Although Michael Jackson died June 25, his debt lives on. Now the administrators of the King of Pop’s estate want what they claim is coming to them.
Attorney John Branca and music exec John McClain have filed papers seeking 5 percent of what the estate has earned so far.
That could be a considerable chunk of change. Especially when you consider all the merchandising revenue as well as all the money the film depicting rehearsals for Jackson’s London O2 residency shows – “Michael Jackson’s This Is It” took in. According to Associated Press, the rights to the concert documentary reportedly sold for at least $100 million, so there’s cash to be had.
Or is there? Plenty of creditors have lined up for estate payouts. In fact, one lawsuit seeking payment mentions 10 other suits, including legal bickering over the rights to “Thriller” – both song and video.
But it’s not only the administrators seeking payments. Several firms claimed monies owed, including representatives of Jackson’s children.
However, as the public has learned since June 25, Michael Jackson’s financial situation after his death is as complicated as it was when he was still moonwalking on planet Earth.
Or, as attorney Jeryll S. Cohen noted in a filing: “Unlike the typical estate, the operation of Michael Jackson’s estate is more akin to the operation of a multimillion-dollar business enterprise.”
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