Dangerous Incorporated
Guests
LaToya recently said that the $250M that Branca and McClain made from Sony has all gone straight to the trust which is controlled by Branca and McClain and that Katherine or the kids have not seen a dime of this money.
Latest on MJJC
Dangerous Incorporated
Guests
You know that 100% without a shadow of a doubt? No.
As for the probate/estate laws that's how it is supposed to be. Estates have to pay the existing debts first before they can give out any money to the beneficiaries (during this time beneficiaries gets an allowance) . Reportedly there's still an outstanding debt around $300M.
it looks like they did not earn enough money (therefore cannot afford) to pay it all yet, but the deal with the sony will help in regards to paying the debts.
here's a breakdown of the debts/ payments based from reported information from reputable sources (cnn and wsj) taken from another thread
http://www.mjjcommunity.com/forum/showpost.php?p=2713109&postcount=20
Dangerous Incorporated
Guests
lol How is it that they dont have enough money to pay for it? They just earnt $200M from Sony plus TII theatre, DVD/Blu Ray & album sales plus MJs other album sales since he died should be more than enough to cover the debt.
smooth_criminal 05 claims that the Estate has earned (MJ has earned really) over a Billion dollars!!
that is -as stated by smooth criminal - is GROSS Income. Which means that you need to subtract costs, fees, other companies/ people shares, salaries etc to determine what goes into the estate's pocket..
let's once again quote smooth criminal 05 "*Remember this is gross income, and not the amount that goes into the estates pocket."
even the total revenue goes into estates pocket can be in several hundred millions, all of it cannot be used for paying debts as they have to pay once again any costs, salaries, up keeping of houses, allowances, fees, taxes etc etc. (Note: the federal income tax will be around 35% and the state tax will be around 10% - meaning almost half of the earned money could go to taxes in America).
plus : do we know that whether the $250M is being paid upfront or will it be paid to the estate over several years? (they could have signed a $250M deal but it could have said that amount to be paid over 7 years or as the albums released. I don't think any company would pay $250M upfront).
let's once again quote smooth criminal 05 "*Remember this is gross income, and not the amount that goes into the estates pocket."
even the total revenue goes into estates pocket can be in several hundred millions, all of it cannot be used for paying debts as they have to pay once again any costs, salaries, up keeping of houses, allowances, fees, taxes etc etc. (Note: the federal income tax will be around 35% and the state tax will be around 10% - meaning almost half of the earned money could go to taxes in America).
plus : do we know that whether the $250M is being paid upfront or will it be paid to the estate over several years? (they could have signed a $250M deal but it could have said that amount to be paid over 7 years or as the albums released. I don't think any company would pay $250M upfront).
Last edited:
Dangerous Incorporated
Guests
Well going by Branca's past business dealings, Id say the $225M (remember that Branca and McClain split $25M) was upfront however that just my guess.
I also underlined:
So yes the Estate has enough to cover the debt, and thats if theyre going to pay all of the debt. Its a case by case bases.
I can see a setup happening where Estate claim they cant afford to pay debts and then sell ATV to Sony cover debt. But this should need be as there is plenty of money coming into the estate atm.....plenty!
Like I said we don't know for sure whether the Sony deal payment is upfront or will be paid over the years. Either way is possible. Once again even the estate earned $250-$450M in total revenues you should still subtract any costs, fees, staff salaries, payments and tax from it to come to the actual income/profit after tax.
unfortunately gross income, net income and income/profit after taxes are different things. I experience this reality in every paycheck (what my salary is versus what I actually get paid :no
.Dangerous Incorporated
Guests
I think it should be safe to say that the estate should have at least earned over $300M from all the surge of MJ sales in the last year including TII. If it hasnt, there is some serious accounting that has gone wrong.
Maria MJ
Proud Member
Therefore, out of the $300M debt the Estate is supposed to have paid off $250M. I sincerely hope they consider the loans against the catalogs an outmost priority.
They probably have to deal with multiple payments at the same time. The question is in what order they choose to deal with them.
Thetruthbetold
Proud Member
- Joined
- Jul 25, 2011
- Messages
- 1,417
- Points
- 0
Thetruthbetold
Proud Member
- Joined
- Jul 25, 2011
- Messages
- 1,417
- Points
- 0
Re: La Toya spoke to fans recently about case
its more than what you are talking about trust me on that
its more than what you are talking about trust me on that
Billie_Jean
Proud Member
- Joined
- Jul 25, 2011
- Messages
- 91
- Points
- 8
Re: La Toya spoke to fans recently about case
I'm not denying the things you said (I indeed think that there is some kind of conspiracy in our world), but why did they let him live for so long if he was considered as a threat? They decided to get rid of him when he had broken the silence (returning on stage)?
I'm not denying the things you said (I indeed think that there is some kind of conspiracy in our world), but why did they let him live for so long if he was considered as a threat? They decided to get rid of him when he had broken the silence (returning on stage)?
The Healer
Proud Member
Re: La Toya spoke to fans recently about case
I totaly agree with this. I had that feeling for years and years.
Michael became dangerously powerfull.
I can not belive this world we live in....or should I say where THEY live in. I refuse to be that kind of person.
Michael.....oh, how much we need you...
I totaly agree with this. I had that feeling for years and years.
Michael became dangerously powerfull.
I can not belive this world we live in....or should I say where THEY live in. I refuse to be that kind of person.
Michael.....oh, how much we need you...