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

elusive moonwalker said:
The allowance is the will of mj. nothing else
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OK, for accuracy sake, here is the relevant article from MJ Trust.

trust5.jpg


I did not upload the all pages, but they can be found here: http://www.megaupload.com/?d=1L23Z7JN

In essence, 40% of Estate's net earnings go to Katherine's trust. Then, the Trustee has the sole discretion as to how much of that is needed for Katherine's care, support, maintenance, comfort and well-being.. Given the Estate is still on probate, the decisions have to go through the court.

From the article above, I understand that the deal was made to reduce the debt. Considering that the Koreans was sitting in the bushes trying to get their hands on any money coming towards Katherine from the Estate, I believe this loan is a smart move on Estate's part, because at the end that still obliged to ensure Katherine's care, support, maintenance, comfort and well-being.. Simply speaking, if Koreans get Katherine's money from allowance, Estate still obliged to take care of Katherine and ensure all of the above. Because this was Michael's wish.
 
MJ's will only provides for the care, maintenance and welll-being (can't remember exact wording*) of KJ, i don't see how this would include paying off her lawsuits. That lawsuit against her, joe and jermaine was shameful - they basically stole $2m from an account set up to put on a concert by mj (and the jacksons) in korea without confirming with mj that he wanted to do it. The family have gone through 10s and 10s of $ms in their life (j5, jacksons, victory tour, mj handouts, interviews on mj) - where does it all go? Days after mj died, they were suddenly destitute with no money to pay the gas bill on hayvenhurst or something.

Its real nice of the estate to do this for Mrs J, they seemed to have paid off joe and jermaine's judgements too. Clearly this loan will never be repaid - i don't think selling a photo book and a few flower arrangements brings in that type of money. If any of them say or tweet again that the executors are frauds/thieves/murderers, they will deserve every bit of abuse they get thrown their way.

*Edit: terms of will in above post
 
MyGirl said:
Exactly. Katherine is being supported by money that Michael Jackson has left her. The Estate has an obligation to sustain it. It is the will of Michael.
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I agree. It is Michael's wish that his mother is supported and taken well care of. She does have other income and also estate income that she can pay back with but its very important she get out from under this Koean judgement becuase they can put a lean on anything she has coming in which makes her even more dependent on the estate and unable to get ahead. This move is also in their best interest. Its a win win
 
^It's only a Win-win for Katherine.

This 6M could have been re-invested with a 1-3% interest rate ...

Originally Posted by MyGirl Exactly. Katherine is being supported by money that Michael Jackson has left her. The Estate has an obligation to sustain it. It is the will of Michael.
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Would that also explain why MJ never bothered to pay it off for her?
 
Memefan said:
^It's only a Win-win for Katherine.

This 6M could have been re-invested with a 1-3% interest rate ...



Would that also explain why MJ never bothered to pay it off for her?
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It does not matter. What matters is what in the will and in the trust. And Michael bought Encino house to protect his mother from creditors.
Bottom line is simple. Trustees cannot go the route "here is your allowance, old lady, and if Koreans take money from you, this is not our business", because the trust provision clearly states that the Estate must to take care of Katherine. You might like it or not, but this is what Michael wanted.
 
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yes he bought off the encino house to protect his mother from her creditors at the same time he didn't bother to just pay off her creditors so that she could have it on her own name, such as all other monies he was providing her. and yes it does matter, whether u choose to disregard this or not

I'm not against the estate giving or 'loaning' her the money to pay of her debt, I don't care, I'm actually for it, cuz who knows maybe them giving her the money to pay off her creditors will make her less greedy, make her stop pimping out Michael's children, to everyone who's willing to give her some cash, although I highly doubt it, as she'll never be satisfied. that's how her nature has always been.
 
justnat said:
OK, for accuracy sake, here is the relevant article from MJ Trust.

trust5.jpg


I did not upload the all pages, but they can be found here: http://www.megaupload.com/?d=1L23Z7JN

In essence, 40% of Estate's net earnings go to Katherine's trust. Then, the Trustee has the sole discretion as to how much of that is needed for Katherine's care, support, maintenance, comfort and well-being.. Given the Estate is still on probate, the decisions have to go through the court.

From the article above, I understand that the deal was made to reduce the debt. Considering that the Koreans was sitting in the bushes trying to get their hands on any money coming towards Katherine from the Estate, I believe this loan is a smart move on Estate's part, because at the end that still obliged to ensure Katherine's care, support, maintenance, comfort and well-being.. Simply speaking, if Koreans get Katherine's money from allowance, Estate still obliged to take care of Katherine and ensure all of the above. Because this was Michael's wish.
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Then why do they state that it's a loan and NOT a donation/gift? It's obvious KJ cannot repay that back, at least not in 12 months.
 
I don't see how it's a win for the Estate. If it was a win, why didn't MJ pay it while he was here? Why isn't Janet? And it seems the Estate will be buying her a more luxurious house while keeping the other one empty, and now paid her debt. I better not hear any of the Jacksons moan again that the Estate is not giving poor Katherine anything. SMH

Once again MJ is the one who cleans up the Jacksons mess. Janet of course, is never being bothered, it's always Michael.
 
the money is a loan it has nothing to do with the will/trust. the lawsuit involved joe and jermaine aswell and they arent in mjs will so their money has to be paid back ontop of katherine having to repay the money as it is a loan and nothing more.
 
passy001 said:
Then why do they state that it's a loan and NOT a donation/gift? It's obvious KJ cannot repay that back, at least not in 12 months.
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Well, in my personal opinion, THAT will be too much.
I believe that the Trustees are not stupid. This debt rests as much of their shoulders as on Katherine's. While the debt remains, it is never ending circle - they provide money to Katherine, Koreans want this money, debt grows with interest. This way, the deal is made, the debt is reduced, and it is a loan, not a gift. Smart move, in my opinion.
 
justnat said:
Well, in my personal opinion, THAT will be too much.
I believe that the Trustees are not stupid. This debt rests as much of their shoulders as on Katherine's. While the debt remains, it is never ending circle - they provide money to Katherine, Koreans want this money, debt grows with interest. This way, the deal is made, the debt is reduced, and it is a loan, not a gift. Smart move, in my opinion.
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Yeah, it does seem a smart move. Anything over $13,000 as a gift, would require gift tax be paid on it, and that rate is a whole lot higher than .16%
 
About this Katherine Estate - Will that mean MJ secured that she would be taken care of, but when she dies, MJ's money to her will not be given to Jermaine, Tito, Randy, Janet, etv.??

If so - MJ was very smart. This way he would ONLY give money to her, and once she dies, his own children will get more monet insted of Katherines children getting MJ's money.
 
Yes thats right. when she dies no money goes to anyone but the kids
 
The Estate has done wonders for Michael's children and Katherine. Kudos to them for fulfilling this obligation.
 
iluvdepp said:
The Estate has done wonders for Michael's children and Katherine. Kudos to them for fulfilling this obligation.
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One that MJ himself didn't bother taking care of. Says it all for me.

I wish the estate would stop buying Katherine's collaboration.

She has poor judgement, she is beyond greedy and has questionable values.
 
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