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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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31.

Missy    

I don't see how the estate is still in "debt" with all the money that has been made.Afew months ago it was reported that the estate only has 3or4 big things to look at and see if they are legit claims.and tmz most of the time your "sources" have been wrong!

1572 days ago
32.

chanel    

I'm really upset,after 5 years a sentence and a lot of du***ents , evidence and books claiming Michael Jackson was "NOT GUILTY" there are still people thinking and saying he was guilty.
This is absolutely bad and incorrect.Get informations and read about the trial before judging Him.Someone like you years ago ruined his life.
Make that change!!!!

1572 days ago
33.

Antoinette    

No. 12 your name really suits your head. You are a racist pig. Eat your heart out - MJ will rule 4 ever and his mother has every right to turn her home videos into a movie if that is what she choses. Unfortunately for you it will be so successful and we will all see MJ in his true light. the wonderful man he was and his shining light will never dim in this lifetime. Go sulk in your insignificant life. I will be the first to buy this movie and I can't wait. Go KATIE!!!!

1572 days ago
34.

Cam Hamon    

How can the estate still be in debt when theyve made $1B this year alone.

1572 days ago
35.

elisa    

this is why they didn't have a make the deal in the first place....greeeeeeeeddddddd has always been a part of this family....whatever gets them money right away....pshhhh

1572 days ago
36.

electriczipper    

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..........................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.

Posted at 4:52 AM on Jul 2, 2010 by erinnyc

-------------------------------------------------------
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.


for being a lawyer(your words) you seem to say alot about nothing..it says nothing about going after anything she inherited from his estate,,it clearly says the money she and joe make from their projects..it also clearly states that the money she makes from his estate could be protected,,,geeezzzzz

read before thy put foot into ones mouth

1572 days ago
37.

angles    

NOW HOW CAN THAT BE THE ESTATE IS IN DEBT AND WHAT DOES GERMAINE'S DEBT HAVE TO DO WITH ESTATE IF GERMAINE IS IN DEBT HIS NAME IS NOT ON THE WILL . HOW CAN A COMPANY TAKE MONEY FROM KATHERINE THAT IS WILLED TO HER .HER ALONE IN CANADA MONEY WILLED AFTER TAXES IS YOURS WILLIFULY .DO WHAT YOU WILL WITH IT . THEY SHOULDN'T BE ABLE TO TOUCH THE ESTATE MONEY. SO HOW DOES THAT WORK NOW WHY DID DEBBIE ROWE GO TO JAPAN CAUSING SHT. OR STERING THE POT SO TO SPEAK

1572 days ago
38.

Janet    

@Ohwell: Oh well,nobody gives a **** about what you're saying. Go to hell!

1572 days ago
39.

Cathy    

My "if only" is that Janet could get the kids and take them to the East Coast with her.

Posted at 4:53 AM on Jul 2, 2010 by hoocheekoo
**********************************************************
Just curious - what makes you think Janet is interested in raising three kids? She has her own career (seems to be phasing back into acting) and her own life, which she seems quite content with. I've seen so many people say - oh, Janet should get the kids! As if she wants them anymore than Diana Ross does (and clearly, Ross doesn't want them either). That's not to see that either of these women are cold-hearted, because I don't believe that, and I'm sure they want the kids to be happy - it just doesn't necessarily follow that they want to raise them! That's a big sacrifice, especially for people like Janet who chose not to have kids or like Diana, who've already raised five to adulthood.

In addition, I guess if Michael had wanted Janet to have the kids - or thought she'd be willing to take them - he would have named her in the will - at least as secondary guardian. But he didn't.

1572 days ago
40.

me    

TMZ- It's "try to wrestle", not "try and". What astute school of journalism did the writer attend?????

1572 days ago
41.

Troy    

who CARES???? bunch of low lifes

1572 days ago
42.

Murph    

#49 - Annie...I try to ignore stupid comments such as yours, but I can't help but ask you -- who's kids are they in your mind? He raised them to this point so how twisted is your mind that they are not his kids? If you really want to go with the "they're white so they're not his" scenario then Maddox, Pax and Zahara are not Angelina's kids either. Who's kids are they if something happens to Angelina and Brad? Some of these comments regarding this matter are so ridiculous!

1572 days ago
43.

At    

You have to pay your debts you deadbeats.

1572 days ago
44.

dandilion    

All dignity and social grace is gone from that family; revenge for terrible parenting, selishness and con artist scheming minds, evil secrets revealed is soooo sweet.

1572 days ago
45.

Jesse James Hater    

The Jackson family had no intention of ever getting the family concert series off the ground.
They just took the money and ran. This is what the family does, take take take.
They are the lowest form of life.
I am glad to see the newspaper sued and won.
I am looking forward to the day TMZ reports on the death of Joe and Katherine Jackson.

1572 days ago
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