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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.

0923_michael_doc_launch_EX

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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31.

Audie    

It's Jackson NOT Jacko
What is wrong with you TMZ?

1492 days ago
32.

Daphne     

"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.

Posted at 1:52 PM on Sep 23, 2010 by Siggisiss

Your comment is funny. Just curious, what kind of a car. Remember, MJ always drove around in big SUV, maybe to downsize her, they gave her a car. Either way u look at it, I think the executors are doing a pretty good job. This certainly saved a lot of $$$ in interest payments. Yeah, those interest payments could turn your life into a nightmare, which obviously was one of the reasons for his insomnia. RIP MJ and I Love You.

1492 days ago
33.

Amerie    

@MightMad
First of all, the media reported that his debt was over 500 million dollars! What kind of world do you live in where an amount like that can be paid in just a year? Second, the report indicates 10's of millions not hundreds of millions. Idiot.

Like I stated: His debt was not what they proclaimed it to be.

Fool.

1492 days ago
34.

Amerie    

... 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

First of all, the media reported that his debt was over 500 million dollars! What world do you live in where an amount like that can be paid in a year? Second, the do***ent states 10's of millions - not hundreds of millions.

Like I stated: His debt was not what they proclaimed it to be.

Fool.

1492 days ago
35.

Amerie    

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


First of all, it was reported that his debt was over 500 million dollars. What world do you live in where that amount can be cleared in a year? 10's of millions is a huge difference from hundreds of millions.

Go back to school.

1492 days ago
36.

Phantom of the Opera    

Michael Jackson : I'm not a *****, I'm Jackson.

http://www.youtube.com/watch?v=831o0fgqEm8;

1492 days ago
37.

dolphin    

Michael is alive! the timing proves it. he knew he could get himself and his family out of debt by faking his death.

1492 days ago
38.

Lee lee    

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.

Posted at 12:16 PM on Sep 23, 2010 by JLS

I agree!!
Michael was not silly when he made these two his executors. I know there are plenty of people out there who think the will was a fraud etc. I am still not sure about that one , however, what I can see is that they are handling the estate well.
Katherine and the Children are well taken care of.The Encino house is Paid in full and no longer a headache for Katherine.

Some people say that Katherine is all about the money. I don't agree. She is doing a great job with Michaels children, and in the end everything that Michael set in place before he died, is being well and truely followed through. I am grateful for the executors and the way they have turned things around to make sure that Prince, Paris and Blanket will be well taken care of financially for the rest of the lives. Thank heavens for the legacy of Michael Jackson.

1492 days ago
39.

shell517nj    

who the heck is Jacko? idiots!

1492 days ago
40.

mj fan forever    

His name is JACKSON!!! This horrific nickname was coined by a disgusting english tabloid trash. It is NOT his name!!!

I am heartened to know that all the money is going to go to Michael's children!!!

1492 days ago
41.

Love Michael for the Man that he is..    

TMZ I had not even heard of this website until the day I heard that Michael had passed. The only reason I come to this website is for things Michael Jackson. I know that calling Him Jacko hurt him greatly. Very disrespectful. Perhaps I need to find other news sources that might respect him more...

1492 days ago
42.

Daphne     

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

I remember reading in newspapers in Calgary that Michael Jackson was & I believe still is a one-man cottage industry for the legal profession. At the end of the day, its still $$$ well spent. Hope the estate will grow & prosper for the benefit of MJ3 and KJ.

1492 days ago
43.

Della    

For those of you who have a twitter account, please come to twitter and tweet Harvey Levin until he changes this story.. His twitter is HarveyLevinTMZ

1492 days ago
44.

MRC    

His name is Jackson. Stop the disrespect!

Love you and miss you forever MJ

1492 days ago
45.

fmh    

He wasn't only a freak but a super freak super freak..Jacko jacko jacko jacko jacko.. freak freak super nasty nasty freak. that's all the vocabulary you get you won't understand anything else.

GET A CLUE MORE PEOPLE ARE SICK OF THE ***T THEN YOU THINK NO ONE GIVES A *R*P

1492 days ago
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