Quote:
Originally Posted by Gavin B.
The MJ estate executors are two people who have a fiduciary responsibility to protect what's left of the Jackson fortune. Those people are lawyer John Branca and music industry executive John McClain. The Jackson Estate executors are not the beneficiaries of the Jackson fortune.
Jackson's mother and his children are named as the beneficiaries of whatever money is left when his estate finally settles his mountain of debt. There may not be much money left for them but I'm sure Sony has worked out some sort of deal with the Jackson Estate to set up a modest fund to provide for Jackson's children until adulthood and take care of Jackson's mother in old age.
The Jackson estate will ultimately defer Sony on how the musical holdings of Michael Jackson will be disposed of, because Sony is the primary holder of Jackson's $400 million debt note. During the last 10 years of his life Jackson lived by borrowing advances from Sony against his future royalties. It will be decades before Jackson's debt to Sony is settled and Sony may end up selling most of Jackson's song publishing rights to collect on the debt.
The Mijack catalog was the only real asset remaining in the Jackson fortune when he died and the vultures at Sony will extract their pound of flesh by maintaining control of Jackson's catalog. At the time of his death, Jackson had already signed 50% of his rights to the Mijack catalog to Sony to maintain his line of credit with Sony.
If Sly was trusting MJ to make "better investments", then he was a fool. because Jackson was a compulsive spender who burned up a billion dollar fortune instead of making wise investments.
Michael Jackson never restored the music licensing rights to Little Richard. That's an urban legend that got started among Jackson's fans. Here is the current listing on Little Richard's song Tutti Frutti, which shows that Sony/ATV still has control of the licensing rights to the song: BMI | Repertoire Search I looked up a half dozen other Little Richard songs and all of them were under the licensing control of Sony/ATV.
|
Whooaa I think you misread me wrong and as a matter of fact I actually wrote my last response out wrong lol I didnt mean to call the Johns the benefriciaries..
I already know who the John's are land what is divided to Katherine Jackson, children and charities. Joe Jackson is NOT a beneficiary.
I was not talking about MJs entire Estate as a whole I was
specifically refering to Michaels SONY/ATV partial ownership that you implied Michaels parents was oddly the benefriciaries of which is not true. Joe Jackson is not even a beneficiary and Katherine is only getting a fixed amount to live off of Katherine is only gettng a fixed amount from the MJ Estate and its arguable if its coming from the profit of that catalogue. The Estate earned over 500 million dollars since Michael has been gone so the money can be coming from other places.
My point was... Michaels parents are not in charge of his Estate or dont have a say in that partnership with Sony. The John's are just following what Michael had outlined in the will for how he wanted his money to be divided for his mother, children and charities when he passed. Your post made it seem as though his parents get a vast portion of the catalogue and thats not true.
Joe Jackson doesnt get a dime from the MJ Estate.
Are you sure that is Michaels ownership of the SONY/ATV catalogue and not Sony's? Michael did not own ALL of Little Richard's songs but the songs that he did own he did return to him before he died.
On the other things, I have to respond at a descent time, its late lol