New Court Document Reveals Michael Jackson Was $500M In Debt At Time Of Death

[RAMROD 106,091]

 

Michael Jackson owed more than $500m to various creditors at the time of his death, new court documents have revealed.

Earlier this week, Attorney John Branca and A&R executive John McClain, the executives of the late pop star’s estate, filed a petition to the Los Angeles Superior Court seeking legal authorization to pay several law firms for their services rendered to the estate from July through December 2018.

In the legal files obtained by Entertainment Weekly,the nature of Jackson’s finances before and since his 2009 passing is detailed.

“The Executors have faced extraordinarily challenging circumstances,” the petition reads.

“Among other issues, at the time of Michael Jackson’s death, Michael Jackson’s most significant assets were subject to more than $500 million of debt and creditors’ claims, with some of the debt accruing interest at extremely high interest rates, and some debt in default.”

Before his death at age 50 from acute propofol intoxication, Jackson had been in the middle of preparing for his This Is It residency, which also added financial strain on his resources.

However, in the years since his death, the executors have extensively turned his estate’s financial system around, claiming that they “have resolved virtually all of the creditors’ claims and litigations and have successfully solidified the MJJ business as a significant entity in the music industry.”

Part of this money comes from the estate’s purchase of a stake in EMI Publishing and the rights to Motown classics and Carole King and Norah Jones songs in 2012 for $50,000, followed by their sales to Sony for $300m in 2018.

It’s due to this and other financial gains that Branca and McClain are now seeking legal approval to pay a total of $3m to various law firms for their services provided during that time.

More recently, the 2022 Tony-winning Broadway show MJ the Musical and director Antoine Fuqua’s forthcoming Michael biopic, starring Jackson’s nephew Jaafar Jackson and Euphoria star Coleman Domingo, have also added to the estate’s financial successes.

https://ew.com/michael-jackson-500-million-debt-when-died-8670684

https://ca.news.yahoo.com/michael-jackson-died-more-500m-211540697.html

[The Wolf 3,948]

Michael Jackson's final years are similar to Elvis. Serious financial trouble, isolated, encircled with yes men, addicted to drugs and physical shadows of what they were in their prime

Edited June 27, 2024 by King of the Fall

[FATCAT 59,295]

I wonder if that's why Gaga was able to purchase much of his famous outfits, as a way to preserve his legacy & help pay off the financial debt.

[Rahrahbitchson 17,588]

Can someone explain this in pop terms please

[Teletubby 140,029]

6 minutes ago, Rahrahbitchson said:

Can someone explain this in pop terms please

in GGD terms: he was poor like @Rat Boy and owed money to @River

Edited June 27, 2024 by Teletubby

[misha4ever 1,195]

Paying to silence so many people is expensive.

[PunkTheFunk 123,938]

9 minutes ago, Rahrahbitchson said:

Can someone explain this in pop terms please

MJ was floptina aguilera so he was giving bankruptcy teas the house down.

[Rahrahbitchson 17,588]

15 minutes ago, Teletubby said:

in GGD terms: he was poor like @Rat Boy and owed money to @River

 

8 minutes ago, PunkTheFunk said:

MJ was floptina aguilera so he was giving bankruptcy teas the house down.

OMG  i cant believe Michael was in debt. Thank you 

[Economy 48,155]

No wonder the guy had trouble sleeping

[Lucas 24,962]

16 minutes ago, misha4ever said:

Paying to silence so many people is expensive.

tell us more

[Red 95,733]

How is it even possible to owe this much? 

[27monster27 11,995]

Do we know how much "This Is It" was supposed to make? How much would it have helped to pay off?

[clownery 4,841]

1 hour ago, Teletubby said:

in GGD terms: he was poor like @Rat Boy and owed money to @River

LMFAOOOO 

[Quentin 5,528]

1 hour ago, Rahrahbitchson said:

Can someone explain this in pop terms please

I understood it all and English isn't even my mother tongue 

[MadArchitect 678]

1 hour ago, misha4ever said:

Paying to silence so many people is expensive.

and i Oopp-