strange that there are people who read The Sun (and others) constantly contradictory reports and believe them.
    The news were constantly saying how broke he was in life, then saying how massive his assets were, and reporting on how he is the top dead earner for almost the entire decade since he died,then reporting how his estate were forced to sell the catalog to stop his kids being poor.

    the news seems to be allowed to say whatever they want by their readers.

    It should be obvious to anybody with half a brain and a memory that not all of the reports can be true and so The Sun and others are full of carp!

    Either MJ was poor or he had over $1billion in assets.
    Either his estate is poor or has made over $2billion since MJ died.
    Either MJ is top dead earning celeb for the last decade (and continues to thrive on sales and streaming platforms) or the MJ Estate is poor and is forced to sell their asset to stop the kids being poor.

    Right now press editors are treating their readers like idiots. they're takin gthe p!ss. When will people stop accepting this nonsense and force the news to report accurately?!?

    MJ fans been beating this drum for decades and we don't seem to be making any progress.

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