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
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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
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Possible Legal Struggle in Jackson’s Will

Saturday, July 4th, 2009

The value of Michael Jackson’s estate, mostly in holdings aside from cash, has been estimated over $500 million. However, Jackson also carried a huge debt when his career foundered recently, mostly due to accusations of child molestation.  Even if he was acquitted in 2005, his career struggled although he had just planned a comeback through a series of concerts supposed to begin this summer.

Mrs. Katherine Jackson, mother of Michael, requested to have control of her son’s real estate holdings, financial accounts, and stake in Sony/ATV Music Publishing catalog (including works of Beatles).  The will named John McClain (longtime friend) and John Branca (lawyer) as executors.  Another person, Barry Siegel, was named as co-executor; however, according to the court papers recently filed, Mr. Siegel already resigned from his position in 2003.

Michael Jackson gave full power over financial matters to the executors - this include mortgaging, leasing, or selling his property, continuation of any business enterprise, and selling or buying of assets.  It was reported that before he died, Jackson wanted to raise money coming from his belongings.  He moved costumes, jewelry, artwork, luxury cars, and other property from Neverland last year to host an auction.  However, it never took place.

Tags: auction, Barry Siegel, estate, John Branca, John McClain, Katherine Jackson, Michael Jackson, Neverland, will
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Will of Michael Jackson Found

Sunday, June 28th, 2009

The family of Michael Jackson believed that he died without a will.  However, their lawyer said that he has one and suggested that there may be other wills that exist related to the late singer’s estate division.

The family attorney, L. Londell McMillan, said “I just saw his will this morning for the first time.  We’re in the process of review.  My various advisers are still looking for other additional documents.  We wish that we have known it earlier.”

This will was drawn by John Branca in 2002.  He’s the attorney of Michael Jackson from 1980 - 2006.  It’s expected that he’ll submit the will to Los Angeles Superior Court by next week.  Mr. Branca and John McClain, music executive and the singer’s long time friend, are the will’s executors.

According to the will, it’s clear that Jackson’s desire was for his mother to take guardianship of his children.  His estate is also believed to be divided between his children, mother, and charities.  They’re not expecting to see the name of his father, Joe Jackson, because they had some troubled relationship.

Although no further details were disclosed about the will’s content, it’s believed that its mere existence greatly affects the petition made by Katherine Jackson, his mother, to become the estate’s administrator.  

Tags: attorney, estate, famiy attorney, Joe Jackson, John Branca, John McClain, Katherine Jackson, L. Londell McMillan, Los Angeles Superior Court, Michael Jackson, singer, will
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