Jackson’s Movie Deal may strengthen his Estate
Monday, July 20th, 2009 at 9:46 pm
Business executive John McClain and attorney John Branca are talking with AEG Live, the exclusive promoter of Michael Jackson’s supposed London concerts. The late Jackson was preparing for these concerts before his sudden death on June 25; nevertheless, the videotape of his rehearsals could still be used to create a DVD or movie that would be sold to millions of fans.
Reportedly, Sony will pay $50-$60 million for the footage and this agreement would be announced any day from now. Legal experts are saying that this deal could strengthen McClain and Branca’s control of Jackson’s estate, since they’re proving to the judge that they have the acumen in handling Jackson’s business.
At stake here is the control of King of Pop’s estate that is believed to be $200 million net of his $500 million debt. Initially, Katherine Jackson, his 79-year-old mother was given temporary control; however, a 2002 will that Jackson signed have surfaced naming McClain and Branca as executors. Therefore, a judge temporarily transferred control to them while the attorneys of Katherine Jackson are discussing to challenge their appointment.
The hearing is set for August 3. Moreover, an attorney expert in legal matters including wills said that McClain and Branca clearly have an advantage since Jackson nominated them as executors in his will.
Tags: AEG Live, attorney, attorneys, estate, John Branca, John McClain, Katherine Jackson, King of Pop, legal, Michael Jackson, Sony, will, Wills