Michael Jackson Death Hoax Investigators
Latest News => TMZ.com => Michael Jackson News => TMZ Articles => Topic started by: ~Souza~ on February 17, 2011, 03:57:11 PM
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Michael Jackson Died $400 MILLION In Debt (http://www.tmz.com/2011/02/17/michael-jackson-debts-cash-money-executors-estate-net-worth-katherine-jackson-children-kids-home-repairs-creditors/)
6 minutes ago by TMZ Staff
Michael Jackson owed more than $400 million to creditors when he died in 2009 ... this according to legal documents obtained by TMZ.
(http://ll-media.tmz.com/2011/02/17/0217-mj-money-ex-getty-tmz.jpg)
TMZ has obtained the first accounting that MJ executors filed ... showing exactly how much money Michael owed when he passed away on June 25, 2009 ... and how much the estate has made since -- and the numbers are astounding.
According to the documents, the estate has already made more than $310 million since MJ's death.
Documents show excecutors have already spent roughly $159 mil paying back various debts, income taxes and other expenses such as providing "uninterrupted support for Mrs. [Katherine] Jackson and Michael Jackson's children as Michael intended."
The estate has also paid for Katherine to make "substantial improvements" to the family's famous Havenhurst estate in Encino, CA.
Executors have also shelled out cash to "pay last illness and funeral and memorial service expenses."
In addition to the $400 million in debt -- MJ's estate had $40 million in liabilities to concert promoter AEG stemming from the "This Is It" tour ... which MJ was rehearsing for when he died.
The documents show the estate received more than 65 creditor's claims -- with some of the debt accruing interest at "extremely high" rates.
The MJ executors admit the estate still faces several lawsuits in multiple countries.
The executors also claim they have "successfully rebuilt and enhanced Michael Jackson's image" since they've been empowered to run the estate.
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Is this supposed to be new news? Isn't that the amount that has been thrown around since he "died"?
I wonder if $400 million is how much the hoax is costing Michael...
TMZ has added this last line to the article:
The executors also claim they have "successfully rebuilt and enhanced Michael Jackson's image" since they've been empowered to run the estate.
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I say BS on the 400 Million and also on the 310 Million. I don't believe he was in dept and I remember it was reported months ago the estate made already 900 Million.
The estate has also paid for Katherine to make "substantial improvements" to the family's famous Havenhurst estate in Encino, CA.
Like a batcave?
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He was in dept, they have been reporting that sense 2006. But not as much as the media claimed
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I think the "Estate" is making sure all the legalities of the hoax are taken care of. And I'm sure that requires paying off a few people.
I don't think he was ever in debt either, although he may have been in debt "on paper" to look like he was.
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Ok.. this is my take...
If Michael did die... and he was in debt... then, who cares??
I dont know why they go on and on about this debt!!!
You cant take it with you when you die... so, actually, Michael played it the best way. He made a shed load of money and he spent it ALL (and gave it to charity).
Live your life when you are alive. Money is there to enjoy and use. No use when you are cold in a coffin.
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Yeah he was so in debt that he was buying a castle in Ireland. Just one word for the "new" news >>> BS!
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Article changed:
MJ Estate Made $310 MILLION Since Michael Died
46 minutes ago by TMZ Staff
The Michael Jackson estate has made more than $310 million since MJ died back in 2009 ... this according to legal documents obtained by TMZ.
(http://ll-media.tmz.com/2011/02/17/0217-mj-money-ex-getty-tmz.jpg)
TMZ has obtained the first accounting that MJ executors filed ... showing exactly how much money Michael owed when he passed away on June 25, 2009 ... and how much the estate has made since -- and the numbers are astounding.
According to the documents, MJ had more than $400 million in various debts when he died ... but the estate has already made more than $310 million since.
Documents show excecutors have already spent roughly $159 mil paying back various debts, income taxes and other expenses such as providing "uninterrupted support for Mrs. [Katherine] Jackson and Michael Jackson's children as Michael intended."
The estate has also paid for Katherine to make "substantial improvements" to the family's famous Havenhurst estate in Encino, CA.
Executors have also shelled out cash to "pay last illness and funeral and memorial service expenses."
In addition to the $400 million in debt -- MJ's estate had $40 million in liabilities to concert promoter AEG stemming from the "This Is It" tour ... which MJ was rehearsing for when he died.
The documents show the estate received more than 65 creditor's claims -- with some of the debt accruing interest at "extremely high" rates.
The MJ executors admit the estate still faces several lawsuits in multiple countries.
The executors also claim they have "successfully rebuilt and enhanced Michael Jackson's image" since they've been empowered to run the estate.
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He was always "assest rich". Whether he had money in his pocket to buy candy, is not "Breaking News".!!
"successfully rebuilt and enhanced Michael Jackson's image" Hmmmmm, is Michael having more plastic surgery or something ??
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So, why the headline change? The article is the same. Did Michael think it was to derogatory? Was he trying to draw attention to the money made not the debt, so it was reworded to focus on the other ??
Opinions.... ?
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Didn't Janet pay most of the cost of the funeral?? Or did I make that up in my mind?
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I wonder how can his father have 2 billion to invest when michael is in debt :roll:
this must be BS . :?
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Having debts does not mean being bankrupt or insolvent. One may still live well and spend money and nothing wrong is to happen to him as long as he service his obligations.
MJ probably had some loans outstanding, maybe some were due maybe not, but looking at the value of his assets, I do not think it was as bad as media use to report it.
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Having debts does not mean being bankrupt or insolvent. One may still live well and spend money and nothing wrong is to happen to him as long as he service his obligations.
MJ probably had some loans outstanding, maybe some were due maybe not, but looking at the value of his assets, I do not think it was as bad as media use to report it.
this^ everyone has a debt to pay off , it does not mean "bankrupt"
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It seems like TMZ is starting to recycle their own articles from the early days in the hoax, this one and the one from earlier today "MJ Was On the Hunt For The Perfect Anesthesiologist" being the latest examples. I've noticed in the last few days that some TMZ articles that are posted here have a post within the thread of another TMZ article about the same thing (or very similar anyways) from the first few weeks after June 25, 2009. Coming full circle, maybe??
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So, why the headline change? The article is the same. Did Michael think it was to derogatory? Was he trying to draw attention to the money made not the debt, so it was reworded to focus on the other ??
Opinions.... ?
yeah why did they change the headline? TMZ is reading our posts here and decided to change it? or Michael decided to change it for whatever reason? it's interesting.
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Executors have also shelled out cash to "pay last illness and funeral and memorial service expenses."
That is that of the " last illness" :?:
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Ok.. this is my take...
If Michael did die... and he was in debt... then, who cares??
Creditors care. Even if person dies, there is a contract and valuable estate to pay off debts. That is how it works. There are secure and non secure creditors. So, secure creditors can take assests to satisfy debts. There is no way they say: "Ok fine, he died and we forget our debts". No way! Therefore, Estate makes money and pays debts, just like Michael would do if he would have not been behind the scene.
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How can you run an empire and have that much in debts? I don't get it. Still i think that $310+ million is no where near the real number.
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How can you run an empire and have that much in debts? I don't get it. Still i think that $310+ million is no where near the real number.
It is definitely possible. From shareholders perspective debt is actually often better than their own money. For an enterprise debt is more advantageous than own funds, as the cost of debt (interest) is tax-deductible, unlike cost of own sources. So, if the company is profitable and pays taxes, then the interest on debt decreases the tax bill. Plus, what I think was also very important is that by getting debt, you are not giving ownership to the company, in case of MJ - to his assets.
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How can you run an empire and have that much in debts? I don't get it. Still i think that $310+ million is no where near the real number.
It is definitely possible. From shareholders perspective debt is actually often better than their own money. For an enterprise debt is more advantageous than own funds, as the cost of debt (interest) is tax-deductible, unlike cost of own sources. So, if the company is profitable and pays taxes, then the interest on debt decreases the tax bill. Plus, what I think was also very important is that by getting debt, you are not giving ownership to the company, in case of MJ - to his assets.
Thanks for the explanation. :)
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Notice the bills used in the pic? 20's, a 10, a 5 and a 1. That's pocket change.
Hint.
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Notice the series number on the 20 bill in the left? 80364211
8+3+6+4+2+1+1= 25=7 :lol:
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He was in dept, they have been reporting that sense 2006. But not as much as the media claimed
Who are they ? In this area nobody can know for sure without acces to all the financials.
If he faked his death why can't we believe he faked his financials too? It's way much more easy to invent some debts.
But the way the article is written leaves the impression that Michael faked his death to escape debts or to make enough money to cover them and to restore his image too.
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Andrea I agree with you "It seems like TMZ is starting to recycle their own articles from the early days in the hoax". I have noticed that too. I think TMZ is going to be stirring up different articles...not so much in the positive light about Michael to refresh the BS in many people minds to get them interested in watching the up coming trial. For us, we know so many of these articles are BS or for a reason. On the positive side maybe these articles may get non believers to start saying "wait a minute, what's going on here". I am going to have to tune into the trial. I think that it is really important that there will be a good audience. You know largest audience ever to watch a trial sort of thing. Record breaking numbers so to speak. After all, in so many cases, we are finding out that numbers mean everything. Take care, Love to All
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I believe that MJ had debts, as any one here. We need to pay bills and those are debts, car, mortgage, whatever. The difference is that MJ´s debts are according to his life standards and has a lot of people to feed. Let´s not forget that Michael is taking care, according to the info wrtitten by TMZ, of Alejandra and her kids as an example, and also Katherine and Joe were supported by Michael. His economical burden was pretty big and I think that is not on the level like any of us who can make a living with our job incomes.
Since MJ "died" he, the MJ estate, is facing creditors who have been abusing Michael making up bills with too many ceros.
Michael is getting his economy in order and is being helped out by professionals.
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Now is only 310 million?
I found that Forbes had announced that Michael was the only singer who had earned $ 1 billion in just one year after his death.
TMZ is disappointing me ... no one lives in old news, TMZ!
And if he had debts, nobody has anything to do with it! Why do they insist on open your financial life, family, sexual and sentimental? I think Michael feels bad about it. And your privacy? How is it?
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Ok.. this is my take...
If Michael did die... and he was in debt... then, who cares??
Creditors care. Even if person dies, there is a contract and valuable estate to pay off debts. That is how it works. There are secure and non secure creditors. So, secure creditors can take assests to satisfy debts. There is no way they say: "Ok fine, he died and we forget our debts". No way! Therefore, Estate makes money and pays debts, just like Michael would do if he would have not been behind the scene.
But i mean.. "who cares" in the long run... hard to explain in words...
Money isnt the person. He spent his money when he was alive.. BRAVO!!! Too many people are slaves to the banks and to the money. We only live this live once. We pay to live on a planet that was ours anyway.
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TMZ makes no mention of the ASSETS. Take a small example. I may owe 200K on my house and credit cards and have 500K in my 401K (these are NOT true numbers). One could accurately say I was 200K in debt even though, I really am 300K in the black when you subtract my debt from the assets. With no mention of the assets in the estate, TMZ is, perhaps purposefully, misleading people as to the true financial condition of MJ's 'estate.'
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Just on Yahoo news:
Jackson's estate earned $310 million since death
AP
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People gather outside the childhood home of pop star Michael Jackson in Gary, Indiana Reuters – People gather outside the childhood home of pop star Michael Jackson in Gary, Indiana June 25, 2010. …
* Michael Jackson Slideshow:Michael Jackson
* Father of Utah music group charged with abuse Play Video Music Video:Father of Utah music group charged with abuse AP
* Rio dancers step to beat ahead of Carnaval Play Video Music Video:Rio dancers step to beat ahead of Carnaval AFP
– 22 mins ago
LOS ANGELES – Court documents show Michael Jackson's estate has earned more than $310 million since the singer's death, but is still dealing with a series of lawsuits and financial disputes.
According to a filing in the singer's probate case, Jackson died with more than $400 million in debt.
The filing reported the income, and more than $159 million in spending, for the period between Jackson's death in June 2009 and December 2010.
The estate's filing states it is negotiating settlements for several lawsuits, including disputes over Jackson's "Thriller" album.
Estate administrators have restructured much of Jackson's debt and negotiated deals for video games, new albums and a movie using rehearsal footage from Jackson's last concert.
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He was in dept, they have been reporting that sense 2006. But not as much as the media claimed
Who are they ? In this area nobody can know for sure without acces to all the financials.
If he faked his death why can't we believe he faked his financials too? It's way much more easy to invent some debts.
But the way the article is written leaves the impression that Michael faked his death to escape debts or to make enough money to cover them and to restore his image too.
The rumours about his dept surfaced during the trial in 2005. What people who haven't read up on this don't know, is that they only had access to a small number of bank accounts, 3 if I recall right. I am sure he has more, I already have 3 different bank accounts.
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Executors have also shelled out cash to "pay last illness and funeral and memorial service expenses."
That is that of the " last illness" :?:
I picked up on that too.....(LAST ILLNESS :? ) Hmmmm :shock:
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About the question of Janet paying for the funeral...this was just on my facebook..
MJHIStoryVEVO
Wall Photos
Janet Jackson indeed paid for her brother Michael’s “second” funeral in August 2...009. According to papers just filed in the Los Angeles probate court by Michael Jackson’s executors, Janet wrote a check for just under $50,000 so that the Jacksons could stage Michael’s internment after the infamous Staples Center show earlier in the summer.
The funeral did indeed cost just over $1 million in the end, for which the estate wrote checks to Forest Lawn Cemetery. The funeral incurred a lot of other expenses, too, including $35,000 for Michael’s “funeral costume” and $21,455 for catering.
The estate’s records also show specific payments to Katherine Jackson, listed under different headings for “allowance.” For example, Mrs. Jackson receives $50,000 a month for her own allowance, plus all expenses reimbursed without question. This is all separate from mortgage payments on her home, payroll for her staff, and a brand new 2010 Escalade that cost approximately $83,000.
Line by line, the report–part of a petition to the court–shows that the execugors and lawyers–who themselves have made millions in fees–have carefully attempted to clean up an estate that was in total disarray when Michael Jackson died.See More
By: MJJOnlineVEVO
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Article changed:
MJ Estate Made $310 MILLION Since Michael Died
46 minutes ago by TMZ Staff
Another alike article with some interesting details
Michael Jackson's estate has generated $310 million ($NZ408 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 $159 million ($NZ209 million) to pay down the pop star's debt, which when Jackson died amounted to more than $400 million ($NZ526 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.
The singer's physician at the time, Dr. Conrad Murray, has been charged with involuntary manslaughter in the death and has pleaded not guilty.
Jackson's 1982 release Thriller remains the best selling album of all time. Industry players think his estate can generate cash for years to come, just as dead stars like Jimi Hendrix, John Lennon and Elvis Presley continue to rake in millions.
Among the projects making money for Jackson's estate are the new album Michael, which contains previously unreleased songs, and the concert movie This Is It, which compiled videotaped rehearsals for a series of comeback concerts in London. Various merchandising and licensing deals have also swelled the coffers. Jackson's recordings are released by Epic Records, a unit of Sony Corp.
Noteworthy costs included a $900,000 ($NZ1,184,000) payment to Forest Lawn Memorial cemetery where Jackson's body is interred, and $35,000 ($NZ46,000) in expenses listed as "costume for memorial."
Administrators paid $27.2 million ($NZ35.8 million) in taxes, as well as $5.3 million ($NZ7 million) for Jackson family members and properties he owned. They made $4 million ($NZ5.3 million) in mortgage payments on his properties.
http://www.stuff.co.nz/entertainment/ce ... 08-million (http://www.stuff.co.nz/entertainment/celebrities/4677718/Jackson-estate-earns-408-million)
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How can you run an empire and have that much in debts? I don't get it. Still i think that $310+ million is no where near the real number.
Hello!!!!
Ofcourse Michael is not in dept,this is ridiculous.Michael is a very smart bussines man,Donald Trump said himself.
Just hear at what Michael had to say in 2002 when a reporter ask him about his financial situation.He said his financial situation is incredible and he had just sign a check of 500 milion dolars :shock: :lol: .Can you imagine that that amount of many and that was in 2002 .
Michael Jackson Fox News Interview with Rita Cosby 2002
[youtube:3t784psu]http://www.youtube.com/watch?v=N5SD25kb2K4[/youtube:3t784psu]
I would like to show you a comment that I think it's very funny:
500 million dollars!?!?!? did he buy disney? LOLOL
GWRevolution2008 Cu 2 (de) luni în urmă
Maybe he didnt bought Disney but let's say MARVEL 8-) ????? I have my reasons to believe that.
Anyway I consider Michael a modern Richie Rich of our times :D :lol: :
Richie Rich Trailer
[youtube:3t784psu]http://www.youtube.com/watch?v=fJJQ44fdDws[/youtube:3t784psu]
LOVE