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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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46.

Teresa    

That's very nice what those two men did but, I wish my beloved Micael was still with us. Hoping you could of did it for him to enjoy his hard earned money!MJ was the king and will always be the king and an Angel! Love him most!I agree he was a fighter til the very end, no one could've of dealt with what he had to deal with especially that he was innocent from day one!

1435 days ago
47.

Della    

Posted at 3:15 PM on Sep 23, 2010 by fmh

Shut the F*&K up and post somewhere else .. you are the freak..

YOu babbling idiot..

1435 days ago
49.

Ginger    

Well, as long as Katherine got a car out of her son's death, all is right with the world.

1435 days ago
50.

sofi    

Poor Michael!Everything had to come out of his account for the clan,wow a car for mother at this age,he had to save the old house,nobody else.Not to mention the deals cut behind his back by different managers and klein also wanting money.

Michael chose the best and they proved to be very capable of handling the issues of his Estate.

1435 days ago
51.

MiMi    

Della

Is that you? LoL

1435 days ago
52.

Della    

Yep.. I hate *******s who like to go off on people..So I told them to shut the **** up

1435 days ago
53.

shamon    

Why couldn't these guys reorganize the debt when Michael was alive? Why only after he was killed by Murray?


RIP MJ
XO

1435 days ago
54.

shamon    

"Distributed a leather-bound, coffee table book on the life of MJ"


What book is this?

1435 days ago
55.

Chico    

Shamon,

The book is the Kraken Opus. It is currently sold out. Here is a link to the book:

https://www.krakenopus.com/family/michaeljackson/

1435 days ago
56.

PattiAnn    

If it wasn't supposedly 'sold out' I would not recommend anyone buy this directly from Kraken. There are still fans who pre-ordered last year waiting for theirs.. and the so called augmented reality that they used to promote this book has become an unreality.

1435 days ago
57.

Chico    

Siggisis,

According to Friedman (who for the most part has accurately reported on MJ for years, but there are exceptions) the estate bought Katherine a $90,000 Escalade. "She's never been denied one thing she's asked for" said one source. IMO the estate executors have treated Katherine and MJ3 the way Michael would have wanted.

http://www.showbiz411.com/2010/06/27/michael-jacksons-mother-the-estate-and-money-the-real-story

1435 days ago
58.

shamon    

*** Chico and PattiAnn....Thank you for the info.

I have the Opu! Just wasn't sure that was the book referred to.
It is a beautiful book. I love it!

(and I didn't buy from Kraken).

1435 days ago
59.

M    

You had been doing fine with "Jackson" and holding back offensive remarks until lately. I even started reading your news site. Don't disappoint me now.

1435 days ago
60.

Trina    

The estate is only using Michael's money. How dare you day THEY bought Katherine a car. Michael's MONEY bought his momma that car. And the interest rate going down was nothing great. Why didn't they do it for Michael. I will answer that! They didn't want too! All of this was written to make the estate look good when you all know the truth!

1435 days ago
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