RAMROD 98,502 Posted Thursday at 10:03 PM Share Posted Thursday at 10:03 PM 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 (ノ◕ヮ◕)ノ✧*:・゚ with birds I share this lonely view (*´艸`*) ♡♡♡ 1 5 5 Link to post Share on other sites More sharing options...
King of the Fall 2,738 Posted Thursday at 10:16 PM Share Posted Thursday at 10:16 PM (edited) 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 Thursday at 10:16 PM by King of the Fall The problem was, she had a little black book and my name was written on every page 2 8 Link to post Share on other sites More sharing options...
FATCAT 56,032 Posted Thursday at 10:19 PM Share Posted Thursday at 10:19 PM 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. Purr more, hiss less. 1 Link to post Share on other sites More sharing options...
Rahrahbitchson 13,232 Posted Thursday at 10:33 PM Share Posted Thursday at 10:33 PM Can someone explain this in pop terms please Quizás bastaba respirar, sólo respirar, muy lento...💙 1 Link to post Share on other sites More sharing options...
Teletubby 122,652 Posted Thursday at 10:36 PM Share Posted Thursday at 10:36 PM (edited) 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 Thursday at 10:39 PM by Teletubby I had a hole in the pocket of my favourite coat And my love for @Juanlittlem dropped into the lining 26 2 Link to post Share on other sites More sharing options...
misha4ever 1,107 Posted Thursday at 10:40 PM Share Posted Thursday at 10:40 PM Paying to silence so many people is expensive. english is not my native language >.< 2 4 2 1 3 Link to post Share on other sites More sharing options...
PunkTheFunk 122,014 Posted Thursday at 10:44 PM Share Posted Thursday at 10:44 PM 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. 4 1 1 Link to post Share on other sites More sharing options...
Rahrahbitchson 13,232 Posted Thursday at 10:53 PM Share Posted Thursday at 10:53 PM 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 Quizás bastaba respirar, sólo respirar, muy lento...💙 8 Link to post Share on other sites More sharing options...
Economy 44,263 Posted Thursday at 10:56 PM Share Posted Thursday at 10:56 PM No wonder the guy had trouble sleeping 1 Link to post Share on other sites More sharing options...
Lucas 21,555 Posted Thursday at 10:57 PM Share Posted Thursday at 10:57 PM 16 minutes ago, misha4ever said: Paying to silence so many people is expensive. tell us more 1 Link to post Share on other sites More sharing options...
Red 89,089 Posted Thursday at 11:12 PM Share Posted Thursday at 11:12 PM How is it even possible to owe this much? If you see me posting like crazy, I'm either bored or procrastinating. 1 Link to post Share on other sites More sharing options...
27monster27 9,700 Posted Thursday at 11:37 PM Share Posted Thursday at 11:37 PM Do we know how much "This Is It" was supposed to make? How much would it have helped to pay off? he/him/his Link to post Share on other sites More sharing options...
malzejar 1,470 Posted Thursday at 11:42 PM Share Posted Thursday at 11:42 PM 1 hour ago, Teletubby said: in GGD terms: he was poor like @Rat Boy and owed money to @River LMFAOOOO 1 Link to post Share on other sites More sharing options...
Quentin 4,260 Posted Thursday at 11:51 PM Share Posted Thursday at 11:51 PM 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 Follow every rainbow till you find your dream Link to post Share on other sites More sharing options...
MadArchitect 331 Posted Friday at 12:08 AM Share Posted Friday at 12:08 AM 1 hour ago, misha4ever said: Paying to silence so many people is expensive. and i Oopp- 1 Link to post Share on other sites More sharing options...
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