Katherine Jackson Wants An Extensive Audit Of Michael's Estate

[hesouttamylife]

What concerns me is that most people of Michael’s financial standing will aways update their wills upon some major change in their lives.  The 2005 trial was definitely a major change in Michael’s life.  His address changed, his circumstances changed, his lifestyle changed completely.  Certainly if not at any other time, he would have made some adjustments to his will. I cannot fathom that he didn’t because that’s human nature.  But besides that, being that Branca still had in his possession Michael’s “original” will which he wouldn’t have had he turned it back over to Michael when he was fired; the still unanswered question about the date the will was signed; and the validity of the claim that he had a re-hire letter from Michael keeps John Branca in my mind on the list of questionable characters.  I don’t and never have trusted him.  He is snide and in my opinion very tricky.  Not to mention his law firm he put on the Estate’s payroll.  Jesus Christ  :computer-losy-smiley:

[guestfortheday]

"(the executors) objects to the Request to the extent that it seeks highly confidential business and financial information...it will not produce such documents absent the entry of a stipulation and protective order governing, among other things, the access to and use highly confidential documents." Most of the contracts that the estate has entered into are sealed because they contain trade secrets and other privileged information, and this is routinely done to protect the best interests of the estate."

Contract contains trade secret..... Hmmm, does not make sense because trade secret is an information of specific techniques, formulas, process of business that is being kept in secret from anyone in the world. It cannot be discussed or included in the contract. Trade secret is a key of financial sucess of the business over its competitors. COntract only includes terms and condition of trade agreement, such as: I do this...., you do that...., and money will this much, if this and that conditions are met. Agreed....signed. That is all.
That said, it is an excuse Estate makes not to give those document to Katherine. Does it make them bad or good guys? I don't know. As a one of the beneficiaries in th  will, KJ has a right to know. It's just interesting why all of a sudden she is now interested in money transactions, not from the beginning.

[MJonmind]

Yes, to me that statement of Branca, is a red flag.  Or like waving a red flag in front of a bull, metaphorically the Jackson family.  Now for sure everyone should be suspicious if KJ is told she CAN'T look at the will, no matter what mumbo-jumbo heavy-sounding excuse.  I think things are slowly going to heat up.

[hesouttamylife]

Here is a brief question & answer session executed exactly one year from Michael’s “death” with Weitzman.  He is definitely sure of himself & what he can do for Michael’s money since he didn’t live long enough to do it himself  :Pulling_hair:

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Q&A: HOWARD WEITZMAN, LAWYER FOR MICHAEL JACKSON ESTATE

Fri Jun 25, 2010 @ 10:30AM PST
By Eriq Gardner

Pop superstar Michael Jackson died a year ago today. In life, Jackson was involved in a startling number of lawsuits and had a penchant for switching attorneys at every turn. These days, his estate continues to attract enormous legal interest.

Attorney John Branca and music executive John McClain are the executors of the estate, but the primary responsibility for handling legal actions has fallen to Howard Weitzman, one of the few Hollyood lawyers equally comfortable with deals and lawsuits. He's been dealing with a range of issues, from copyright concerns over Jackson's posthumous songs to charities trying to leverage Jackson's name without authority to allegedly misleading documentaries and battles over control of the estate. Then, of course, there's the bizarre stuff.

We caught up with Weitzman in preparation for our forthcoming Power Lawyers issue.

Q: He's been gone a year but Michael Jackson must be keeping you very busy.

Weitzman: It's been a real roller coaster ride. You have issues on the business front like the "This Is It" film with Sony and the Cirque du Soleil (shows). The transactional issues are mostly handled by Branca, but because of my unique position, I have the opportunity to look at and review these deals. That said, I'm mostly involved on the litigation front, from helping make decisions to pay certain claims from creditors that are meritorious to dealing with the challenges of the appointment of the executors. There's continuing challenges dealing with the Jackson family and we want to make sure the beneficiaries Katherine and the children are treated appropriately.


 Q: There were a lot of creditors hounding Jackson at the time of his death. What's the status there?

Weitzman: A lot of claims we've been able to resolve because they were less than meritorious. Some claims were accepted and paid out. Others may end up at trial. I do expect more lawsuits to be filed in the future because Michael was and still is a big target.


Q: What are some of the strangest claims against the Jackson estate?

Weitzman: Wow, not a week goes by where something strange doesn't happen. There are consistent claims by people claiming to be Michael's wife or child. One lady from the Netherlands kept insisting that she was his daughter. You have to take them seriously when they file claims. There was one woman who claimed $5 million because she wanted to mentor his kids. She insisted she be given a house. She even filed a petition to adopt the children!

Q: How do you handle these situations?

Weitzman: I try not to be rude. I just firmly have to tell them we don't think your claim is meritorious and don't think it would be in your interest to pursue this further. Most of the time it goes away. Of course, some matters just keep coming up, like that lady who says she was the basis for the song "Billie Jean." She's filed numerous times. Sometimes, you just have to laugh. It's amazing what some people are claiming.


Here’s another little tidbit executed on July 6, 2009:

This is a rush transcript from "On the Record," July 6, 2009. This copy may not be in its final form and may be updated.

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GRETA VAN SUSTEREN, FOX NEWS HOST: When the dust settles, there could be so much money, hundreds of millions of dollars if the right people and handle Michael Jackson's estate the right way.  A few hours ago, a judge ruled in favor of the executors listed in Jackson's 2002 will. We spoke to Howard Weitzman, lawyer for the Jackson estate executors.

(BEGIN VIDEOTAPE)

VAN SUSTEREN: Who are the two co-executors?

HOWARD WEITZMAN, ATTORNEY FOR CO-EXECUTORS OF MICHAEL JACKSON'S ESTATE: John Branca, John McClain. John Branca is one of the world's most recognizable music attorneys, John McClain a childhood friend of Michael Jackson's, a very well respected and known music executive. Two really skilled, experienced individuals.

VAN SUSTEREN: Have they ever been executors of will before? That's a prerequisite, I'm just curious.

WEITZMAN: To my knowledge, they have not been, although John Branca has administered a number of estates of recognizable people, whether it's the Presley estate, the Doors, Janis Joplin. They both (ph) have experience in dealing with probate courts and the administration of estates.

VAN SUSTEREN: The actual business of running this estate could be immensely complicated.

WEITZMAN: It will be. Myself and Joel Katz and two attorneys representing McClain and Branca are assembling a team of lawyers to look after the various aspects of Michael's opportunities.

VAN SUSTEREN: It seems to me that has value -- this is a terrible thing to say, but much greater in death than in life.

WEITZMAN: Here's what I think. If he had lived, and was able to go back out on tour, then you'll see at some point I think of video, just a reversal of the tour that was expected, and he could continue that for a number of years, I almost think the opportunities would have been unlimited, because he sold out instantly and would have continued to sell out arenas all over the world. That didn't happen. Because it didn't happen and he never had that opportunity, I agree with you. I think the assets, the music, the video, the publishing, will increase tremendously because of his death. People want to continue to remember him and his legacy.

VAN SUSTEREN: The most similar situation I can think of probably is Elvis Presley's death. When Elvis Presley died, Graceland was not Graceland. Elvis Presley did not have a perfect balance sheet at the time. And then, of course, with very effective handling of the estate, it became a million-dollar industry.

WEITZMAN: We think the opportunities could be even greater than what was recognized and realized in the Presley estate.

VAN SUSTEREN: Now in terms of Neverland, hypothetically, so that people understand it, whether that could ever be anything like a Graceland, those business decisions will now be made by the executors. Is that correct?

WEITZMAN: Yes. They will be made by John Branca and John McClain.

VAN SUSTEREN: And in terms of the people who take under the will, it has been reported that his mother, his children, and some terrible organization? :WTF: What organization are they referring to?

WEITZMAN: Thousand percent correct. The will designates three beneficiaries specifically, children's charities, which have yet to be designated, but we have an idea what Michael would have liked, and in due course, we'll implement those opportunities -- the children, and Katherine Jackson.

VAN SUSTEREN: To people who have never had to go through states, what these two co-executors, they actually step into the shoes of Michael Jackson, right?

WEITZMAN: That's right.

VAN SUSTEREN: They made all the decisions on the catalog, on Graceland, how to handle disbursements to the children.

WEITZMAN: That's right. They step into Michael's shoes. They have advisers, much like Michael did, although in some cases, because of their expertise, they won't need to hire experts.  But we intend to put together a team of people that will marshal the assets, expand the opportunities, and, we think, create a legacy not just for the beneficiaries, but for the millions and millions of fans worldwide.
(END VIDEOTAPE)



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I don’t like the reference to stepping into Michael’s shoes.  And if they have all this expertise, then why are they still hiring people.  I need to read that report again.  And finally, since so many of these so called litigations have been “quashed”, what debts are they paying off to the tune of 475 million?  I am not an accountant or attorney so those with the expertise in these things please open my eyes  :icon_e_confused:

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