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Michael jackson's debt is paid off

CherubimII

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MICHAEL JACKSON'S DEBT IS PAID OFF


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This Is It has raised over £150m for the Jackson estate


Sunday November 29,2009

By Mike Parker


THE debts that plunged Michael Jackson’s life into turmoil have been cleared, barely five months after his death.


Music royalties and box-office takings for the film This Is It have brought in almost half-a-billion dollars to the King of Pop’s estate.
The phenomenal flow of cash, which does not include income from Jackson souvenirs and memorabilia, more than covers the estimated £250million he owed. Administrators John Branca and John McClain still face at least six lawsuits, originally filed against the singer but now transferred to his estate.

These include a £180million action by New Jersey based company AllGood Entertainment that claims Jackson reneged on a planned pay-per-view TV reunion concert with his brothers in Texas.

Hollywood director John Landis, who made the singer’s 1983 Thriller video, is also suing for an undisclosed sum over alleged non- payment of his share of the profits.

A spokesman for the administrators said yesterday: “Our attorneys are in negotiations with various parties on a number of unresolved issues. We expect these to be amicably resolved by early in the New Year.”
Even hefty out-of-court settlements and legal fees won’t make much of a dent in Jackson’s posthumous fortune and future earning potential, according to financial experts.

Jackson was already No3 on Forbes Magazine’s annual list of highest- grossing dead celebrities, behind fashion icon Yves St Laurent and composers Rodgers & Hammerstein, before This Is It was released last month. By yesterday, the film had raked in almost $240million worldwide, according to online monitor Box Office Mojo, with eventual income from DVD sales expected to double that. Sales of the spin-off double CD, which has made the top 10 in more than 120 countries, as well as re-releases of Jackson’s classic albums, are “conservatively” expected to top £180million by Christmas, according to Sony Music.
Forbes senior editor Matthew Miller believes the Jackson phenomenon will continue to dominate the magazine’s dead celebrity chart for years to come. His posthumous earnings already dwarf those of Elvis Presley, whose estate made only £34 in the current financial year. Mr Miller said: “In life, Michael sank into uncontroll­able debt, raising enormous loans to pay for other ones he couldn’t afford. He was, basically, a multi-millionaire living a billionaire lifestyle.”Now, in an ironic twist, financial experts predict Jackson’s estate could be as much as a billion dollars in profit by the end of next year, with plans to launch as many as six new CDs.

The cash bonanza removes any financial uncertainty there may have been over the future of the singer’s three children, Prince Michael, 12, Paris, 11, and seven-year-old Prince Michael II.
Mr Miller said: “If they chose, none of them would have to work a single day in their lives.”



http://www.express.co.uk/posts/view/143029/Michael-Jackson-s-debt-is-paid-off
 
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This is what kills me - he woulda done this regardless. The O2 concerts was a 500 million venture for him.- in London alone. Kenny Ortega said MJ wanted the show to go to India, Africa, Japan, then lastly the USA.

I hate it when SOME family members say that he was worth more dead than alive - they need to STOP SAYING THAT. Arrgh!

Anyway, I am happy that the estate is a-ok, may God keep it growing, and may Michael's wishes be respected according to his will.
 
And BTW, I hope Allgood's suit is dismissed.

There is no proof whatsoever that MJ agreed with that venture.
 
6 new CD:O

I think they should release outake from each album, and I think they will do that.

Off the wall DEMO, Thriller DEMO, Bad DEMO.... and so on
 
"He was, basically, a multi-millionaire living a billionaire lifestyle.”
Michael's high debt is because of his business investments, purchasing new music catalogs, not the media so-called "lavish lifestyle". why they don't mention he donated 500 million dollars to charity. anyway, I hope Michael's estate could clear the debt asap. This is the good news!
Allgood suit is so ridiculous, michael never agree and never sign any contract.
 
first they say it's two fifty, now three fifty. the court said he was already solvent, before THis Is IT came out. they just want to feed the 'dead celebrity' mentality.
 
Sirena said:
This is what kills me - he woulda done this regardless. The O2 concerts was a 500 million venture for him.- in London alone. Kenny Ortega said MJ wanted the show to go to India, Africa, Japan, then lastly the USA.

I hate it when SOME family members say that he was worth more dead than alive - they need to STOP SAYING THAT. Arrgh!

Anyway, I am happy that the estate is a-ok, may God keep it growing, and may Michael's wishes be respected according to his will.
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EXACTLY and there were so many other things that had the potential to gross major dollars, he was worth more alive than dead.
 
"A spokesman for the administrators said yesterday: “Our attorneys are in negotiations with various parties on a number of unresolved issues. We expect these to be amicably resolved by early in the New Year.”"

That's great to hear:D *I wonder what the record for most lawsuits against a single individual is?*

""Now, in an ironic twist, financial experts predict Jackson’s estate could be as much as a billion dollars in profit by the end of next year, with plans to launch as many as six new CDs.""

Uh, I don't see what's so ironic. As someone else already mentioned, Mike was gunna make bank on the concerts. Silly media, don't git nuthing right.:*****:


"The cash bonanza removes any financial uncertainty there may have been over the future of the singer’s three children, Prince Michael, 12, Paris, 11, and seven-year-old Prince Michael II.
Mr Miller said: “If they chose, none of them would have to work a single day in their lives.”"

Yea uh huh, sure; as though there was actually "uncertainty." And someone else was already quoted months ago saying that the kids would never have to work if they didn't want to.

Seriously, is it that hard to believe that a black man could actually suceed in this world?!:doh:

I forgot to quote the other part but:poke: to whoever said Mike was a millionaire who lived a billionaires lifestyle. Hata, puh-lease. The brotha lived like a King cuz he earned it. Sure he was in debt,but he was handling his business.

BOW DOWN Hatas!

:2cents:
 
Hasn't he also got half of the Sony / ATV music catalogue or whatever it is?

I think I remember reading that was worth either £500,000,000 or $500,000,000, can't remember.
 
Soso Deaf said:
Wow some despite good news still find a way to drudge it down.

I agree wit sirena

Now where's the bandwagon branca whiners? I said five months ago that when the estate was solvent I'd do a rousing 'I told u so' hmmmmmm I'll wait till later.

I'd rather have debt ridden broken promise michael than rich but dead michael. I'm sure the poops wld too
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I would rather had him alive too. :better:
 
I am really glad things are going along well there and his children will be well provided for. This is positive news.
 
loveforever said:
"He was, basically, a multi-millionaire living a billionaire lifestyle.”
Michael's high debt is because of his business investments, purchasing new music catalogs, not the media so-called "lavish lifestyle". why they don't mention he donated 500 million dollars to charity. anyway, I hope Michael's estate could clear the debt asap. This is the good news!
Allgood suit is so ridiculous, michael never agree and never sign any contract.
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Did you see the TV special with Martin Bashir? Remember the part where MJ was in the store in Las Vegas and he was pointing out what he wanted? Mike didn't even look at the price of the items. I think it's safe to say he was a big spender and I'm sure the estate was able to pay off debts quicker because unfourtunately MJ isn't around anymore.
 
he was never in debt in the first place. how can one be in debt when they owe .3 billion dollars, but still have a total net worth of 1.3 billion?????

that's like having 20 bucks, but owing 5.

and six new albums?....i'd rather just one brand new album which was originally planned....
 
kasume said:
he was never in debt in the first place. how can one be in debt when they owe .3 billion dollars, but still have a total net worth of 1.3 billion?????

that's like having 20 bucks, but owing 5.

and six new albums?....i'd rather just one brand new album which was originally planned....
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Because net worth is based on all your assets and not just the cash you have. MJ's net worth was high partly due to his half ownership of the ATV catalog, but he can't pay bills with the money because it's not cash.
 
kasume said:
he was never in debt in the first place. how can one be in debt when they owe .3 billion dollars, but still have a total net worth of 1.3 billion?????

that's like having 20 bucks, but owing 5.

and six new albums?....i'd rather just one brand new album which was originally planned....
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Mike never had a problem. but the media likes to report bad things, including lies..and some people like to believe them. and, well..the media IS in debt.
 
Something I dont understand. If MJ's debt in life, why didn't he sell his stakes in Sony? It would have cleared him of debts with over us200million plus in cash excess. Also, why didn't he just sell Neverland instead of selling it the company he co-owned?
 
lilsusie said:
Something I dont understand. If MJ's debt in life, why didn't he sell his stakes in Sony? It would have cleared him of debts with over us200million plus in cash excess. Also, why didn't he just sell Neverland instead of selling it the company he co-owned?
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The ATV catalog is so valuable that it would have been a mistake to sell it completely. The longer MJ held on to it, the more return he would get on his investment of buying the catalog. I think MJ wanted to leave the catalog to his children also.
 
Eric said:
The ATV catalog is so valuable that it would have been a mistake to sell it completely. The longer MJ held on to it, the more return he would get on his investment of buying the catalog. I think MJ wanted to leave the catalog to his children also.
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You are right actually I remembered he said he wanted to leave that to his children but since he's in so much debt, he should have sold part of it to free himself off debts and it would have made his life easier. He wouldn't have to be controlled by Colony capital.
 
lilsusie said:
Something I dont understand. If MJ's debt in life, why didn't he sell his stakes in Sony? It would have cleared him of debts with over us200million plus in cash excess. Also, why didn't he just sell Neverland instead of selling it the company he co-owned?
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because he was smart. the returns kept him solvent. selling would make anyone broke.(all kinds of american companies sold their assets, and went bankrupt, and out of business.) he was good with finance. Donald Trump said so. but hey..his endorsement wasn't needed.
 
lilsusie said:
You are right actually I remembered he said he wanted to leave that to his children but since he's in so much debt, he should have sold part of it to free himself off debts and it would have made his life easier. He wouldn't have to be controlled by Colony capital.
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He sold 50% of the catalg to Sony. I think it was for $90 million.
 
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