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Jackson Executors: How We Turned it Around

9/23/2010 3:45 PM PDT BY TMZ STAFF

The executors in the Michael Jackson Estate have just filed legal docs explaining how they turned chaos and financial ruin into a booming, postmortem business.

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According to the docs, obtained by TMZ, Jackson owed 10's of millions of bucks at the time he died.  We've previously reported how the Jackson family was about to lose their home in Encino and Jackson was on the brink of going belly up.

Executors John Branca and John McClain turned things around in a big way, for two primary reasons.  First, they restructured all of his debts and got creditors to significantly lower killer interest rates.

Secondly, the executors went full bore to generate revenue -- and the brass ring was the movie, "This Is It."  According to the docs, the flick grossed $260,000,000, the most lucrative documentary in history.

As for the album, "This Is It," it sold 5 million copies, making it the 3rd biggest album in 2009.

As for other deals, the executors:

- Republished the "Moonwalk" book
- Made mega-merchandising agreements for all things Jacko
- Distributed a leather-bound, coffee table book on the life of MJ
- Renegotiated MJ's royalty agreements with record label

But there were lots of legal fees that were incurred to make the estate money -- more than $3.8 million since Jacko's death.

The estate also notes what we've already reported -- that they paid off the Jackson family home in Encino, bought Katherine Jackson a car and did lots of other stuff for the family.

96 COMMENTS

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1.

Jennifer    

First

1455 days ago
2.

Jim    

He's a dead freaks, freak. Wish his memory was dead too. Gee I'm tired of hearing about this freak. Did I mention Michael Jackson was a freak???

1455 days ago
3.

James R. - Los Angeles    

Jackson is old news. We don't care.

And jennifer, you're a f*cktard....

1455 days ago
4.

nan    

miss you michael...rest in peace

1455 days ago
5.

sadienova    

before he died, everyone hated wacko jacko....he dies of a drug overdose and now he's back on top....are we that fickle? he dies and all is forgiven,gotta love it!!

1455 days ago
6.

Babe    

His name is not Joseph, wake up...It's Joe.Love you more Michael

1455 days ago
7.

natasha    

Is this any of our business, i'm glad the estate's finances are doing well. Bless the Jacksons.

1455 days ago
8.

Dawn    

He really picked the right people for the job.

1455 days ago
9.

natasha    

Jim learn some new vocabulary you dumb prick. Michael was/is amazing and even in death he ****s on your existance.

1455 days ago
10.

Y do he got    

FOR a LITTLE OLD man with his hair burned off and all those surgerys to keep him in the show..he sure was ONE HELL of a fighter.He swam with all those SHARKS for 50 years and still left smelling like a rose and in the black

1455 days ago
11.

ManiacalZebra    

It was easy to bring him out of debt since he wasn't there to spend gobs of money on such freakish things.

1455 days ago
12.

cali    

Brilliant!
I'd wish I could have them handle my family trust

1455 days ago
13.

JLS    

I am so grateful for these two executors. In particular, I am thankful they paid off Katherine's home and are protecting her and the children. Michael cannot say it any longer but I CAN--Thank you to both of the men who have helped him in the end. He is grateful-I just know it.

1455 days ago
14.

Marnie    

And THESE are the people crazy Michael Jackson fans harass on a daily basis? If it wasn't for them, the Jackson family would have no home to go to. They could have easily put Katherine and Michael's kids in one of his condos or bought her a smaller home. The Jacksons SHOULD be greatful that Michael was smart to appoint these men to head his estate. Nobody has benefitted more from Michael's death than his own family members.

1455 days ago
15.

Luv-Lee    

STOP CALLING HIM JACKO!!!
His name is Michael JACKSON!!!!

1455 days ago
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