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MJ's Mom: They're Takin' Every Penny You Make

7/2/2010 10:00 AM PDT BY TMZ STAFF

Katherine and Joe Jackson are set to make a bundle off of their various Michael Jackson business ventures.  But Katherine and her hubby haven't figured out ... someone is waiting in the wings to take away everything they make.

0701_katherine_howard_EX_01a

TMZ broke the story ... Katherine and Joe owe more than $13 million to a South Korean newspaper -- the Segye Times.  The paper gave Joe, Katherine, and Jermaine a $5.5 million advance for a Jackson family concert series that never got off the ground.  The newspaper sued in 1994, won a $4 mil judgment which has swelled with interest to more than $13 mil.

Edwin Bradley, a lawyer for the Segye Times tells TMZ, his client will go after anything Katherine and Joe make -- and that includes profits from Katherine's book, the movie projects she's producing with Howard Mann (pictured right) -- everything.

Ironically, Katherine's allowance from the MJ estate could be in jeopardy, since she's making money off of her son on the side.  But the allowance could actually be protected from garnishment.

We're told the newspaper will go to court on September 14 to try and wrestle money earmarked for Katherine from the MJ trust.  Sources tell us, however, there is a big fat zero in the trust now, because the estate is in debt.

Bottom line ... Whatever Katherine makes outside the estate will probably end up lining someone else's pocket.

144 COMMENTS

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1.

LadyS    

That has to suck so bad. They should have never struck that deal up with the newspaper.

1385 days ago
2.

truthBtold    

uhmmmmmm,,karma does bite in it's own good time.

That's what happens when you sign deals not everyone was in agreement with, like MJJ. How quickly we may all forget though karma doesn't. Seems as our Moonwalker's spirit one year later is karma come full circle in light.

RIP
Michael
Please don't let go of our hand.
We'll Always be there.

1385 days ago
3.

Ana    

Ahhh yes, I remember that deal back in the 1990s. I believe Jermaine tried to get MJ to do some concerts with them, but MJ just wasn't feeling it. Plus, he was married and had a wife to satisfy. He couldn't be bothered with concerts!

1385 days ago
4.

JLS    

Where is Brian Oxman? Honestly, this couple is 80 years old and a mark for anybody who mentions money to be made and MJ. I am fearful for both of them. Somebody PROTECT this elderly couple!

I'm stunned they are just left to decide these matters all alone.

1385 days ago
5.

erinnyc    

You need to provide more info here. This is a company located outside of the States. Was the agreement signed here? Was it binding here? In which court was the suit brought and decided? Also, Katherine's estate is a life estate, not an actual inheritance, so how would that be impacted? It is almost as if it is a trust for his children; but not really. Harvey, if you figured this part of property out, you are ahead of the game. Argh at Future Interests. Every time I thought I got it, I realized I didn't. And I got 99th percentile on the LSAT and went to a top law school. I could see that, in a life estate scenario, one could get a judgment against the life estate because the defendant has those assets while living. But, I could also see that a judge would consider a life estate an imminent trustee situation. This is an interesting hypo for inquiring minds.

1385 days ago
6.

Jacko Whackedit    

Those Jacksons are the biggest family of parasites in history. I hope they lose every penny and go back to the sewers they crawled out of.

1385 days ago
7.

Jacko Whackedit    

#6 is a professional jerkoff. LOL TMZ.com legal expert. ROFLMAO

1385 days ago
8.

Cherwood    

Katherine the Great - 4.0....
Well I'm thinking that this is the proverbial "handwriting on the wall" for Katherine.
I doubt Segye Times will be able to touch her inheritance since it's from a Trust...
Looks like she should just resign herself to relax and do what Michael wanted her to do in the first place--take care of MJ3 and herself....and let the Vultures/Executors of the Estate worry over the financial issues--which I'm sure they'll do since they have 15% at stake....
BTW: What is her lawyer, Streisand up to these days? Is he still representing her?
-Cher
No Peace till Justice!!
MICHAEL--URMYLIFE4EVER!!!

1385 days ago
9.

I Chinee    

LMAO at #9

1385 days ago
10.

I Chinee    

And #6

1385 days ago
11.

under    

protecting this couple of older???
Do you know 1 lawyer ?? a lawyer.. how big word..!
money is Dangerous..!
lawyer is the same!
in every country of the world!

1385 days ago
12.

ray    

@JLS

Brian Oxman is the very LEAST person you would want to be representing or protecting Mr. and Mrs. Jackson,hes the biggest leach of them all using the family to promote himself

With the ammmount of money the estates making from MJ since june 25 i really dont think them being in this ammount of debt is that big a deal.

1385 days ago
13.

Tony    

Stop writing about these worthless parents of the pervert !

1385 days ago
14.

Lee lee    

I Knew this was going to get messy.......$$$$$ root of all evil.

BTW....
That was a vile post that you wrote!!!!!#12.......****?.....meet HAND...... now you two take yourself to a quiet corner somewhere and mingle with yourselves.

1385 days ago
15.

Lee lee    

seems I'm not to use ****s name in the context that I used it....( as In post # 16 ) LOL

1385 days ago
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