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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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Previous 15 Comments | 4 | 5 | 6 | 7 | 8 | 9 | 10
136.

mysteria333    

PLEASE SHOW SOME RESPECT.. THESE ARE MICHAELS PARENTS THEY HAVE THE RIGHT TO ACT IN HIS NAME ,, AND MAKE DECISIONS FINANCIALLY IN REGARDS TO THIER OWN SON...HOW WOULD YOU LIKE IT IF SOMEONE TOLD YOU THAT YOU COULD NOT MAKE ANY DECISIONS IN REGARDS TO YOUR OWN CHILD....YOU WOULD'NT..SO PLEASE SHOW RESPECT FOR MICHAELS PARENTS

1298 days ago
137.

earlline    

I wish they would give her 40 percent out right. It is hers and when more comes in 40 percent of that after the bills are paid. When a person dies, it usually goes to the kids and/or the family, Why are you people so hard on the Jacksons, are you jealeous.

1298 days ago
138.

Missy    

Poor Michael. What a greedy bunch of vultures surrounded him. What's worse, they're his own family!

1298 days ago
139.

MichaelJACKSON    

WORD TO JACKSONS!
http://muzikfactory2.blogspot.com/2010/09/sonyatv-is-safe-for-now-jacksons-family.html

KATHERINE JACKSON: Lesser of Two Evils
http://muzikfactory2.blogspot.com/2010/09/katherine-jackson-lesser-of-two-evils.html

Michael Jackson phone conversation about his family "Tigh-knit my a$$"
http://www.youtube.com/user/MUZIKfactory2

1298 days ago
140.

Tony    

Ah Karma it is a bytch!

1298 days ago
141.

On the Real    

After reading some of the post,I cant believe you silly people on here.Ms Katherine Jackson has lost a son and all u think about is the money.If it were you,you would done the same thing.

1298 days ago
142.

jenny    

What is going on. I was under the impression that KM is a devoted WITNESS.

1288 days ago
143.

Cathleen    

This is directed to post #141...

Yes, Mrs. Jackson lost a son and I certainly have sympathy for her. That being said, it seems the majority of the Jackson family is standing there with their hand out for money. I can only wonder what will be left for the three children once they become of age... to me, that is what's sad.

Just my opinion.

1195 days ago
144.

HBshoes    

Poor Kathrine. We do not understand how her finances are really in jepardy. I like her new partner Howard Mann because he is the only guy helping her and her family. He is the only person giving to her instead of taking from her.

1063 days ago
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