Michael Jackson's estate has not paid the Special Administrators a penny, but the day has now come -- at least according to new court docs filed by John Branca and John McClain.
The two men -- now officially the Executors of Michael Jackson's estate, are asking for 70% of the fees they have earned, pending court approval of the full amount.
The papers do not specify the amount Branca and McClain want. They do say that they want the statutory amount of executor fees for the first $25 million of the estate -- that fee comes to $188,000. But the estate is valued far in excess of $25 mil and the two Executors would be entitled to a portion of that as well. In addition, Branca and McClain also want fees "for their extraordinary services," though that amount is not specified.
According to the new documents, fees some of the law firms connected with the estate are asking for are huge. For example, the law firm of Greenberg Traurig wants $1,547,064.50. The firm of Hoffman, Sabban & Watenmaker wants $957,644. The firm of Kinsella, Weitzman, Iser, Kump & Aldisert wants $420,062.50.
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I love this picture of Michael! He was so gorgeous!
Well, the administrators have to get paid, too. I'm surprised it took them this long.
Don't they have control over the estate , so what's the problem?
Confused, wouldn't they be the ones to authorize payments? Yes they should get paid, I am sure this is a full time job.
These sp executors are pretty greedy for asking 70%, no wonder Joe and Co were protesting McClain and Branca, and rightly so.
Silly, they are asking for 70% of what they are owed, not 70% of th4e estate. They shoulld be getting 100% of what they are owed.
It's not 70 percent of the estate income, it is 70 percent of the income they are supposed to receive as executors - so they are actually taking less until the estate is settled. That's the way I read it, and anyway, executors never take that much percentage of the estate.
They're allowed reasonable compensation, but I did not see whether that figure is a percentage of the estate value, estate income, or a certain fee.
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5. These sp
executors are pretty greedy for asking 70%, no wonder Joe and Co were protesting McClain and Branca, and rightly so.
Posted at 7:57PM on Dec 15th 2009 by Le
5. These sp executors are pretty greedy for asking 70%, no wonder Joe and Co were protesting McClain and Branca, and rightly so.
Posted at 7:57PM on Dec 15th 2009 by Le
I think you misunderstood. They are asking for 70% of what is OWED to them, not the estate.
As for why they can't authorize payment themselves, they have to answer to the judge for that. Otherwise it would be too easy for them to just clean out the estate.
They're asking for 70% of the fees they've earned, not 70% of the estate
6. OY! WITH THE MJ STORIES!
Can we move on?!!
Posted at 7:57PM on Dec 15th 2009 by CriticAl
If you want to move on, there is an easy and free way to do it - DON'T COME IN HERE.
