Court filings by Jackson administrators show estate ’solvent’ after recovery of assets
By APSaturday, July 25, 2009
Court filings: Jackson estate is ’solvent’
LOS ANGELES — Court filings show that Michael Jackson’s estate is solvent after temporary administrators recovered at least $5.5 million in cash and substantial amounts of the singer’s property from former advisers.
Those details were disclosed in a filing requesting an allowance for Jackson’s three children and mother.
Attorney John Branca (BRAYN’-kuh) and music executive John McClain are serving as temporary administrators as spelled out in the King of Pop’s will. They say in court filings that they’ve recovered the assets and that their analysis has found Jackson’s estate is financially solvent.
The filings are redacted and do not indicate how much money the administrators are seeking per month for Jackson’s children and mother.
Deals are in the works, the court filings state, and Branca and McClain expect them to generate “tens of millions of dollars of revenues.” The filings state Branca and McClain plan to submit those deals for court approval in the next week.
