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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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76.

Daphne     

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/

Posted at 4:20 PM on Sep 23, 2010 by Chico

Wow, I'm glad I bought mine. On another note, I disagree with the other poster saying its not worth buying. I strongly believe its a good book on everything MJ. U have to be an MJ fan to appreciate this book. Its detailed & interesting, with lots of never before seen pics of MJ. I luv it. I recommend it to all my friends, in fact, they all bought it. Hahaha.

1428 days ago
77.

Yak    

Too bad he didn't seek psychiatric help and get into rehab so he could have done this on his own accord and lived a happy and full life with his kids. Drugs and denial are a bitch.

1428 days ago
78.

sean    

His name is Jackson not Jacko. will that tmz writer stop being stupid.

1428 days ago
79.

Cherwood    

Courtesy Clap......
Okay so what's going down in the Michael case, now. THREE TMZ stories in a row, this one lauding the Executor's for simply DOING THEIR JOB??? NICE!
-#19: Amerie, you are my hero, tonight! You wrote:
Maybe it was easy to bring him out of debt because he wasnt in that much debt from the beginning.
Posted at 12:37 PM on Sep 23, 2010 by Amerie
-#23: Hey Nan! I think you're right. You wrote:
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
Posted at 12:56 PM on Sep 23, 2010 by nan
And the thing I HATE about stories on this is that most people don't do their research before running their mouths and judging Michael. Most of this debt was incurred during the 2005 period when he was on trial. Most people never bother to check and find out that RANDY JACKSON was Michael's Business Mgr at this time, and he totally botched the job, causing the Neverland Staff to walk out due to non-payment and a whole load of other financial issues because he was working with Don Stabler, and clearly NOT paying Michael's bills like he was supposed to. Most of the major debts Michael incurred was during the time that Randy was in charge......sad.........
-#24: Hoocheekoo, you wrote:
Good job for Katherine and those kids. Hope you also made a little for yourself. You deserve it.
Posted at 12:56 PM on Sep 23, 2010 by hoocheekoo
They made a "little" for themselves, alright.....10% of $250 mil....YOU do the math!!
-#31: Hey Siggisiss! I had a totally different take on that post, and it's based on part of what you're saying--the Media spread rumours that MIchael owed 400 mil, now they say it was $10 mil, but how do we REALLY know that either is correct. Could be more of the same from the Negative Media Spin machine.....
-#32: Marie, I totally disagree that the Jacksons made money from the Estate's success. Katherine and PPB are GOING to benefit, but noone has benefitted yet, except the Creditors. Katherine and PPB are only receiving allowances from the Estate to this point.
As for her suing AEG, I say GOOD FOR HER! They only made Michael's life miserable and treated him like a "hired hourly worker" in his own Concert, as someone as put it. As for "This is it", I enjoyed the idea of seeing Michael in action, but I still feel that he would've been against the release of the film....sort of like the Schmuley Tapes--they're informative, but WRONG on so many levels.......
-#37: Hey Della, welcome back! You know what they say, it's hard to teach an old dog, new tricks......TMZ is no different......
-#60...: Great question, shamon! You wrote:
Why couldn't these guys reorganize the debt when Michael was alive? Why only after he was killed by Murray?
Posted at 4:11 PM on Sep 23, 2010 by shamon
-#69: mJackson, what is your issue with the Jacksons? I know I've said things about them, but with reasons....what are yours that make you HATE them that much?
I pray Michael isn't looking down to see how you're talking about his MOTHER!!!
-#73: Hey Chico! I see your point, but you have to realize that people aren't just going to approve of Branca under the cir***stances...
I KNOW he's making the Estate money, I KNOW that's taking care of Katherine and PPB, and I KNOW they deserve to be paid for their services. BUt what I have trouble getting past is the extra 10% incentive they asked for right after they were appointed Executors, and the fact that Branca has in essence deepened Michael's relationship with the one Entity he was against--SONY! I think if they REALLY had HIS best interests at heart, they would've given those deals to anyone BUT Sony. And didn't I read that Sony was given the TII deal despite the fact that they had been outbid? This could be incorrect info, so I;m asking as much as stating this fact....
Bottom line, noone denying that Branca and Co. have made money for the Estate, although I think they could be making even more if they get going with Partnering Michael's brand with other big names like NIKE, Apple and etc.....
And I KNOW Branca didn't help while Michael was alive because he wasn't his Lawyer, but why didn't he help anyway? He CLAIMED to be his "friend".....
The thing that really strikes me is that we have to remember Power players like Branca aren't only in it for the money, they're in it for the POWER and the RUSH of building an empire--which is exactly what they're do--RE-building Michael's empire. Any shark worth it's teeth woud want to get in on Michael's Legacy--especially since he's not here to look over their shoulders......
-#82: Hey MiMi! I wouldn't be surprised if he/she has gone the way of the dodo, like it's counterpart.....
-Cher
No Peace till Justice!
MICHAEL--IL.O.V.E.U4EVER!!

1428 days ago
80.

sofi    

I NEVER,EVER BELIEVED that Michael was broke.

He may have faced financial problems at some point in his life but as always the media blew it out of proportion,givivng people the wrong impression of him.

1428 days ago
81.

Ludmila    

Michael’s beautiful and amazing, as always.
With Love.

1428 days ago
82.

marson    

Maybe more fathers should have been like Joseph Jackson. At least he taught his kids to have some respect for their elders. Clearly with all the haters here they didn't get that lesson. I have never seen such a disrespectful bunch as the ones who leave messages here.

1428 days ago
83.

LJ    

It's funny to watch people vomit all over these things - hatred for Michael Jackson, judging a family they don't know, bla bla bla. These are the same people with their head in the sand. Look nobody really knows what is going on. Some people are researching their life away trying to find out what happened to him but nobody knows (just speculation). The corruption is deep and rampant in the music/entertainment industry. I personally don't buy the bull from the estate (they want the money this man made while he was alive). They want HIS MONEY that he earned Plain and simple. It will make you sick if you look into the corruption. I don't trust the whole lot of them. Just don't and frankly it's a waste of time. Nobody knows the truth of Michael's families financial situation except what they read in these trash websites.

What's with the "Jacko" comment - please - drop it and show an ounce of respect for the man who gave his heart and soul to entertain and when you all get to show 1 ounce of the beauty of spirit that he had and attempted to live by - then and only then will you be able to write something worthy of respecting.

1428 days ago
84.

CloBird    

I am reading the court papers.I am glad to see that Branca and company are being careful.
I,too,think it is rude to call Michael Jackson "Jacko," a name that he publicly stated that he disliked.TMZ needs to pay attention!

1427 days ago
85.

cawobeth    

$ $ $ whatever...
just simply ban use of the "jacko" name, would ya ?

1427 days ago
86.

beth    

Let this Die along with him.....Do you guy's at TMZ read these comments cause if so take your Readers Advice and STOP REPORTING THIS OLD ASS NEWS......no one cares anymore about a dead singer...he's dead he's dead he's dead he's dead he's dead.....see you don't like it when we repeat ourselves do you?????? come on TMZ find some new stuff and get off the old dead wet dried up nothing you gu'y keep talking about

1426 days ago
87.

Pegasus    

To LJ - I agree with you. I do so wish that they would stop using that name - Michael hated it. And it is so disrespectful to continously call someone that - after Michael gave his heart & soul and all that he could - to those less fortunate, and to children, natures resources, and to the world - he gave love, caring & concern, help where he could, etc. And I hate that there are some who continue to refer to him like that!

Michael, I Love & Miss You Terribly - as do all of Your Fans! You Will Remain In Our Hearts Forever - And We Shall Never Forget You or Forsake You! Rest In Peace - My Dear Sweet Angel!

1426 days ago
88.

Deborah Ffrench    

Actually Marnie, only some fans harass Branca and McClain.

The rest of us are grateful beyond words.

1425 days ago
89.

Fuller    

Would you PLEASE stop using "Jacko"!!!!!!!!!!! His name is Jackson. You are so aware of the fact that Michael Jackson hated that name......

1425 days ago
90.

juney    

Hey TMZ you always seem to be on the ball about publishing all things Michael (yes his name is MICHAEL, not JACKO, we are in the USA, not in England). Why don't you investigate and publish the source of Dr. Conrad Murray's income? He who walks the streets of LA with a bodyguard pushing his child in a stroller while his WIFE and other children wait patiently in Vegas or Houston, wherever. WHO OR WHAT ENTITY IS SUPPORTING CONRAD MURRAY AND PAYING HIS LEGAL FEES. A FEW YEARS BACK HE REPORTED INCOME ON HIS FEDERAL RETURN OF A FEW THOUSAND DOLLARS AND WAS ON THE VERGE OF LOSING HIS FAMILY HOME.
AS MICHAEL SAID, ITS ALL ABOUT THE MONEY, ISN'T IT "DOCTOR".

1425 days ago
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