Jackson's mother loses control of son's estate

by Dogpatch 3 Replies latest watchtower scandals

  • Dogpatch
    Dogpatch

    LOS ANGELES – A judge said Monday that Michael Jackson 's longtime attorney and a family friend should take over the pop singer's estate for now, rejecting a request from Jackson's mother to be put in charge or share control.

    Los Angeles Superior Court Judge Mitchell Beckloff backed attorney John Branca and music executive John McClain, who had been designated in Jackson's 2002 will as the people he wanted to administer his estate. Attorneys for the pop singer's mother repeatedly objected to their appointment at Monday's court hearing.

    "It's our desire to do everything we can to carry out Michael Jackson's wishes and to maximize the estate," said Howard Weitzman, who spoke after the hearing on behalf of Branca. Weitzman issued a statement later calling the judge's ruling "the correct decision."

    The singer's mother, Katherine Jackson, had applied to oversee her son's estate, but that was before the 2002 will surfaced. Her attorney, Burt Levitch, expressed concerns about McClain and Branca's financial leadership.

    Jackson died June 25, deeply in debt. But a court filing estimates that his estate will be worth more than $500 million. His assets are destined for a private trust.

    MORE http://news.yahoo.com/s/ap/20090706/ap_en_ot/us_michael_jackson

  • DJK
    DJK

    Perhaps the Judge had a scripture in mind. Matthew:19, verse 24.

  • jamiebowers
    jamiebowers

    I realize that there is future money to be made with MJ's image and music. But what I don't understand is how there is anything left in the estate. The day he died I heard that he was in debt $500 million dollars. Now I hear his estate is worth the same. Wouldn't it be a wash?

  • JeffT
    JeffT

    Putting somebody other than family in charge of your estate is always a good plan. It is a lot easier to sue an attorney for not following the instructions in the will. It would have been very difficult for the judge to overturn an instruction to appoint trustees, in favor of a family member.

    Jamie: media people frequently get confused between assets and net worth (both accounting terms with specific meanings). His estate may have 500 million in assets and 500 million in debts in which case you're right the net worth is -0-. Future earnings (and claims against the estate) may alter that.

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