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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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16.

Nessie    

TMZ = I thought we agreed (YOU and your readers) that Michael Jackson would not be referred to as "Jacko". He didn't like it, and we don't like it!!!

1302 days ago
17.

Amerie    

Maybe it was easy to bring him out of debt because he wasnt in that much debt from the beginning.

1302 days ago
18.

K    

Well done executors. Just shows how with the right people Micahel could have sorted all this out.


Such a shame

1302 days ago
19.

Gsharon 710    

MJJ's signature and the holders of the Estate needs to be investigated. I see no way MJJ could have been broke. At least I hope after being sued so many times he loaded his Mom up with cash that can't be touched by the Estate holders nor anyone else.

I am sure they can show papers where MJJ had less when alive because all they had to do was pre-pocket into their pockets.

Since no one can questions them, they have it made. Shame, it was these kind of people that drove MJJ to weariness getting rich off his work while others complain about his Parents getting money.

You dont fire someone for possible theft and hire them back just days before he dies. But now who can legally make sure the holders are legally correct in their holdings.

Enjoy. This world is only temp the next is forever. Money will not keep you out of hell.

Show a little money and people will make up lies about MJJ just to get a few minutes of fame and cash. That stupid Doctor Arnie knew Michael was rich so why did he not request a check at the time of treatment?

No one should recieve money except his lawyer, his family and the charities he chose. Also those who contributed some way into his living quarters.

BY the way is ole Arnie and his side kick still hiding from the public. They are probably shaking like leaves on a tree. I have no sympathy for them. If he had this information, he should have said it all when MJJ was alive, but then who would support his stupid ass.


E N J O Y

1302 days ago
20.

nan    

wasnt it the killer interest rates that were crippling mj , arent these the loans that got sold off to someone else when mj was tied up defending himself during the bogus trial.i seem to recall them being sold on the day that gavin testified. a one -two punch to mj ..talk about swimming with sharks..poor mj

1302 days ago
21.

hoocheekoo    

Could we please refer Branca and McClain to the President to get our country out of an even worse mess?

Good job for Katherine and those kids. Hope you also made a little for yourself. You deserve it.

1302 days ago
22.

kardashian#1    

@ #10: News flash stupid...MJ WAS NOT a little old man!! He looked GREAT for his age!!....@ #2 AND #3: So why are you guys reading about him and leaving comments if you don't care??? Such dumb a&%s you both are!! If ya don't have anything nice to say about THE KING OF POP THEN DON'T OPEN YOUR MOUTHS!!!! You are ALL pathetic!!! HE IS THE GREATEST OF ALL LIKE IT OR NOT!!! WE LOVE YOU MICHAEL!!! Its all for L.O.V.E!!! R.I.P MJ

1302 days ago
23.

Audie    

These guys are doing a fantastic job.

1302 days ago
24.

blue pen    

This could have been done when he was alive. Shame the same people didn't offer to help and sort out his mess.. he might not have felt the need to depend on drugs to escape his misery.

1302 days ago
25.

Siggisiss    

... In what world do you live in where $10 MILLIONS IN DEBT is not that much debt to beginning with?

Moron.

Posted at 12:49 PM on Sep 23, 2010 by MightyMad


The rumour - spread by the tabloids - was that he was 400 million dollars in debt.
So 10 mill doesn´t seem that much....

1302 days ago
26.

Marie    

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.
Posted at 12:17 PM on Sep 23, 2010 by Marnie

The estate of Michael Jackson has generated $1 billion since the singer's death last year. The Jacksons should definitely be grateful to Uber executors John Branca and John McClain. But Katherine Jackson is suing AEG the hands that fed her by producing the 'This is it' movie.

1302 days ago
27.

Siggisiss    

"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."

"Bought Katherine a car"??? Shouldn´t that have been a NEW car? You make it sound as if Katherine was on welfare, almost losing her home and.... carless.

1302 days ago
28.

myrandak    

Honestly speaking I don't believe that Michael was as broke as people wanted us to believe. Michael was too much of a thinker and had an exceptional business sense.People mismanager Michael's business affairs for many years,but Mike had plenty of endorcements that ensure Mike estate made money.It was just a matter of having the right people working for you and not against you.....YOU CAN'T KEEP A GOOD MAN DOWN....LOVE YOU MOST MIKE.

1302 days ago
29.

Diana    

Michael last name is JACKSON, NOT Jack'o *******s

1302 days ago
30.

Della    

TMZ you are very disrepectful to refer to Michael as Jacko and you know it.

YOU of all people know his name is Michael Jackson and NOT Jacko.

Stop perpetuating a situation by doing this. That is so low and disrepectful to his family, especially to his children.

1302 days ago
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