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Michael Jackson Estate

Floats Katherine $6 Million

To Pay Off S. Korean Concert Suit

10/5/2011 12:50 PM PDT BY TMZ STAFF

1005_katherine_jackson_EX_01Call Katherine Jackson the Six Million Dollar Mama -- because the Michael Jackson Estate just loaned her that amount to pay off her settlement with a South Korean newspaper.

According to an order entered by the court -- the Estate is giving Katherine the $6 mill to help her wrap up a 17-year old lawsuit filed against her by the Segye Times.

The paper originally won a $4 million judgment against Katherine and others for failing to deliver on a promised Jackson family concert -- but with interest she would owe more than $14 million.

Katherine's attorneys and the paper agreed on a settlement of $6 million -- which clearly she couldn't pay without help from the Estate.

There are strings attached -- according to court docs, Katherine must repay the full amount to the Estate, plus interest, within one year. But check this out -- she got a hell of a deal -- the interest rate is only .16%

The Bank of Michael Jackson ... best rates ANYWHERE!

45 COMMENTS

No Avatar
31.

L.O.V.E.    

Excuse me, correction:

As per Michael's directive, she does NOT get 40% of the principle, she's allowed the usage of the INTEREST of the 40% of the principle. Add: and, that's only AFTER the Estate is probated. In the meantime... (rest of post)

1025 days ago
32.

eddie     

Why is there a problem with Mrs. Jackson using her son's name "Michael Joseph Jackson" to make Money? This is the very same name that Michael received from Mr. & Mrs. Jackson at his birth, he has used his name and Talents to make Billions of Dollars... during his life time!!

Without Mr.& Mrs. Jackson,the World would've missed out on experiencing and witnessing Michael, the Greatest Entertainer on Earth that ever live!(IMO)

The main ones that is really lining their POCKETS with "Millions of dollars" is those LEECHING CROOKED,estate executors( John Branca & John McCLain...,) and I also beleive that the WHOLE WILL/Trust is FAKE And INVALID ...!! with NO CREDIBILITY!!

Justice for MJ & the World!

1024 days ago
33.

nobleday    

Smile: Love, love, love the posted video of the Oxford Speech. The music is always great, but hope people take this message to heart. It's so important and generally forgotten in the ridiculous world. Kids and nature – that pretty much sums up what matters in life.

Old Story - Contest between Hindu child Ganesh and his brother Karthik

"Ganesh remembered that his parents Shiva and Parvathi represented the entire universe. Without delay, the young elephant-headed god walked around his parents with great devotion, folding his hands.

"Why are you circling us Ganesh?" asked Lord Shiva.

Shiva, Parvathi and Ganesh"I'm your son and to me, you two make up my whole world. Why should I go further to win the contest?" replied Ganesh.

Shiva was pleased with his elder son's smart answer and gave the magical fruit to him.

When Karthik returned after his voyage, he understood what had happened and accepted the superiority of his clever brother Ganesh. The Devas found the answer to their doubt. They praised and blessed Ganesh."

Circling the universe of loved ones is more important than traveling the universe.

1024 days ago
34.

=)    

Thanks to you.
God bless you, nobleday.

1024 days ago
35.

warrior777    

I wonder if Michael Jackson would approve of HIS estate "LOANING" his beloved mother HIS hard-earned money, money HE earned after HE died.

http://www.youtube.com/watch?v=SUMY2OisKWw&feature=mfu_in_order&list=UL

1024 days ago
36.

LI_Mom    

Wonderful.

Claiming she is supposed to repay this "loan" ONLY opens the door for future infighting amongst all these greedy Jacksons.

I can see it now, years later The Estate goes after Katherine's own estate insisting they need full repayment for the sake of the poor orphans.

She won't pay it back. They know it now so why open the door for even more family dysfunction.

I swear this whole family (Michael included) THRIVE on drama that they create themselves.

1024 days ago
37.

jodhJanna    

If anyone should spend MJ's money it should be the woman who carried him for nine months and then spent time birthing him. According to the comments she must not spend his money but greedy lawyers, record executives etc., etc., can - right ? Sicko Public.

926 days ago
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