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发表于 2010-9-25 00:28:26
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Originally Posted by ivy
I haven't read what TMZ wrote when I was making the summary. Let me go check and comment on it. Blue - TMZ reports
According to the docs, obtained by TMZ, Jackson owed 10's of millions of bucks at the time he died.
I believe they are going with the creditor's claim of $26M for this statement. However that's the creditor's claim filed but not accepted by the estate.
"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."
I believe Encino statement is true. However the major debts in MJ's life in other words loans on Sony/ATV and Mijac was due to mature end of 2010 and during 2011 respectively. It's a stretch to say that he was going belly up by mid 2009. Those loans could have been refinanced and/or paid partially or fully by TII concerts and/or any other project.
"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."
This is - I mean lower fixed interest rates and refinancing - mentioned in the documents, so true
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 *****
- Distributed a leather-bound, coffee table book on the life of MJ
- Renegotiated MJ's royalty agreements with record label
all mentioned in the document all true
But there were lots of legal fees that were incurred to make the estate money -- more than $3.8 million since Jackson's death.
I haven't added up the numbers but yes there was a lot of legal fees about the lawsuits, deals, estate management, copyright issues etc etc before and after Michael's death. Therefore this number is not surprising and most probably true.
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.
all mentioned in the documents. I guess by "lots of other stuff" they mean improvements and repairs on Hayvenhurst and paying staff, security and management of the property.
The estate made a bunch of decisions on creditors' claims, but four stand out.
-- Dr. Arnold Klein submitted two claims for medical services in the months before Michael Jackson died -- totaling $58,522.89. Pretty ironic, since some people in the Jackson world believe Klein contributed to MJ's death. The estate has taken no action so far -- neither rejecting nor paying the dough.
-- Tom Mesereau, the lawyer who did a remarkable job in Jackson's 2005 molestation trial. Mesereau submitted a claim for $341,452.05. The estate paid the lawyer in full.
-- Kai Chase, the cook who was at Jackson's home the morning he died and the woman who interacted with Dr. Conrad Murray that day, submitted a claim for $8,000. The executors compromised with Chase and settled the claim by making partial payment. This one is interesting because some of MJ's family got pissed off when she made the rounds on TV following his death.
-- Raymone Bain, MJ's longtime publicist and friend who had a mega falling-out with Jackson, had filed two claims totaling $404,000. The estate rejected the claim and Bain sued. The court tossed her case out.
All true. Pages 44-46 is showing all the creditor claims and what the estate has paid or rejected or still working on.
Some other things that's not mentioned is they paid Leonard Rowe's creditor claim and working on an settlement agreement with John Landis and Ola Ray for Thriller.
They rejected Helen Harris-Scott claim for $50M who filed a lawsuit against Michael in 2006, claiming Jackson installed a tracking device in her car, wiretapped her phone and even had "organized criminals watching me inside my house in L.A. and reporting to him.". she filed a lawsuit but it got dismissed but she filed an appeal.
Nona Paris Lola Ankhesenamun Jackson and Malachi Jet Jackson got rejection notices at April 2010. It doesn't look like they filed lawsuits. However Raymone Bain has filed appeal for the dismissial.
The Jackson Estate just filed a partial inventory of the tangible property MJ left behind when he died. Here's how it breaks down:
- Encino mansion ... $4,150,000
- Encino condo ... $315,000
- Desert Auto, LLC (in CA) ... $676,317
- 1998 Rolls-Royce ... $100,000
- 1990 Rolls-Royce ... $55,000
- 1988 Rolls-Royce ... $40,000
- Several bank accounts ... $444,260
Total: $5,780,577
It's a nice chunk of change, but nothing compared to the real jackpot ... MJ's Sony Music Catalog -- which has been valued as high as $1 billion.
Well this is not in the documents they posted before (executors say that they'll file a full inventory soon) but so much for Michael was going broke argument of TMZ.
I always said that Michael was "cash poor but asset rich". Even at the worst scenario (that he had no income and had to pay all the debts/loans), he could have sold Sony/ATV paid all his debt and still end up with hundreds of millions. He wasn't going broke.
Side note: As for the tax returns nobody should blame Michael for that. Apparently he didn't have accountants doing their job or he didn't have accountants at all. Wasn't he suing an accounting firm? |
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发表于 2010-9-24 21:19:13
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