Monday, July 27, 2009

Jackson's finances

As various lawyers and accountants sort through the details, a clearer picture of Michael Jackson's financial hole is starting to emerge:

Michael Jackson provided full financial support to his mother when he was alive and his estate should continue to do so after his death, the temporary administrators of the pop star's affairs plan to argue at a hearing next week.

In court papers filed Thursday, the administrators asked for approval to pay a monthly allowance to Katherine Jackson, 79. The specific amount requested is under seal.

"The special administrators are informed and believe that Mrs. Jackson has no other sources of income currently available other than Social Security income," lawyers for administrators John Branca and John McClain wrote in the filing.

Obviously, you wouldn't expect Tito to have any cash to spare to help out his mum, but you'd think Janet might be able to chip in with a few quid, wouldn't you?
Although Jackson owed creditors at least $400 million at the time of his death, his assets outweighed his debts by more than $200 million and the value of his estate has grown daily with the posthumous popularity of his music.

It does make it easier when you can liquidate the estate, doesn't it? Jackson is turning out be be worth more dead than he was alive, and by quite a distance. Although after the administrators have had their slice of fees, it's not clear by how far that actual positive will stretch.

Here's some extra cash for the pot, though:
Additionally, the estate received $5.5 million last week from Tohme R. Tohme, a businessman who advised Jackson in the final years of his life.

In an interview Saturday, Tohme said he informed Branca shortly after Jackson's June 25 death that he was holding the funds.

He said the money came from record royalties and was going to be used for sprucing up a "dream house" for Jackson in Las Vegas.

There is nothing, in any way, odd about millions and millions of dollars being "looked after" by a vaguely-titled "businessman".
Jackson told him not to tell anyone about the money, he said.

"He said it was something private between him and me, and I honored those wishes," he said.

He honoured the secrecy right up until, ooh, he started to talk about the money. But it was secret, right? That's why it'll look like nobody knew that he had five million of Jackson's money, right? Because it was a secret. That will be why. And it was - can we just stress - resting in his account.

Tohme R Tohme is a great name, though. I bet his parents were Chuckle Brothers fans.