MJ Estate Made $310 MILLION Since Michael Died

Petrarose

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So true; but remember they would have still had the money
Michael Jackson put away for them in the MJ Trust. Creditors can't touch the Trust.:cheeky:

Oh Yeah, I forgot about that wonderful trust. Thank God!!!
 

ilmjj

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Hi Ivy! I am wondering why Katherine is borrowing large sums of money from the estate so they can live properly when it looks like the estate is paying for so much already.
you do such a great job and I hope tomorrow is better
 

love is magical

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no documents posted as far as I can see.

okay thanks. i just feel michael's net worth is usually underestimated by the press.

let's say the value of MiJac and the 50% share of Sony/ATV are worth $1 billion and the Estate's outstanding liabilities are $300 million. The net worth of the Estate is $700 million now.

how's the probate process going btw?
 

ivy

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Hi Ivy! I am wondering why Katherine is borrowing large sums of money from the estate so they can live properly when it looks like the estate is paying for so much already.
you do such a great job and I hope tomorrow is better

who knows. Especially without seeing the documents. The only thing is she's getting a good chunk of money from the estate contrary to what she claims.

i just feel michael's net worth is usually underestimated by the press.

and you'll be right

let's say the value of MiJac and the 50% share of Sony/ATV are worth $1 billion and the Estate's outstanding liabilities are $300 million. The net worth of the Estate is $700 million now.

true but I think in regards to debt they compare it to cash or assets can be turned into cash quickly.

Like I previously said Michael was never "broke", he was "asset rich" but "cash poor".

how's the probate process going btw?

Looks good IMO. It's reported that they paid $159M out of $400M+ , that's more than 1/3 of the total debt.

And it's expected , it's a huge estate with a lot of different businesses. assets, loans , creditors. So again I'll say it looks good and normal.

They'll continue to make money, pay debts and give periodic reports to the judge.
 

ivy

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how long does the probate process usually last?

depends to the estate. very basically probate is getting together all the assets, paying all the debts, closing everything with the creditors and giving assets to the beneficiaries.

depending on the work needs to be done it could be days it could be years.

As Michael's estate is big and complicated it's normal for it to take years.

^^why the Estate is required to report to the judge?

Probate is overseen by a judge to make sure that everything is being done properly. and to ensure this they would require reports and accounting periodically.
 

xo_lola_xo

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I really respect the Estate and I am in support of those in charge - regardless of what much of the Jacksons say.
 

mjjmsc

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i think they did a good job but now it is the moment to push sony into promoting the album!
 

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I would love to read the actual document.

But I think the estate is doing a great job...I am hoping by the time Prince turns 18, the estate will be out of debt (or at least the one MJ left behind).

If the Cirque du Soleil is really successful, that could be the case.

MJ would have been happy..his babies won't have to worry about money.

Quote:
Originally Posted by ivy
The executors also claim they have "successfully rebuilt and enhanced Michael Jackson's image" since they've been empowered to run the estate.

Some might not agree with this statement but it tis the truth.

MJ was the butt of many jokes, many who believe the tabloids thought he was weird..or worse a child molester.

While I am sure many still believe these things, we have to admit MJ is seen in a lot more positive light today than before his death.

Yes, it's natural after one's death the positive stories / image replace the bad & negative ones,....but the movie helped. The work the estate admins do is helping define MJ's post death career & sustain his legacy for years to come.

The estate challenging those exploiting his image, be it Katherine Jackson biz partner or Discovery Channel, also helped.

Going back to December 2010, when the estate released the letter sent to Discovery's bosses...then less than 24Hrs later, the show was canceled. It was reported by medias all over the world in an instant. This projected the image of a powerful estate..and right now MJ's estate represents MJ.


I just wish they could do something about tmz...
 
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twinklEE

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I would love to read the actual document.

But I think the estate is doing a great job...I am hoping by the time Prince turns 18, the estate will be out of debt (or at least the one MJ left behind).

If the Cirque du Soleil is really successful, that could be the case.

MJ would have been happy..his babies won't have to worry about money.

Quote:


Some might not agree with this statement but it tis the truth.

MJ was the butt of many jokes, many who believe the tabloids thought he was weird..or worse a child molester.

While I am sure many still believe these things, we have to admit MJ is seen in a lot more positive light today than before his death.

Yes, it's natural after one's death the positive stories / image replace the bad & negative ones,....but the movie helped. The work the estate admins do is helping define MJ's post death career & sustain his legacy for years to come.

The estate challenging those exploiting his image, be it Katherine Jackson biz partner or Discovery Channel, also helped.

Going back to December 2010, when the estate released the letter sent to Discovery's bosses...then less than 24Hrs later, the show was canceled. It was reported by medias all over the world in an instant. This projected the image of a powerful estate..and right now MJ's estate represents MJ.


I just wish they could do something about tmz...
I agree with every word you said Meme, they have indeed improved a lot for the better, and the movie did play a huge rule on it, I also agree about the discovery mess, we fans were fighting against it for so long, yet the channel was not willing to pull it off, once the estate got involved they pulled it off, and it was reported all over the world.
 

twinklEE

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ivy;3254682 said:
Some more information

(Reuters) - Michael Jackson's estate has generated $310 million in revenue from album sales, a film, merchandising and other products since the "Thriller" singer died in 2009, according to court papers filed on Thursday.

His estate's administrators have used $159 million to pay down the pop star's debt, which when Jackson died amounted to more than $400 million, court records show.

"Although there remain unresolved creditor claims, pending litigation and additional challenging business, tax and legal issues, and the estate is not yet in a condition to be closed, the executors have made substantial progress in reducing the estate's debt," the documents state.

The records, which were made public as part of the estate's probate proceedings, are the most detailed accounting yet of the finances of Jackson's estate from his death until December 31, 2010.

Beneficiaries of the estate are Jackson's children, his mother and various charities. Attorney John Branca and music executive John McClain were named administrators in a will the "Thriller" singer signed before he died in June 2009 from an overdose of drugs, most prominently the anesthetic propofol.

Noteworthy costs included a $900,000 payment to Forest Lawn Memorial cemetery where Jackson's body is interred, and $35,000 in expenses listed as "costume for memorial."

Administrators paid $27.2 million in taxes, as well as $5.3 million for Jackson family members and properties he owned. They made $4 million in mortgage payments on his properties.

http://www.reuters.com/article/2011/02/18/us-michaeljackson-idUSTRE71H0JI20110218

----------------------------------------------------------

Michael Jackson Estate: Spent $159 Mil So Far on Kids, Mom


The Michael Jackson estate has spent $159 million so far cleaning up his finances and taking care of his mother and three children. Let’s recall Katherine Jackson’s assertion — particularly through new business partners– that she’d been left high and dry by the executors. In fact, the estate paid off the mortgage on her Encino home, called Hayvenhurst, and is currently renovating. The estate is paying for temporary digs for Mrs. Jackson, her employees, and the children in beautiful Calabasas, California.

It also turns out that Michael –no surprise here–filed no tax returns for 2006, 2007, or 2008. So the estate and its accountants, according to a petition filed with the court, has rectified all that. According to the petition, the estate has also loaned Mrs. Jackson large sums of money so that she and the children can live properly. The funds will be repaid when her trust account, left to her by Michael, is funded.

The estate has also fended off 65 different lawsuits, including one by a man who said Michael stole his formula for healing herpes. Most of the suits were frivolous, but all had to be dealt with. According to the petition, the estate has also restructured Michael’s famous gigantic loans, reducing the debts considerably.

One thing that Michael Jackson’s super fans might take note of –the executors came in and revised the agreements Michael had signed with AEG Live. Of course, those agreements were not made with Michael’s current lawyers, but through his former manager Tohme Tohme. When Michael died, he was already in debt to AEG for $40 million. That number came from expenses Jackson had incurred before even starting to perform in London.

http://www.showbiz411.com/2011/02/17/michael-jackson-estate-spent-159-mil-so-far-on-kids-mom

-------------------------------------------
Katherine Jackson better not lie about receiving too little money ever again, and if she does she should go and beg the OTHER dozen children she's got. Let's see how much they are willing to give her.
SMDH @ so much ungratefulness.
 

mjsdot

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Oh Yeah, I forgot about that wonderful trust. Thank God!!!

Didnt think there was anything in the trust yet. Thats where the money goes when the estate is sorted, debts paid and probate finished. Whats left and any future income then goes into the trust and is dished out as per will 40% kids 40%KJ(monthly income during her lifetime only) 20% charity
 
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elusive moonwalker

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mjs will was the trust he called it the mj family trust i believe
 
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elusive moonwalker

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yeah the estate is in probate so offically until thats over we wont have a final amount that we can say is left. but theres obviously still money around and being made hence the allowances the kids and katherine get. theres obviously a rough idea of what the estate is worth now when u add up what all the cats etc are worth.but until its out of probate theres nothing offical i guess u can say theres nothing in the trust cause its still in probate.depends how u word it i guess
 

ilmjj

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:QUOTE=Memefan;3254975]I would love to read the actual document.

But I think the estate is doing a great job...I am hoping by the time Prince turns 18, the estate will be out of debt (or at least the one MJ left behind).

If the Cirque du Soleil is really successful, that could be the case.

MJ would have been happy..his babies won't have to worry about money.

Quote:


Some might not agree with this statement but it tis the truth.

MJ was the butt of many jokes, many who believe the tabloids thought he was weird..or worse a child molester.

While I am sure many still believe these things, we have to admit MJ is seen in a lot more positive light today than before his death.

Yes, it's natural after one's death the positive stories / image replace the bad & negative ones,....but the movie helped. The work the estate admins do is helping define MJ's post death career & sustain his legacy for years to come.

The estate challenging those exploiting his image, be it Katherine Jackson biz partner or Discovery Channel, also helped.

Going back to December 2010, when the estate released the letter sent to Discovery's bosses...then less than 24Hrs later, the show was canceled. It was reported by medias all over the world in an instant. This projected the image of a powerful estate..and right now MJ's estate represents MJ.


I just wish they could do something about tmz...[/QUOTE]

:clapping: Thank you for your post.

I like the idea of a powerful estate that will defend and protect the memory of Michael:yes:
 

Autumn II

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A few things stand out, that I'm wondering about. The production costs of forty million? As an advance that Michael would have had to pay back? I'm wondering how this compares to other tours, where he had a sponsor, or sponsors? (i.e. Pepsi?), who negotiated for part of the profits of the tours, but also got advertising out of it (Michael's Pepsi ads?) So in the past who paid for "production costs?" Michael, or was that expense shared with the sponsor, or what? (and I'm sure whatever arrangements were made in the past, and for TII, were incredibly complex!)

Another thing that is different from the past is that there was no record to promote. Every tour in the past (that I'm aware of) coincided with the release of a new album. In that way, Michael got proceeds from touring, but also immense promotion for the album and revenues from album sales. For Bad and Dangerous, for example, there was a lot of PR in advance of the record releases, then release of a "teaser single," then the debut of the album, more singles, and videos. But for this tour, there was NOTHING. Recording an album takes time, as do the video shoots. But with the tour ongoing, I can't see that there could have been a new album until AFTER the tour? I mean, when would Michael have had the time to work on vids AND perform in concerts? That is different from past arrangements, for sure. Just wondering?

Also, in the past, did Michael pay production costs out of his own pocket, or what? That seems to be the case here, but also, AEG was footing the cost of the rent on his house, and other expenses. Is that usual for a tour promoter/venue, or was this a more special arrangement? But of course, this tour was different in that it was a residency, and not touring city-to-city. In that sense, there would not have been the expense (probably huge) of moving the entire set around, tearing it down, and putting it back up again. So that is different, and that one is to Michael's advantage?

Horrifying is, that "Michael hadn't filed taxes for 2006, 2007, 2008!" My GOD! Who was minding the store? Filing taxes is fundamental for financial management! We don't know from what years Tohme was on the scene, do we? We do know he was in-place in 2008. Not sure about the past two years. (When was Michael in Ireland? It tends to blur, over time. . . . ) But we DO know that he said he was "managing the business" and that Michael had no part of that, and Michael was doing the creative work. Non-payment of taxes sure doesn't sound like "managing the business" to ME! It's outrageous! That taxes must be paid isn't rocket-science!

Also don't understand "restructuring the agreement with AEG?" Isn't a contract a contract? Or can the terms of the contract be restructured after the signee is deceased, or what? Is any further info given on that? (probably not)

Whatever the case, the estate seems to have a grip on it now and is paying down debts. But what about BEFORE? Did Michael have NO ONE who was competent to manage his complex finances? Wow. . . .
 

mjsdot

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A few things stand out, that I'm wondering about. The production costs of forty million? As an advance that Michael would have had to pay back? I'm wondering how this compares to other tours, where he had a sponsor, or sponsors? (i.e. Pepsi?), who negotiated for part of the profits of the tours, but also got advertising out of it (Michael's Pepsi ads?) So in the past who paid for "production costs?" Michael, or was that expense shared with the sponsor, or what? (and I'm sure whatever arrangements were made in the past, and for TII, were incredibly complex!)

Another thing that is different from the past is that there was no record to promote. Every tour in the past (that I'm aware of) coincided with the release of a new album. In that way, Michael got proceeds from touring, but also immense promotion for the album and revenues from album sales. For Bad and Dangerous, for example, there was a lot of PR in advance of the record releases, then release of a "teaser single," then the debut of the album, more singles, and videos. But for this tour, there was NOTHING. Recording an album takes time, as do the video shoots. But with the tour ongoing, I can't see that there could have been a new album until AFTER the tour? I mean, when would Michael have had the time to work on vids AND perform in concerts? That is different from past arrangements, for sure. Just wondering?

Also, in the past, did Michael pay production costs out of his own pocket, or what? That seems to be the case here, but also, AEG was footing the cost of the rent on his house, and other expenses. Is that usual for a tour promoter/venue, or was this a more special arrangement? But of course, this tour was different in that it was a residency, and not touring city-to-city. In that sense, there would not have been the expense (probably huge) of moving the entire set around, tearing it down, and putting it back up again. So that is different, and that one is to Michael's advantage?

Horrifying is, that "Michael hadn't filed taxes for 2006, 2007, 2008!" My GOD! Who was minding the store? Filing taxes is fundamental for financial management! We don't know from what years Tohme was on the scene, do we? We do know he was in-place in 2008. Not sure about the past two years. (When was Michael in Ireland? It tends to blur, over time. . . . ) But we DO know that he said he was "managing the business" and that Michael had no part of that, and Michael was doing the creative work. Non-payment of taxes sure doesn't sound like "managing the business" to ME! It's outrageous! That taxes must be paid isn't rocket-science!

Also don't understand "restructuring the agreement with AEG?" Isn't a contract a contract? Or can the terms of the contract be restructured after the signee is deceased, or what? Is any further info given on that? (probably not)

Whatever the case, the estate seems to have a grip on it now and is paying down debts. But what about BEFORE? Did Michael have NO ONE who was competent to manage his complex finances? Wow. . . .

Dont think he did have aanyone competent. Reading the AEG contract it looks like all advances and expenses ie production, house rental staff that AEG funded would be repaid from Michaels earnings before they paid it to him. Also he wasnt to be paid until after the end of each leg of the tour. Cant see that he would have made much money personally unless it went round the world:no:
 

Autumn II

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Dont think he did have aanyone competent. Reading the AEG contract it looks like all advances and expenses ie production, house rental staff that AEG funded would be repaid from Michaels earnings before they paid it to him. Also he wasnt to be paid until after the end of each leg of the tour. Cant see that he would have made much money personally unless it went round the world:no:

Out of all of this, what is truly appalling is non-payment of taxes for three YEARS! So many entertainers get into trouble with taxes, but I thought Michael had escaped that, at least in past years? But that is totally outrageous, that his financial management didn't even FILE taxes! I know that in 2008, that would have been Tohme -- who is on record as saying he was "taking care of the business side", and Michael the creative side. Apparently NOT! Filing taxes is fundamental for financial management. It's OUTRAGEOUS! The article says "not surprising?" Yes, it is VERY surprising!

What I'd like to know (among other things) is how this tour compares to others Michael has done, i.e. Pepsi. Of course, realizing that this one was different in that it was a residency, and not city-to-city.
 
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elusive moonwalker

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Dont think he did have aanyone competent. Reading the AEG contract it looks like all advances and expenses ie production, house rental staff that AEG funded would be repaid from Michaels earnings before they paid it to him.
ybh that seems normal to me. its like when u have a record deal and the sudio etc comes out of your fees.

Out of all of this, what is truly appalling is non-payment of taxes for three YEARS! So many entertainers get into trouble with taxes, but I thought Michael had escaped that, at least in past years? But that is totally outrageous, that his financial management didn't even FILE taxes! I know that in 2008, that would have been Tohme -- who is on record as saying he was "taking care of" the business side", and Michael the creative side. Apparently NOT! Filing taxes is fundamental for financial management. It's OUTRAGEOUS! The article says "not surprising?" Yes, it is VERY surprising!
yeah i agree, this was always something that worried me. when u look at wes snipes. it kinda scared me that they could try something like that with mj after failing with 03-05. when were those accountants brought in by randy working for him b4 mj sacked and sued them? was it through those years ontop of thome who came in later.
 

Daryll748

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The executors also claim they have "successfully rebuilt and enhanced Michael Jackson's image" since they've been empowered to run the estate.

http://www.tmz.com/2011/02/17/micha...jackson-children-kids-home-repairs-creditors/

:puke: Sure... The 'product' or 'brandname' MJ is SUCCESSFUL now... :puke:

Michael Joseph Jackson was a HUMAN guys... HUMAN, Just like you and I... With feelings, with dreams, with hopes... With children... You seem to forget that 'IMPORTANT' detail, didn't you???? :doh:

Shame on you :no:
 

Autumn II

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yeah i agree, this was always something that worried me. when u look at wes snipes. it kinda scared me that they could try something like that with mj after failing with 03-05. when were those accountants brought in by randy working for him b4 mj sacked and sued them? was it through those years ontop of thome who came in later.

Well, the article said 2006, 2007, and 2008. Even if a person can't pay right away, extensions can be filed. But, the article says that taxes weren't even FILED!

Plus, those unpaid taxes would have increased as time passed, in IRS penalties! It seems to me that the estate would have grounds to sue whoever Michael's management was for those three years (and for at least one of those years, it was Tohme), for gross negligence, or something?
 

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who was managing MJ at the time? what is Raymone Bain?

Bingo! Raymone came in, in 2006, and that would have been her responsibility. Not sure when Tohme came on the scene, but he was the one who negotiated the signing of the AEG contract in the summer of 2008. I'm not aware of any interim managers, so it would both Tohme and Bain who neglected to file Michael's taxes.

@font-face { font-family: "Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: "Times New Roman"; }a:link, span.MsoHyperlink { color: blue; text-decoration: underline; }a:visited, span.MsoHyperlinkFollowed { color: purple; text-decoration: underline; }div.Section1 { page: Section1; } http://en.wikipedia.org/wiki/Raymone_Bain

In 2006, Bain was appointed President and COO of The Michael Jackson Company by Michael Jackson, who at the same time appointed her as his personal general manager. On May 6th, 2009 Bain filed a lawsuit for US $44 million in damages relating to her time with The Michael Jackson Company.[1] Ms. Bain's case is still pending in the Federal District Court in the District of Columbia before the Honorable Chief Justice Royce Lambert.

(edit) That court case has been resolved now, right?
 

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Dont think he did have aanyone competent. Reading the AEG contract it looks like all advances and expenses ie production, house rental staff that AEG funded would be repaid from Michaels earnings before they paid it to him. Also he wasnt to be paid until after the end of each leg of the tour. Cant see that he would have made much money personally unless it went round the world:no:


MJ told one of the African American leadres that he is worried that he may come back from this tour with no money cuz he is a father of 3 kids to feed !

can anyone please help me to find the article !
 
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PCR

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MJ told one of the African American leadres that he is worried that he may come back from this tour with no money cuz he is a father of 3 kids to feed !

can anyone please help me to find the article !

Ok, but sounds to me very much like the words of KF about MJ fearing he would end up working at McDonald's. He was not poor at all and if fact he was faaaaaaaaaaaaarrrrrrrrrrrr away from poverty. And anyway, if you fear you are not making enough money, you can always choose stop expending money as it was growing like a forest. I can understand investing on your kids, their education, clothes, food, house... but c'mon! Michael had all that and much more.

Was he really that scared? And if so... why? He could have sell any of his properties, or just doing a couple of shows, an interview, an unplugged, I don't know, the man was a genious and as some other friend said in other thread, we would have paid just to see him walk around.

So why would he be so scared to work so hard to get so much money?

And please excuse my miserable understanding and memory, but why was Michael in so much debt? 400 millions?? :bugeyed Not paying taxes? your taxes?? for so many years?

How didn't he know about that? Can you really lose so much control of your own stuff and deals?

I don't understand it :scratch: I feel there is a missing piece in all this talk about MJ being in debt, earning so much, having nothing, having all. I just don't understand it :mello:
 
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