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Do not believe in the supposed ruin of Michael
Michael Jackson's estate has made a fortune since the singer's death -- so much in fact ... it's nearly paid off $500 million in debt the King of Pop left behind when he died.Executors for the Estate filed legal docs -- obtained by TMZ -- which show the Estate has generated gross earnings exceeding $475 million as of the end of May. According to the docs, all of MJ's debts have been paid, with the exception of a BIG debt involving Michael's publishing catalog ... and executors expect that will be fully paid off by the end of the year.It's not only good news for the Estate ... it's great news for the small army of lawyers who have been handling all the legal and business affairs. Their fees -- from May, 2010 through November, 2011 -- exceeded $13.6 MILLION!Two other things ... Katherine is asking for an additional $34,700 a month to pay for lawyers and accountants, and another $205,041 to cover lawyer and accountant fees from 2011.Final thing --There are still some unresolved creditors' claims and several lawsuits to clear up.All in all ... not a bad turnaround. You are not allowed to view links. Register or Login
I can believe that MJ was "in debt" - on paper - but I think in reality his assets (and many we don't know about) far far far outweigh the numbers-on-paper debt. There was definite strategic planning to this, like it provides a loophole or something but there has to be legal reasons for doing it this way.And now I will pick apart TMZ's article for fun. :icon_geek:"MICHAEL JACKSONEstate Clears MJ's MassiveDebt ... Almost" "Michael Jackson's estate has made a fortune ... " :icon_e_ugeek:"Executors for the Estate filed legal docs -- obtained by TMZ" (natch) " ... by the end of the year. " :icon_bounce:" ... it's great news for the small army of lawyers" love :beerchug:" All in all ... not a bad turnaround. " :icon_cool: :fresse:
it's nearly paid off $500 million in debt the King of Pop left behind when he died.Executors for the Estate filed legal docs -- obtained by TMZ -- which show the Estate has generated gross earnings exceeding $475 million as of the end of May. According to the docs, all of MJ's debts have been paid, with the exception of a BIG debt involving Michael's publishing catalog ... and executors expect that will be fully paid off by the end of the year.
Debt is that which is ; usually referencing assets owed, but the term can also cover moral obligations and other interactions not requiring money. In the case of assets, debt is a means of using future purchasing power in the present before a summation has been earned. ...You are not allowed to view links. Register or Login
Lifetime earningsJackson has twice been named as the "#1 Entertainer of the Year" on the Forbes list based on his earnings.[368] However, Jackson has not appeared on the Forbes 400. When Forbes editor Peter Newcomb was asked in 2003 to explain Jackson’s absence from their lists he replied “MJ owes $250 to $300 million to a consortium of banks”.[369] Forbes never included Jackson in the list as they only calculate income from musical related moneys and companies publicly recognized for employers in the case of artists. Forbes considered Jackson as an artist and not as a businessman, all the income that is published by Forbes on Michael Jackson are about music rather than contracts, businesses (except Sony/ATV Music Publishing preferentially Forbes value is $5 billion, of which $1.3 billion came from Jackson's own sales as an artist). Jackson's assets are worth around $4 to $6 billion relating to his businesses such as Sony/ATV Music Publishing, Jackson International LLC, The Michael Jackson Company LLC, Sycamore Valley Ranch Company LLC, MJJ Music while naming only a few. Jackson has over $200 million related to properties in Los Angeles, Las Vegas, London and other countries. It is yet unknown of the stake Jackson owns of Neverland Valley Ranch after the year 2008, when it became Sycamore Company LLC (a joint venture between Colony Capital LLC and The Michael Jackson Company). His Neverland Valley Ranch has been valued at $100 to $150 million.[370]In the last 25 years of Jackson's lifetime, it is estimated he made more than $300 million from his own music royalties and another $400 million from concerts. In the 1980s, Jackson became the biggest musical act in the world with Thriller alone making him $125 million. In 2002, Jackson stated he had made Sony several billion dollars throughout his career.[371] Some analysts have speculated that his music catalog holdings could be worth billions of dollars.[99][372] This speculation however is contradicted by financial documents obtained by the Associated Press, which showed that as of March 31, 2007, Jackson's 50 percent stake in the Sony/ATV Music Publishing catalog (his most prized asset) was worth $390.6 million and Michael Jackson's net worth was $236 million.[373] This value for Jackson's Sony/ATV Music Publishing catalog is highly false. The catalog owns and controls many different record companies and has rights to more than 500,000 songs, including songs by The Beatles, Elvis Presley, Eminem, Akon, Shakira, Bjork, Boyz II Men and Lady Gaga, among hundreds of others. The company is one of the largest music publishers in the world and is believed to generate up to $2.5 billion a year; The Beatles' hits alone bring in $30 million to $45 million a year. Jackson's other publishing firm, Mijac, which publishes songs written by Jackson himself and which used to be administered by competitor Warner/Chappell Music, is valued to be worth at least $450 million. Since 2011 Mijac is administered by Sony/ATV Music Publishing. It is reported that if Sony/ATV Music Publishing, acquires EMI Music Publishing its value would increase to $11 billion.[374][375][376] Billboard has estimated that Jackson has generated at least $1 billion in revenue in the year following his death.[377]You are not allowed to view links. Register or Login
Well this finally confirms that Michael is worth more dead than alive, well done Michael you are a clever man.