Jackson Executors: How We Turned it Around

[Serenitys_Dream]

Jackson Executors: How We Turned it Around
11 minutes ago by TMZ Staff  

The executors in the Michael Jackson estate have just filed legal docs explaining how they turned chaos and financial ruin into a booming, postmortem business.


View docs: You are not allowed to view links. Register or Login

According to the docs, obtained by TMZ, Jackson owed 10's of millions of bucks at the time he died.  We've previously reported how the Jackson family was about to lose their home in Encino and Jackson was on the brink of going belly up.

Executors John Branca and John McClain turned things around in a big way, for two primary reasons.  First, they restructured all of his debts and got creditors to significantly lower killer interest rates.

Secondly, the executors went full bore to generate revenue -- and the brass ring was the movie, "This Is It."  According to the docs, the flick grossed $260,000,000, the most lucrative documentary in history.

As for the album, "This Is It," it sold 5 million copies, making it the 3rd biggest album in 2009.

As for other deals, the executors:

-- Republished the "Moonwalk" book
-- Made mega-merchandising agreements for all things Jacko
-- Distributed a leather-bound, coffee table book on the life of MJ
-- Renegotiated MJ's royalty agreements with record label

But there were lots of legal fees that were incurred to make the estate money -- more than $3.8 million since Jacko's death.

The Estate also notes what we've already reported -- that they paid off the Jackson family home in Encino, bought Katherine Jackson a car and did lots of other stuff for the family.

You are not allowed to view links. Register or Login

A few things stood out here.

Postmortem - adj
(Medicine / Pathology) (prenominal) occurring after death

Postmortem - noun
1. analysis or study of a recently completed event;  An informal analysis or review of a finished event
2. (Medicine / Pathology) postmortem examination; Of or relating to a medical examination of a dead body; Autopsy

Postmortem - noun
discussion of an event after it has occurred
Postmortem  - adj
occurring or done after death; "a postmortem examination to determine cause of death"; "postmortal wounds"

The word Posthumous seems that it would have been more fitting when talking about business being conducted on behalf of a estate of a deceased person

Posthumous  adj
1. Occurring or continuing after one's death

Posthumous  adj
occurring or coming into existence after a person's death; "a posthumous award"; "a posthumous book"; "a posthumous daughter"

"The word posthumous is associated with death, both in meaning and in form. Our word goes back to the Latin word postumus, meaning "last born, born after the death of one's father, born after the making of a will," and "last, final." Postumus  was largely used with respect to events occurring after death but not exclusively so, since the word was simply one of the superlative forms of the adverb post, "subsequently, afterward." Because of its use in connection with death, however, later Latin writers decided that the last part of the word must have to do with humus, "earth," or humre, "to bury," and began spelling the word posthumus."

So back to the Autopsy report as evidence that Michael is not dead?

"significantly lower killer interest rates."
So is the Bankers behind the conspiracy to murder Michael that the Jackson family is talking about?
World Bankers = Illuminati

And one should ask themselves why Michael was being charged such huge interest rates prior to his "death" and was unable to renegotiate this before June 25, 2009. Financial ruin was the name the game.

"full bore"
full-bore adj.
Complete; thoroughgoing: "a full-bore investigation into the damaging leak"

In my opinion that doesn't fit at all to express that the executors were working hard to "generate revenue". Maybe it is a clue for us to investigate the financial aspect of all of this "completely and thoroughly"

"the brass ring"
brass ring - noun. Slang
An opportunity to achieve wealth or success; a prize or reward.

Makes me wonder whose "brass ring" this would be in that context. I mean Michael is "dead" so those who are benefiting (besides the Family) are those are involved with the estate; the executors, the lawyers involved in these business deals and the companies that are being licensed to sell merchandise , create games etc. Maybe this is another area that we should be investigating.

"But there were lots of legal fees that were incurred"
So the lawyers involved in all of these deals, including the executors, made lots of money...hmmm

[paula-c]

Serenitys_Dream, that reminds me the title of a news TMZ;
"Follow the Michael Jackson Money Trail "


You are not allowed to view links. Register or Login ... on-estate/

[voiceforthesilent]

Serenitys_Dream, that reminds me the title of a news TMZ;
"Follow the Michael Jackson Money Trail "


You are not allowed to view links. Register or Login ... on-estate/

For sure. Great post Serenity's Dream - thanks once again. I have to ask the same questions - what changed "after death" that these financial backers were all of a sudden willing to lower their interest rates?

[PJ4MJ]

1.  Why is "trade secrets" in bold?  ts...TS...hmm  

[attachment=0:3b0kzsk8]ts bold.tiff[/attachment:3b0kzsk8]
2.  They call the 2002 will "Michael's Will" and then never refer to it as that again.  In fact, in the very same paragraph, they use "Will of Michael Jackson" and "Michael Jackson's Will," but not "Michael's Will."  So what's the point?  It reminds me of the TMZ article from 9/20 about "Michael's Law." You are not allowed to view links. Register or Login

[attachment=1:3b0kzsk8]'s Will.tiff[/attachment:3b0kzsk8]
3.  Like Mo said earlier, they go to great pains to explain to the Court what a trade secret is.  Seems a bit over the top.  Same with the description of the Ubisoft Michael Jackson Experience video game.  It's sounds more like they're trying to sell the Court a copy!

4.  Why is everyone so ready to renegotiate loans at lower rates or terms that greatly benefit the Estate?  I don't really get that.  I wonder if there are some special laws that apply when refinancing with estates rather than a still-living person.  I think it's possible.  The creditor knows there's no future in collecting from a dead person, so they cut their losses by making the best deal they can before the estate is closed out.  That could be another reason for Michael to hoax his death:  knowing the executors could negotiate better financial settlements.  Just a thought.  I don't have experience with estate law, though, so I'd be interested in knowing what anyone with legal and/or estate knowledge thinks.

[PJ4MJ]

Today was a big MJ day on TMZ, too:  Four articles and TMZ Live.

Harvey opened up TMZ Live with the estate story.  It's like he was really trying to emphasize just how great a job the executors have been doing.  Then Branca/McClain got kudos again for turning things around "in a big way" when the article at the top of this thread posted.

I don't know.  Just seems like MJ news on TMZ has really kicked up the last couple of days.

[2good2btrue]

Yes, it has picked up, and all the articles relate to MONEY..$$$$$$$$$

[*Mo*]

After skimming through the 51 pages one mystery is solved.  I have always wondered who filed this creditor's claim and what for:

04/22/2010 Creditor's Claim ($1,109,000,503,600.00 )
Filed by Claimant

Here we go:

Erle Bonner: Erle Bonner sues Michael Jackson & Kevin Trudeau
 September 19, 2009 | Posted by Esther Gabriel

Erle Bonner is going to file a lawsuit to sue Michael Jackson’s estate. Bonner claims he gave Jackson some secret formulas for herpes, acne and arthritis cures. Bonner said Jackson in turn gave his formulas to Kevin Trudeau. Trudeau allegedly stole the formulas.

Bonner accused Jackson of stealing 9 copyrights and one original idea for a new auto insurance policy.

Both Michael Jackson estate and Kevin Trudeau are named as defendants.

You are not allowed to view links. Register or Login

Jackson Estate Sued over ‘Herpes Cure’
Posted in Herpes Treatment on September 28th, 2009 by herpes_test – Comments Off

The Michael Jackson Estate is being sued by Erle Bonner over the theft of his herpes cure.  He claims that Jackson gave his formulas for “herpes cure, acne cures and arthritis cures” to a guy named Kevin Trudeau, also a defendant, who allegedly pilfered them.

Bonner also claims  that someone shot at his house and that they were part of the Jackson family.

Bonner filed his suit today in L.A. County Superior Court and in it, also claims that Jackson stole nine copyrights from him, and he also stole the idea for an automobile insurance policy that “would revolutionize insurance for cars in America.”

You are not allowed to view links. Register or Login

According to several sources on the internet this claim was filed in September 2009 already, yet it's listed on the website of the LA Superior Court as filed on 04/22/2010.

No worries though - according to the Special Administrators Report a Notice of Rejection will be served.

[Rita Hayworth]

Just because he owed other debts, doesn't mean he owed the IRS. It just means either he or his financial advisors/accountants were smart enough to pay the IRS first. The two are not interrelated.

Also, I think there is some confusion between revenue and income. Because the estate generated a large amount of revenue, doesn't mean all of that (after expenses and fees) translated into bottom line income/cold cash.

[shelby61]

Perhaps one reason why the IRS was never on his case was because, in my opinion, many of his major holdings were held in trust and therefore protected from having to pay tax on those investments.  It says in that 2002 Will that the assets were held in trust for the children and Katherine and other beneficiaries (ie. charities).  Alot of people with big investments set up trusts when it comes to estate matters, so it is pretty standard when you meet with a lawyer and you need to deal with your Will, more than likely the lawyer will also provide advice on setting up trusts and protecting your assets from being taxed by the US Revenue and the Courts also take a percentage.

[paula-c]

Harvey can tell us something about this Erle Bonner :?:  :mrgreen: