So... after hearing of his passing I immediately thought about the rights to all the music he snapped up.

Here's an answer to some or all of that. Don't know how accurate it is but it makes sense.

Sony / Jackson Music Rights Partnership

A certain oddness was reported on NPR this morning, with the suggestion that there may be a dipute over Jackson's estate & will, even whether he had a valid one.

For someone in his position, that seems so unlikely.

Interesting question and article, Shoes'.

I have to say, again, though- shrewd and savvy business move though it may have been, it was a particularly turdly thing that he did when he went out of his way to outbid McCartney and Ono for those Beatles songs rights.

I hope he actually did leave his share of those to Paul, as has been said- and that it is found fully valid, and goes through within Mccartney's remaining lifetime...





Maybe the new "Elephant Man" wants his bones...

Seriously, I'm sure that there'll be a LOT of dispute over the divvying up of his estate. And if his judgement in what was and wasn't a valid, logical will was kinda fuzzy, it'll certainly not be without precedent...

Seems strange that there would be any debate at all over his will. One of the things I remember reading about Michael, over the years, is that he was an incredible business man with a very firm grasp on business and how to run things. When it came to money and the legalities of running his empire, he knew what he was doing.

Which is exactly why the report about this was so odd...then again, his entire career & media prescenes for years has been a constant source of rumour, so why not this, as well, I suppose.

Probably boils down to, if a way can be found for someone to take advantage of this, it will and they will...

That's savvy, Caeven.

I've just seen that AP is citing an anonymous source to the effect that John Branca (atty) & John McClain (mus biz exec) claim executor status on MJ's estate.

http://hosted.ap.org/dynamic/stories/U/U...EMPLATE=DEFAULT

& there's this:
http://www.aceshowbiz.com/news/view/00025396.html
Note the final paragraph.


Of particular interest in the AP story (other than noting that the writer byline is "Tony McCartney") is this paragraph:
"Court documents show Katherine and Joe Jackson filed for Chapter 7 and listed nearly $24 million in debts that included court judgments, auto loans and credit cards. The only valuable asset listed was a house in Las Vegas then valued at $290,000. The bankruptcy was terminated in March 2007, but the documents gave no further details."

Given that Jackson was fantastically wealthy, at least at one time, one can only wonder at how he & family became so in debt...but it also shows the pressure that he was under to basically support his entire family, except for Janet, maybe.

Not on the AP site but printed in local version of the story was this breakdown of MJ finances:
Assests:
$391M / Sony/ATV Publishing Trust
(significantly different than the figure mentioned in Shoes's post & perhaps an indicator of showbiz finessing of facts)
$85M / MJ publishing trust
(that is, his own (c) material)
$33M / Neverland Ranch
$20M / personal property
$20M / "media archives"
$11M / restricted cash accounts
$7M / Encino property
$.7M / cash
(my fave part, a $3/4 petty cash drawer)
Total: $567.6 M
Liabilities:
$300M / loan repayments
$23M / Neverland loan repayment
$4M / Encino residence loan repayment
$4M / other debts
Total: $331M
Balance: + $235.6M

Of course we'll have to wait to see how it all shakes down but here's a few lessons we can take away today...
(1) If you create any art, keep your rights. They may bot be worth as much as the Beatles catalog, if you could buy that, but just play it safe.
There are folks with a single hit record from decades ago who still live off that income.
McCartney, who let's face it isn't doing so bad with his share (which for a couple sneaky reasons he never mentions, is larger than the share of the Lennon estate, is also owner of many other artists's catalog, including Buddy Holly's & the "Happy Birthday" song.
(2) Even if you're a near-billionaire, don't be frivolous with your jack.
(3) Estate taxes are a bitch.
(4) Don' die before ya have to.