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MICHAEL JACKSON ESTATE Floats Katherine $6 Million To Pay Off S. Korean Concert Suit

bluesky

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Call Katherine Jackson the Six Million Dollar Mama -- because the Michael Jackson Estate just loaned her that amount to pay off her [COLOR=#009900 !important]settlement[/COLOR] with a South Korean newspaper.

According to an order entered by the court -- the Estate is giving Katherine the $6 mill to help her wrap up a 17-year old lawsuit filed against her by the Segye Times.

The paper originally won a $4 million judgment against Katherine and others for failing to deliver on a promised Jackson family concert -- but with interest she would owe more than $14 million.

Katherine's attorneys and the paper agreed on a settlement of $6 million -- which clearly she couldn't pay without help from the Estate.

There are strings attached -- according to court docs, Katherine must repay the full amount to the Estate, plus interest, within one year. But [COLOR=#009900 !important]check[/COLOR] this out -- she got a hell of a deal -- the [COLOR=#009900 !important]interest rate[/COLOR] is only .16%.

The Bank of Michael Jackson ... [COLOR=#009900 !important]best rates[/COLOR] ANYWHERE!

http://www.tmz.com/2011/10/05/micha...-million-dollar-settlement-loan/#.Toy-mf4k6so
 
Im glad the koreans finally got their money back, although way too late and (un)fortunate with the help from the Estate
 
EDIT!

I got it wrong :lol:
 
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I wonder how she's going to pay back the Estate since she's got no other meaningful source of income. She's completely dependent of the Estate for a living.
 
I wonder how she's going to pay back the Estate since she's got no other meaningful source of income. She's completely dependent of the Estate for a living.
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exactly. they will never get that sort of money back of the kids will be pimped out even more now. she better hope her cut from the concert is a decent amount!
 
passy001 said:
I wonder how she's going to pay back the Estate since she's got no other meaningful source of income. She's completely dependent of the Estate for a living.
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1.) Do nothing, and it'll get written off when MJ3 inherit the estate. And I highly doubt she'll be charged interest.

2.) Have a cut of monthly payments from estate and the debt will be paid....eventually!!!! I doubt most of the allowance even goes to paying bills.



elusive moonwalker said:
exactly. they will never get that sort of money back of the kids will be pimped out even more now. she better hope her cut from the concert is a decent amount!
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That the only solution that ever comes to Katherine's mind.



My concern is that she'll now try any excuse to squeeze more cash out of the estate. God forbid if any of the Jacksons need medical treatment......or randomly file for bankruptcy!!!
 
passy001 said:
I wonder how she's going to pay back the Estate since she's got no other meaningful source of income. She's completely dependent of the Estate for a living.
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maybe dectract an amount from her allowance every month ???
 
passy001 said:
I wonder how she's going to pay back the Estate since she's got no other meaningful source of income. She's completely dependent of the Estate for a living.
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Prince, Paris and Blanket.....how else will she be able to pay this off and frankly, given that interest rate I don't think the Estate handlers even think they will recoup that money. What happens if she passes, so ends that loan right?

In any case, this kinda shows me that the parties involved are trying to come to some sort of amicable relationship with each other.
 
J3 should not be used as a money machine!

Didn't Katherine see how much it destroyed MJ?? - MJ got addicted to painkillers, couldn't sleep etc. and it all started with his lost childhood. Even in the last audiofile from the trial a doped MJ talks about his missing childhood. - Does history teach us nothing??

J3 should have a normal childhood and live normal lives - until they decides otherwise themselves!
 
wonder if she'll indeed use the money to pay off the koreans or spend it on her overgrown 'children' ..
also katherine would never admit her and her monster husband did anything wrong with michael. never ever.

she's gonna pimp those children out Michael entrusted her, as long as she makes money out of them
 
imo..if Michael would of wanted to pay off this debt...he would of done so when he was living. He was aware it existed.
 
So this clears the debt from Katherine, Joe and Jermaine?
 
They should have paid off their debt, themselves. Michael has always been paying for them, it has to stop. Jermaine should get a damn job instead of living off his brother's money!
 
This is one article from 2009, I think they have agreed to settle for $6mil.
sourceAP.gif


updated <ABBR style="DISPLAY: inline" class="dtstamp updated" title=2009-08-06T00:57:37>8/5/2009 8:57:37 PM </ABBR>
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LOS ANGELES &#8212; A South Korean newspaper is seeking nearly $7.9 million from Michael Jackson&#8217;s estate for an unpaid judgment entered against his parents and brother, court records show.
The Segye Times filed court records on Monday in Los Angeles Superior Court seeking priority for payment of a $4 million judgment entered against Katherine and Joe Jackson and their son Jermaine in 1994 for canceled concert dates. The judgment has nearly doubled as interest has accrued.
The paper sued the Jacksons in 1990 in Contra Costa, claiming the family members were paid $5.5 million for a series of concerts. The concerts never happened and the paper sued, including Michael Jackson as a defendant, documents state.
The pop superstar settled the claims against him in an out-of-court deal in 1992. It was unclear whether his estate is liable for the remaining judgment.
The records filed in Los Angeles show a judge held a trial in February 1992. None of the remaining Jacksons listed in the lawsuit showed up for the trial, and a judgment against Katherine, Joe and Jermaine Jackson was entered.
The Jackson family later asked for a new trial, but the bid was rejected.
Katherine Jackson is the only person listed in the filing who is a beneficiary of her son&#8217;s estate. The 79-year-old and her son&#8217;s three children are the only individuals slated to receive any of Jackson&#8217;s estate, which is being placed into a private trust.
&#8220;I have no knowledge or comment on this matter,&#8221; Katherine Jackson&#8217;s attorney, L. Londell McMillan, wrote in an e-mail.
The judgment is one of several listed in a 1999 bankruptcy petition filed by Katherine and Joe Jackson in Los Angeles. At the time, the couple listed $24 million in debts that included court judgments, auto loans and credit cards.
 
Well i guess jermaine needs to hand over any money he made from his book then. If not then they can sell h.hurst to get the money back. cause i doubt the estate will ever get the money back
 
Yes, I don't think they will see that money again. I don't really understand why they are keen to pay it now?
 
the fact that Michael only paid his part of the lawsuit shows u clearly what Michael's sentiments were regards to anyone one's debt, Katherine's included, Michael was aware of it existing for over 16 years, yet he didn't bother paying it off for Katherine. And clearly no one else is bothered to pay of her debt either, what freaking shame that Mcihael Jackson and now Michael Jackson's estate are being seen as the Bank Of America by the Jackson's. SMDH
 
IT's unfair!!! He earned zillions for his family for his entire life!!!
They should pay the debt by themselves... do they think-a brother and a son-Michael as a cash cow or something?????????
 
Maybe they will taken money out of her allowance. what does she get each month?
 
elusive moonwalker said:
Maybe they will taken money out of her allowance. what does she get each month?
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She gets $26K a month, but 40% of (I'm assuming) net earnings. Since the estate is putting $30 million in the trust fund soon, I bet she'll have access to that soon, which is why the loan is probably to be paid off in a year. Her share of the $30 million would be $12 million.
 
She doesnt have access to the 30 mill. though shes gets an allowance and thats it
 
elusive moonwalker said:
She doesnt have access to the 30 mill. though shes gets an allowance and thats it
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Something has to be going on for them to loan her $6 million with the expectation for it to be paid off in a year or maybe that's just it. They don't expect her to pay it off and they plan to just write it off the books as a loss. Her allowance only provides around $300,000 a year. That certainly won't make a dent in a $6 milliion loan.

I really have no idea. All just wild guessing on my part.
 
What's new?
When MJ as alive he paid for the greedy family.
Now in death MJ is still paying the greedy family.

MJ only wanted Katherine to be in the will - not the rest of the bunch!
 
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