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The two administrators of Michael Jackson’s estate have filed paperwork seeking five percent of its earnings since the King of Pop’s death on June 25th. According to the AP, John Branca and John McClain, the two men named as co-executors of Jackson’s 2002 will, have not received any payments for handling the Jackson estate despite brokering deals for This Is It and other merchandising agreements. Given that the Jackson estate has grossed reportedly $100 million since the singer’s death, the administrators may be in line for a payment in the millions.
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As Rolling Stone previously reported, the Jackson family has legally opposed Branca and McClain’s standing as executors of MJ’s estate, which includes Michael’s mother Katherine, his children and select charities among its beneficiaries. The AP also reports that the Jackson estate is facing upwards of 10 lawsuits, like director John Landis’ claim over royalties from the “Thriller” video, that have resulted in the co-executors accruing a large debt as the administrators’ legal team has spent countless hours in litigation.
“Unlike the typical estate, the operation of Michael Jackson’s estate is more akin to the operation of a multimillion dollar business enterprise,” the adminstrators’ attorney Jeryll S. Cohen said in the court filing. With This Is It grossing over $250 million worldwide in its recently completed theatrical run and the documentary’s DVD due out January 26th, plus the King of Pop’s vaults of unreleased music just waiting to be unearthed, the Jackson estate will likely topple Elvis Presley’s in terms of earnings. A decision regarding how much Branca and McClain should receive from the estate will...
Article Source: Rolling Stone : Rock and Roll Daily