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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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16.

erinnyc    

I was the #6 commenter, and I do not work for TMZ. It is an interesting legal issue. I am a lawyer. I also enjoy reading trash. Not of the variety offered by commenters to this site, but of the sort offered by this site. Thanks for the chuckles thrown my way. I understand that ignorance breeds intolerance, and zombies will eat your brainz! There, did you understand that?

1483 days ago
17.

Dave    

I wish this whole family would die already.

1483 days ago
18.

bunny    

You go first, Dave, lol.

1483 days ago
19.

electriczipper    

if she took the money and now owes then she should pay it back,,isnt that what normal people do???

1483 days ago
20.

electriczipper    

You go first, Dave, lol.

Posted at 3:57 AM on Jul 2, 2010 by bunny

now that was funny

1483 days ago
21.

mjfanalways    

Michael i love you most.your everything to me.love your handsome smile.miss you angel.i'll always be here for you sweetheart.love and hugs Michael Jackson.

1483 days ago
22.

beachkid    

...and why is this news? This has been floating around here for the past several days.

1483 days ago
23.

electriczipper    

I was the #6 commenter, and I dont not work for TMZ. It is an interasting legal issue. I work the drive thru for your local mcdonalds. I also enjoi reading trash. Not of the variaty offered by commentors to this site, but of the sort offered by this site. Thank for the chuckles thrown my way. I undersand that ignorince breeds intolerence, and zombies will eat your brainz! There, did you undersand that?

Posted at 2:54 AM on Jul 2, 2010 by erinnyc

ha you spell like a retard

Read more: http://www.tmz.com/2010/07/02/katherine-jackson-howard-mann-michael-jackson-estate/2/#comments-anchor#ixzz0sWWi0VW9

1483 days ago
24.

Janet    

Michael would so be spinning in his grave to know that his mom is in such financial problems...he can't be there to help in anything.I'm sure he's feeling very sad right now:[

1483 days ago
25.

electriczipper    

Is the white guy in the pictures her new boyfreind??

1483 days ago
26.

erinnyc    

The question is not if she owes the money. There is a judgment against her. The question is if the money she receives from Michael's estate can be used to satisfy the judgment. She was only given a "life estate" by her son. So the amount of money she was left is not left to her in absolute, or to do with as she pleases, but is to revert to his estate at the end of her life. The remainder is to be distributed to his heirs as he set forth in his will, which appears to be to charity, and his three children under the dictates of trusts he established for them. A court could try to garnish part of the money that she is receiving, but the court would have to parse out what percentage is for the care of the children. There are many issues here for any judge to consider. She is elderly, so the "life" in the life estate is likely to be short while she holds the funds. So what is the value of the estate that she holds? If she only lives 3 years longer than him, and she only has a life estate, and his estate is in debt during that time, but then becomes profitable after her death, does she have anything from the estate to satisfy a judgment? There are far more issues involved, such as the remainder, which goes to the children, but those are enough issues to consider alone! This is an interesting situation and one so spectacular in dollar amounts, and potential income, that lawyers drool just thinking about the possibilities. And not just monetary.

1483 days ago
27.

hoocheekoo    

Michael seemed to do a pretty good job of raising his kids with some decent values, manners and a whole lot of love. I'm hoping that the kids now spend most of their time with nannies, teachers, chefs, housekeepers and anyone else the estate can hire to take care of them. The less time they spend with this bunch, the better. I have a 100% clear understanding as to why Michael isolated himself from them. My "if only" is that Janet could get the kids and take them to the East Coast with her. She was a lot smarter than Michael by getting herself relocated cross country from the madness.

1483 days ago
28.

karin    

Stop writing about these worthless parents of the pervert !

Posted at 2:46 AM on Jul 2, 2010 by Tony


================================

The only perfert is you, since you still keep holding on to the lies that have been told for years!
Read this ( if you dare ) and accept the truth => MJ NEVER did anything wrong


http://www.stereoboard.com/content/view/97709/44

1483 days ago
29.

kim    

If she owes the money than pay up. this really saddens me to see this. His mom of all people that he trusted making money off of his name. But I don't know.


rip mj

1483 days ago
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