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Posts Tagged ‘AEG Live’
Katherine Jackson Wins
Thursday, September 24th, 2009
Associated Press reported that Katherine Jackson, the mother of Michael Jackson, can now challenge her son’s estate administrators without risking her inheritance share. This is the ruling of Mitchell Beckloff, a Superior Court Judge, last Friday. In the ruling, it states that Mrs. Jackson can remove the estate executors - John McClain (music executive) and John Branca (lawyer) - or challenge their authority without being disinherited.
Although there’s a family trust provision that calls for anyone challenging the will to lose their share in the trust, the judge ruled the complete opposite. Previously, the lawyer of Mrs. Jackson raised concerns about a few deals that Mr. McClain and Mr. Branca have negotiated, including the involvement of Michael’s concert promoter, AEG Live.
According to Londell McMillan, Katherine’s lawyer, “We hope that this outstanding administration matter is resolved, without need for further costly obligation - this is for the best interests of Mrs. Jackson and Michael’s children, who are the true beneficiaries.”
The family trust gives 40% to Mrs. Jackson, 40% to Michael’s three children, and the remaining 20% will be given to charities. Judge Beckloff also approved around $1 million annual allowance for the family - Mrs. Katherine Jackson, Michael’s daughter Paris, and his sons Prince Michael and Blanket.
Tags: administrators, AEG Live, Associated Press, Blanket, estate, Family Trust, inheritance, John Branca, John McClain, judge, Katherine Jackson, lawyer, Londell McMillan, Michael Jackson, Mitchell Beckloff, Paris, Prince Michael, trust
Posted in Family Trust | No Comments »
Jackson’s Movie Deal may strengthen his Estate
Monday, July 20th, 2009
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
Posted in Estate Planning, Wills | No Comments »