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Michael jackson's debt is paid off

Michael was in debt, we saw it in the court papers in 2005. I just keep thinking that maybe if he was not in debt, he would not have done the tour and he would still be here with us.
 
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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Michael's debt was already taken care of even before his death. In 2007 he had all his earnings for the ATV catalog go into paying down his debt. By the year 2011, he would had been completely debt free, so that was not a problem. The problem was that Michael was cash poor, so he did not have alot of liquid money to spend. However, he was never in the financial trouble that people are saying he was in.

Also, he wanted to keep Neverland for estate purposes, however, his manger at the time, Randy screwed up. While Michael was in the Middle East, Randy and his goons ran Michael's estate into the ground and did not pay Michael's bills. That is why he got sued so many times in 2007. It had nothing to do with his debt. Randy did not pay to keep up Neverland or to keep the employees paid.
 
Victory2004 said:
This is one story the media just LOVED to go on and on and ON about.
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they twisted it. and the advice they gave, was advice a lot of other people went by, and it put them out of business. he was financially fine. and, fortunately, he didn't respect the media, or let people tell him what to do. while people around him had to 'close up shop', he didn't have to. truthfully, he didn't have to tour.
 
vncwilliam said:
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.
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Selling a partial ownership of a catalog worth an estimated billion dollars would make anyone broke? You really don't have any clue what you are talking about.
 
Ramona122003 said:
Michael's debt was already taken care of even before his death. In 2007 he had all his earnings for the ATV catalog go into paying down his debt. By the year 2011, he would had been completely debt free, so that was not a problem. The problem was that Michael was cash poor, so he did not have alot of liquid money to spend. However, he was never in the financial trouble that people are saying he was in.

Also, he wanted to keep Neverland for estate purposes, however, his manger at the time, Randy screwed up. While Michael was in the Middle East, Randy and his goons ran Michael's estate into the ground and did not pay Michael's bills. That is why he got sued so many times in 2007. It had nothing to do with his debt. Randy did not pay to keep up Neverland or to keep the employees paid.
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That's what I'm saying. He's cash poor and he should have liquidified his assets! and ugh..Randy..with family like that, I would have died before 50.
 
Eric said:
Selling a partial ownership of a catalog worth an estimated billion dollars would make anyone broke? You really don't have any clue what you are talking about.
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you have no clue what i am saying. he kept half. it's like not getting rid of it at all, because it garners returns, dude. he went into a friggin partnership with Sony. he didn't give Sony the whole thing. now get off the personal before i report you.
 
Ramona122003 said:
Michael's debt was already taken care of even before his death. In 2007 he had all his earnings for the ATV catalog go into paying down his debt. By the year 2011, he would had been completely debt free, so that was not a problem. The problem was that Michael was cash poor, so he did not have alot of liquid money to spend. However, he was never in the financial trouble that people are saying he was in.

Also, he wanted to keep Neverland for estate purposes, however, his manger at the time, Randy screwed up. While Michael was in the Middle East, Randy and his goons ran Michael's estate into the ground and did not pay Michael's bills. That is why he got sued so many times in 2007. It had nothing to do with his debt. Randy did not pay to keep up Neverland or to keep the employees paid.
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Having no cash is a problem. If you have assets that are worth millions of dollars but you can't or are not willing to liquidate them, it's just the same as haveing no money when it comes to paying off debts.
 
lilsusie said:
That's what I'm saying. He's cash poor and he should have liquidified his assets! and ugh..Randy..with family like that, I would have died before 50.
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Liquidation may be good for the short term, but it is the worst thing to do for your long term future. Michael wanted to make sure that his kids were taking care of, so he didn't sell his investments. So, he chose the long-term benfics over the short-term gain that get many businesses in trouble.

Michael was still able to work, so if he needed money he could had made an album or perform again. He could even produce a movie, so he did not need to sell to get liquid cash.
 
Eric said:
Having no cash is a problem. If you have assets that are worth millions of dollars but you can't or are not willing to liquidate them, it's just the same as haveing no money when it comes to apying off debts.
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He was getting $75,000 a month, so he was not that poor.

Also, he debt was taken care of so he did not need the money for that. If Michael lived to tour, all that money would had gone into his pocket and not into paying his debt. He was not touring again to pay down debt. He was touring again for his own reasons.
 
Ramona122003 said:
He was getting $75,000 a month, so he was not that poor.

Also, he debt was taken care of so he did not need the money for that. If Michael lived to tour, all that money would had gone into his pocket and not into paying his debt. He was not touring again to pay down debt. He was touring again for his own reasons.
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$75,000 a month is nothing for a person like Mike. There's no way $75,000 a month could sustain his lifestyle even if he had no debts. With the debts MJ had, he would need way more than $75,000 a month.
 
Eric said:
stop saying things that are flat out lies and just plain wrong and you'll stop me from posting. If you continue to post made up bullshit, I'll continue to call you out on it.
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In 1995, Jackson merged his ATV Music catalog with Sony's publishing division creating Sony/ATV Music Publishing. Jackson retained half-ownership of the company, earned $95 million upfront as well as the rights to even more songs.

A new publishing venture will combine Sony's music publishing division with Mr. Jackson's ATV Music catalogue to create a business valued at $500 million. In addition to the Beatles songs, Mr. Jackson's catalogue includes songs performed by Elvis Presley and Little Richard.


http://www.nytimes.com/1995/11/08/b...on-sells-rights-to-beatles-songs-to-sony.html
 
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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Good post. I agree.

Ramona122003 said:
Michael's debt was already taken care of even before his death. In 2007 he had all his earnings for the ATV catalog go into paying down his debt. By the year 2011, he would had been completely debt free, so that was not a problem. The problem was that Michael was cash poor, so he did not have alot of liquid money to spend. However, he was never in the financial trouble that people are saying he was in.

Also, he wanted to keep Neverland for estate purposes, however, his manger at the time, Randy screwed up. While Michael was in the Middle East, Randy and his goons ran Michael's estate into the ground and did not pay Michael's bills. That is why he got sued so many times in 2007. It had nothing to do with his debt. Randy did not pay to keep up Neverland or to keep the employees paid.
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Another good post. Thanks for pointing that out.

Soso Deaf said:
I dnt want any negativity in this thread. Who cares how much they said he owed or this or that? How he spent his money. Get distracted by that?

Hi mike is dead his kids lost a father n the man's killer(s) have not been arrested.

Everything else is just semantics. Maybe one day some of y'all will realize it dnt matter no'mo. He gone.
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:(
 
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Ramona122003 said:
In 1995, Jackson merged his ATV Music catalog with Sony's publishing division creating Sony/ATV Music Publishing. Jackson retained half-ownership of the company, earned $95 million upfront as well as the rights to even more songs.

A new publishing venture will combine Sony's music publishing division with Mr. Jackson's ATV Music catalogue to create a business valued at $500 million. In addition to the Beatles songs, Mr. Jackson's catalogue includes songs performed by Elvis Presley and Little Richard.


http://www.nytimes.com/1995/11/08/b...on-sells-rights-to-beatles-songs-to-sony.html
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OK, and you are posting this why?
 
Ramona122003 said:
He was getting $75,000 a month, so he was not that poor.

Also, he debt was taken care of so he did not need the money for that. If Michael lived to tour, all that money would had gone into his pocket and not into paying his debt. He was not touring again to pay down debt. He was touring again for his own reasons.
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you are smart, in business.
 
vncwilliam said:
let me just tell you the basics. ask Dodge motor company, what happens when you sell all your assets. they were completely bought up by a company outside the USA. because of Michael's patience, and unwillingness to sell out his assets, nobody could buy him out. so you have nothing to call me out on. the courts said he was solvent. now, since you are not following the rules of the site....
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you said MJ had no debt and it was mde up. Well the 2005 court papers showed he had debt. So you are making stuff up. So stop making stuff up.
 
Eric said:
$75,000 a month is nothing for a person like Mike. There's no way $75,000 a month could sustain his lifestyle even if he had no debts. With the debts MJ had, he would need way more than $75,000 a month.
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Read my other posts. Michael could had made money easily, also the $75,000 figure is just for his catalog. He was making money other places too, so we do not know how much money he was making a mouth.

The fact remains that if Michael needed money, he could had easily made some by just performing or just doing showing up on certain shows. His debt was not really an issue. The only thing his death did was speed up him paying off his debt, but it would had been an non-issue in 2011 regardless.
 
Eric said:
you said MJ had no debt and it was mde up. Well the 2005 court papers showed he had debt. So you are making stuff up. So stop making stuff up.
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you really can't see how good business works. did the courts lie when they said he was solvent, before TII came out? because that's what they said. like i said, compare Michael Jackson, to what Dodge motor company did. one of them went out of business, and it wasn't Michael. now the courts said he was solvent. how can you be solvent and in debt at the same time?
 
Ramona122003 said:
Read my other posts. Michael could had made money easily, also the $75,000 figure is just for his catalog. He was making money other places too, so we do not know how much money he was making a mouth.

The fact remains that if Michael needed money, he could had easily made some by just performing or just doing showing up on certain shows. His debt was not really an issue. The only thing his death did was speed up him paying off his debt, but it would had been an non-issue in 2011 regardless.
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So if Mike was in debt and he never decided to perform again, how exactly would his debt been paid off if he didn't liquidate his assets?

It no coincidence Mike tried to call off the auction of his personal items thought to raiese him millions of dollars only AFTER he made the deal for the This Is It shows.
 
Ramona122003 said:
Liquidation may be good for the short term, but it is the worst thing to do for your long term future. Michael wanted to make sure that his kids were taking care of, so he didn't sell his investments. So, he chose the long-term benfics over the short-term gain that get many businesses in trouble.

Michael was still able to work, so if he needed money he could had made an album or perform again. He could even produce a movie, so he did not need to sell to get liquid cash.
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He could sell his assets and they could last him and his kids for more than a lifetime but he chose not to and it costs him his life. If he hadn't chose to do the london shows, he would still be here. And btw it's not like his kids can't get out and work, why did he need to leave so much to his kids? If he really care about the world and the suffering kids, he should donate more to charities instead of leaving everything to his kids.
 
Eric said:
OK, and you are posting this why?
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I posted it to correct statements that you made. You said he sold his ATV Music catalog. He did not sell it, he merged it with and got co-ownership of all of Sony's catalogs. Which made his ATV go up to $500 million. Therefore, every time you hear Elvis or Taylor Swift, Michael's estate is the one being paid.

You also called vncwilliam a liar when he/she corrected you on this same point. You said to vncwilliam "stop saying things that are flat out lies and just plain wrong and you'll stop me from posting. If you continue to post made up bullshit, I'll continue to call you out on it."

Which is why I gave you the facts.
 
Eric I think what they are saying is that since Michael funneled all of his earnings from Sony/ATV into paying his large $300 million debt, that would have been taken care of in 2 years. He was still making money from his own catalogue of music as well
 
vncwilliam said:
you really can't see how good business works. did the courts lie when they said he was solvent, before TII came out? because that's what they said. like i said, compare Michael Jackson, to what Dodge motor company did. one of them went out of business, and it wasn't Michael. now the courts said he was solvent. how can you be solvent and in debt at the same time?
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Not to be crass, but Mike died becuase he was getting ready for the shows. He is out of business because he is not here anymore. We all know Mike didn't want to do these kind of shows anymore because he said so himself that doing tours again would kill him and it did kill him.
 
Eric said:
So if Mike was in debt and he never decided to perform again, how exactly would his debt been paid off if he didn't liquidate his assets?

It no coincidence Mike tried to call off the auction of his personal items thought to raiese him millions of dollars only AFTER he made the deal for the This Is It shows.
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He called out the auction because Tohma screwed it up and put items that were not suppose to be there. It may had something to do with TII, but that was the primary reason.

I never said Michael never had to perform again. I said money was not an issue for him because he could always make more. Which means he could either perform, do interviews, do a concert with his family, etc. However, that money would had gone to other things and not his debt, which was my point.
 
lilsusie said:
He could sell his assets and they could last him and his kids for more than a lifetime but he chose not to and it costs him his life. If he hadn't chose to do the london shows, he would still be here. And btw it's not like his kids can't get out and work, why did he need to leave so much to his kids? If he really care about the world and the suffering kids, he should donate more to charities instead of leaving everything to his kids.
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he left much to charity and his kids. giving to charity is how you get back much in return. a good father watches out for his kids for life, if he can. and Michael could. now, the media is putting Michael on blast for whatever they can find...but they can't say that he left his kids destitute. so they're tr;ying to spin how he suddenly is not in debt. that can't happen suddenly. it was a long process.

can you imagine what kind of a field day the media would have had, if he didn't watch out for his kids, financially? MJ did the right thing.
 
Yeah when he decided to do the 50 shows that is exactly what popped in my head after the excitement. I remember after James Brown died Michael said he did not want to be like him, broke and forced to tour at an old age which ultimately killed him
 
Eric said:
Not to be crass, but Mike died becuase he was getting ready for the shows. He is out of business because he is not here anymore. We all know Mike didn't want to do these kind of shows anymore because he said so himself that doing tours again would kill him and it did kill him.
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as far as for the reason he died, there are a lot of people with a lot of theories, including those about a certain doctor. so..that's up for debate.
 
Ramona122003 said:
I posted it to correct statements that you made. You said he sold his ATV Music catalog. He did not sell it, he merged it with and got co-ownership of all of Sony's catalogs. Which made his ATV go up to $500 million. Therefore, every time you hear Elvis or Taylor Swift, Michael's estate is the one being paid.

You also called vncwilliam a liar when he/she corrected you on this same point. You said to vncwilliam "stop saying things that are flat out lies and just plain wrong and you'll stop me from posting. If you continue to post made up bullshit, I'll continue to call you out on it."

Which is why I gave you the facts.
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I never said he sold the ATV catalog. He sold a 50% stake in the ATV catalog to Sony for $90 million and it was merged to create Sony/ATV. Again, I never said he completely sold his catalog.
 
Eric said:
Not to be crass, but Mike died becuase he was getting ready for the shows. He is out of business because he is not here anymore. We all know Mike didn't want to do these kind of shows anymore because he said so himself that doing tours again would kill him and it did kill him.
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He said the same thing after every tour. He said he would never tour again after the Bad tour. However, he did two others and a MGS show, so this in a none point. Michael did these shows for his own reasons, plain and simple.

lilsusie,


You do not sell your assets if you do not have to, that is the rule of business. If he could set things up so his kids never have to work, he had every right to do it. You can look back with 20/20 hindsight and say he should had done this and that, but Michael did not want to do this and that.

Any good business man plans for the future, not short term gain. That is why American business men are going out of business because they did alot of stuff for the money now and did not plan ahead. So, Michael was being a good business man.
 
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