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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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61.

shamon    

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

I have the Opus and love it! It is a beautiful book. I wasn't sure that was the book referred to in the story. Thanks.

ps...I didn't buy it from Kraken.


RIP MJ
XO

1493 days ago
62.

MichaelJACKSON    

KATHERINE JACKSON SOLD OUT HER SON FOR A HOUSE AND A CAR!!!
WHAT A PITY!

Jacksons are the poster child of what a leech look like! I LOATHE all Jacksons and my opion regarding Branca, Sony and AEG is changing. Heck my opinion about Murray is changing. Murray delivered Michael the sweet death, Michael is better off FAR FAR AWAY from Jacksons, he is better off dead!

(F)uck Jacksons! F(uck) Katherine for being a sell out! I pray Michael isn't looking down to see his excuse of a familY!

1493 days ago
63.

Chic    

The estate is being executed very well. Love you forever Michael. RIP Michael.

1493 days ago
64.

MiMi    

I don't care how much the Estate is making.


I'd rather Michael still be here. :(

1493 days ago
66.

Chico    

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!

Posted at 4:41 PM on Sep 23, 2010 by Trina
********************************************************
You are incorrect, Trina. The money at this point belongs to the Michael Jackson Estate. When MJ3 turns a certain age, they are entitled to a percentage of the estate. This estate only pays Katherine AN ALLOWANCE, yet does not bequeath Katherine any lump sum of money.

The interest rates being lowered is a HUGE DEAL. This is one the reasons MJ had such a hard time financially before he died, due to the inflated interest rates that literally crippled MJ and more than likely forced him into doing a deal with AEG.

Why didn't Branca lower the interest rates before he died? Because Branca did not come back on board until a week before he died.

Honestly, sometimes I have to wonder why people don't do more research before they put their foot in their mouth. The same old tired archaic theories of conspiracy by Branca still being spread when it is clearly untrue.

1493 days ago
67.

Tia     

Stop with the Jacko crap! The fans hate it and so did MJ. Have some respect. Maybe we should all refer to Harvey as "Shawty." You bunch of jerks!!!

1493 days ago
68.

Raejean    

And of course, Joe and Katherine complain and then try to make end-runs around them to get and make more money.

Maybe they just need to shut up and let the executors captain the boat.

1493 days ago
69.

mysteria333    

MICHAEL DID NOT OWE ALL THESE DEBTS THAT ARE BEING TOLD TO THE PUBLIC...MICHAEL WAS NOT BROKE AND HE IS ALIVE !! PLEASE STOP PUTTING OUT ALL THESE LIES ABOUT MICHAEL.. WHAT IS WRONG WITH PEOPLE ??? HE IS AN ANGEL !

1493 days ago
70.

Lucylk    

Please, please, please stop calling him the way you did on the article.....
Did he do something wrong to you personally ?

even Hitler is called Hitler on books and articles, Benladen,Mussolini,Franco, and all the worst human beings on earth are refered to by their names.

Please call the late artist,who didn't harm the world,by his real name.....Please.

1493 days ago
72.

MiMi    

I wish Mjuls (sp?) was around so he/she could give us their expert opinion on these do***ents.

1493 days ago
73.

boredtodeathbycelebs    

I'm SICK of hearing about him. I understand ppl love him and that's ok everyone's entitled to their opinions, but REALLY?? It's enough. No one else's death (or life for that matter) gets more scrutiny than his and it's ridiculous. He's dead, and so should be the gossip and the remarks and the news reports. Our society is waaayyy too worried about celebrities. Who gives a s***?!?! They're ppl just like you and me who get paid way too much to do less than important things. How about a raise and some publicity for those who sacrifice their time and do hard work for the benefit of others? Oh, sorry thats not as interesting as divorces, lawsuits, and who gets the dough when someone croaks.

1493 days ago
74.

MiMi    


Duh.


Then what are you doing on a celebrity gossip site??

1493 days ago
75.

MJ215062009    

#86

So I should find your name all over the other celeb news as well, and the other thing why do you have to get verbal, you feel attacked??

1493 days ago
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