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Jackson Court Hearing

7/6/2009 12:42 PM PDT BY TMZ STAFF

Jackson Court HearingWe're inside the courtroom as the lawyer for the co-executors of Michael Jackson's will, John Branca and John McClain, go before a judge seeking to be named administrator of Jackson's estate.

1:08 PM ET -- Hearing is over.

1:02 PM ET --
The judge just said that decisions involving marshaling the assets, attorney's fees, and settling claims and actions all require court approval -- as well as any modifications to existing court agreements and decisions

1:00 PM ET --
The judge just made it clear -- Katherine is NOT a co-administrator and she is not required to be involved in every decision. But, he pointed out, her attorney does have the ability to object.

12:54 PM ET --
The executors are also interested in operating his businesses (employees, investments, etc.) but any new business ventures would be subject to court approval.

12:49 PM ET --
The lawyer for the executors is balking about giving Katherine approval power. The judge has said he wants the executors to keep Katherine in the loop about decisions being brought before the court.

12:47 PM ET -- Katherine's lawyer is now asking the judge if she can have approval rights before executors make financial decisions with respect to the estate.

12:41 PM ET --
The lawyer for Branca and McClain is talking about the possibility of "extreme loss" to the estate -- as a result of "unlicensed activities." One of the lawyers is talking about the complicated issues involving money with AEG, the tour, merchandise, ticket refunds, pay-per-view, etc.

12:36 PM ET --
And we're back on the record ...

12:28 PM ET --
The judge has ordered a 10-minute recess.

12:19 PM ET --
Bond has been set at $1 million. That is to protect the estate in the event the administrators waste or misspend assets.

12:14 PM ET -- Branca and McClain have just been appointed the special administrators of Michael Jackson's estate.
The judge feels Jackson's 2002 will should be controlling.

12:09 PM ET -- The judge just said he may appoint an independent lawyer for the kids.

12:06 PM ET --
The lawyer for the named co-executors says he has a letter from Michael Jackson stating he wanted Branca to be in control of his affairs. The letter was dated June 17, 2009, 8 days before Jackson died.

12:00 PM ET --
It appears there is some contentiousness -- the judge said if the two sides continue to squabble, he'll appoint an independent special administrator to temporarily oversee the estate.

11:58 AM ET -- There is a "no-contest" clause in the trust, that distributes Jackson's money. As we reported, 40% goes to the kids, 40% goes to Katherine and 20% goes to children's charities. A no-contest clause means if someone challenges the will or trust they automatically inherit nothing.

11:55 AM ET -- Katherine's lawyer said Katherine was concerned about Branca's relationship with the singer before he died. Branca had rejoined Jackson just weeks before his death.

11:53 AM ET -- Katherine's lawyer is raising questions about the 2002 will, but just said Joe and Katherine will not challenge the will at this time.

11:49 AM ET --
Katherine expressed concern over beneficiaries mentioned in the trust.

11:45 AM ET -- Katherine Jackson has filed a new opposition.

11:40 AM ET -- Attorneys representing various creditors are in the courtroom in addition to Jackson's executors. Also present -- famed attorney Howard Weitzman, who will be working on probating the will and dealing with people making claims against the estate.
287 COMMENTS

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1.

Fifteen    

FIRST

1912 days ago
2.

JoJO    

THISISNEVERG(ONNAEND!!

1912 days ago
3.

The Truth    

Who cares

1912 days ago
4.

Good Grief!    

And the VULTURES decend.................

1912 days ago
5.

Dylan    

Only going to go down from here with his money and assets....

http://www.MichaelJacksonDrugProblem.com


1912 days ago
6.

Catholic Girl    

TMZ & Twitter, how did we live without you before??!! Play by play? come on just give us the report when it's over....geez

1912 days ago
7.

noyankhere    

tmz must have read my post lol!! let the legal battles begin, man this battle is going to the mother of all battles in the courtroom.. infact its going to be bigger than micheal jackson's trial ...everybody and his mama..(yep, i said it!!) is going to be laying claim to the estate .. which is now going to be worth billions as the revenue which had dried up is now following like niagara falls .!!will or no will.. its gonna get down and dirty especially as the kids are going to be part of the battleground.Debblie Rowe may end up with her own kids... who knows, (i doubt if Diana Ross is into childcare anymore... )lol!.. considering the amount of brothers and sisters this man had he felt the need to leave the care of his kids to an outsider.. doesnt say much does it for family unity...

1912 days ago
8.

appauled by the stalkarazzi    

And, the buzzards commence circling.....every freak out there looking for a quick dollar will be making claims to this estate. And, the only ones that win and profit will be the lawyers getting the hefty fees.

1912 days ago
9.

Saddenend    

I just wish that Katherine Jackson let the will stand as per Michael's wishes.

EVEN JERMAINE Jackson said so on Larry King "These were Michael's wishes and they should stand."

I'm wondering if Joe Jackson is forcing Katherine to do this.

1912 days ago
10.

The Truth    

the King of POP..................
the King of DEATH
lmao

1912 days ago
11.

uuuhhooohh!!!    

5. And the VULTURES decend.................

Posted at 11:50AM on Jul 6th 2009 by Unbelievable


WHAT vultures? Creditors are there...HE owes THEM money...more like MJ was a leech! 400 mill in debt!

1912 days ago
12.

REAL    



11:45 AM ET -- Katherine Jackson has filed a new opposition.

Mrs Jackson is Opposing MJs WILL, I guess 40% is Not Enough for HER.. Is She No better than Joe ??

1912 days ago
13.

SuzieQute    

Keep up the great work TMZ. I'm sure our UK papers will be leafing through your pages to fill their own tomorrow!
I hope there is a legal clause in the will that prevents the creditors getting hold of stuff he left for his kids. I mean they will be paid off soon enough - his music is selling like hotcakes again!

1912 days ago
14.

slt    

I can't think how the death could be a hoax. The LA Coroner's Office, LAPD, etc would all have to be "in on it".

1912 days ago
15.

wow1961    

Money Hungry Mongels! These attorneys better work fast! along with Katherine! Poor Michael... This man will never rest in Peace... I have learned alot just from listening to the close people that new him internally. Put together with events that happened around Michael in his last 3 months here on earth. Seems Michael knew that this drug was potent and once he was asleep He would never know what was happening. Seems that he did everthing fatherly to protect his children and turned that responsibity over to the only two people that would know how to continue this love & care. I hope they can work together in the best interest of those 3 children. This is not quite what I would say this country needs to do to memorilize our King of Pop! But Michael`s mom was ALWAYS there for him! He knew that. Let the legend live long......

1912 days ago
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