MJ - ok, let's talk about the money factor

[Duer 157099]

So he's paying something like $100K per month for that Holmby Hills home, and yet he's something like half a billion dollars in debt???

How does one do that?

Has he just left his whole family holding a great big bag?

This upcoming tour was supposed to be the Big Bail Out, but now what?

Seems that many of his family were supported by his "empire" or whatever it was.

[cagesoulman]

1. The concert promotion company was renting the place

They also paid for the doctor:

http://news.yahoo.com/nphotos/slideshow/photo//090627/480/a7addfd6109045f4b20a9eaa6f71d024/

[yodoobo]

2. His family is not holding the bag

The banks who loaned him the money is.


If his debts exceed his assets, they'll be sold and the banks are out of luck.

If assets exceed his debts, enough assets will be sold to cover the debts and the family will get the rest.

[WeDidIt]

3. His estate will be worth billions

not millions, billions.

The Beatles library alone is worth $1 billion. Then you have Jackson's own library.

Teh reisduals are flooding in as of today. Not trickling. Not pouring. FLOODING.

The settling of his estate will take decades because the real fathers of the children will come out to get their part. The mother who gave up custody didn't really give up custody.

By the time the estate is out of probate, I figure it'll be worth somewhere in eleven figures. Twelve figures is not out of the realm of possibility.

[yodoobo]

4. even in death, he is earning millions

Sadly, the next few months will probably net far more money than he has made in recent years.

[Duer 157099]

6. Then I just don't understand why he seems to have felt pressured to do this tour

One might even argue that it was that pressure that directly led to his death, but the question remains why? If his estate is so valuable, why didn't he just liquidate some assets to get out of debt?

I don't get these rich people

[WeDidIt]

8. Because these billions didn't start flooding in until he died

Same thing happened with Elvis.

This always happenes with great artists. They are worth far more in death than they were in life.

[Duer 157099]

10. That's another thing I don't understand

Any MJ fan should already have enough of his music, what's the sudden rush?

And, is there any risk of it running out? In this digital age? Isn't that just bizarre?

[WeDidIt]

12. Look at it this way

The last Michael JAckson album I bought was Thriller in vinyl. I don't have it. I am going to pick up the CD.

And I am under no illusions about JAckson. He was a weird pedophile as far as I'm concerned. That doesn't detract from the value of his art.

[Duer 157099]

13. But why? Why do you want to buy it now?

Because you want to listen to it, or fear that it will disappear?

With vinyl I sort of get it, because that format had a different value, but a CD? A digital download?

:shrug:

[WeDidIt]

19. I want the CD. The Album was superb and I no longer have it.

And I want to rip it and put it on my MP3 player.

I always liked it, but never replaced it.

Now I want to replace it.

[lapfog_1]

7. he supposedly had sold half of his interest in the Beatles catalog

and further pissed of Sir Paul by doing so.

And borrowed against the rest. And his catalog too.

And Neverland was already in receivership.

I don't think he will have much of a net worth after the dust settles and the lawyers get paid.

[WeDidIt]

11. The debts will all be paid off

His works will sell nearly as well as they did upon their first relase with his death.

Adn the profits on those sales will be three to ten times more than they were when the works were first released.

HEll, I'm going to pick up a copy of Thriller and probably a couple of other albums. I haven't bought a Michael Jackson album since they were in vinyl.

[lapfog_1]

15. That may be... future sales based on his passing were

certainly not part of the calculation of doing this "final" concert tour, which he was in rehearsal for. He was doing the tour because he needed the money... which means he was near broke as it was clear he didn't really want to tour again, especially with a schedule of shows that was reported. I'm pretty sure the concert promoter fronted him the expense money to maintain a shadow of his former life (mansion, entourage, shopping trips, etc).

And I feel certain that the promoter took out an insurance policy in case something was to happen and Jackson was unable to do the shows. And it's been reported that the promoter hired the "doctor" for Michael.

Anyway, it's sad that he didn't have someone he could really trust to manage his fortune.

[Tangerine LaBamba]

14. He was mortgaged to the max -

He had to do this tour to have anything, or else he was busted. Bankrupt. He'd used all his assets to raise ready cash, and he plowed through it like a tsunami.

Besides supporting his whole family - it's been reported - he also spent like a madman.

Now, given the circumstances of his death, any life insurance policies on him just might pay off.

It's gonna be a great, big mess.

Meanwhile, if the biological father of those kids decides to go public, it'll get even messier. They're the ones I feel so sorry for - those kids. Haven't yet had a shot at a normal life. I wonder if they ever will...............................

[Duer 157099]

17. Yeah, the kids, that's a whole nother weird angle

I hadn't realized that he wasn't the biological father, mostly because I simply never thought about it. I have been aware of his whole life, being a contemporary, but was never a follower or fan or anything even remotely like that, so I just didn't pay any attention.

But the kids... what did he do, buy them? I mean, really, wtf?

It's not like he adopted kids that needed a home, or did he?

That's just ... really bizarre, to me.

[Tangerine LaBamba]

18. It's part of his pathology -

I have no idea how much therapy those kids are going to need in order to be able to live normal lives, but Jacko really hated being black, and did everything he could - right down to mutilating his face and bleaching his skin - to negate who he was.

After the mess with the molestation charges, and the big payoff and the marriage to Lisa Marie, he had to do something that made him look like a normal, heterosexual man, so he married the woman who worked in his dermatologist's office, and who had the world's biggest crush on him for years.

It was a marriage for show.

And he wanted blond, blue-eyed children. He selected the sperm donor himself - for the first two kids he had with Debbie, his second wife.

He produced the kids he wanted, and then they divorced. She got a big fat settlement from him in exchange for signing away her custodial rights. Except that kind of deal is illegal - you can't sell you kids.

Then he wanted another child. Same sperm donor, different surrogate. No one yet knows who she is. And a third child.

Everything Jacko did was bizarre. He did not live in a normal world, and he was surrounded by employees who caved to his every whim.

If you want to read a really good analysis of Jacko's character, written during the reporter's coverage of the molestation trial, get yourself a copy of "Be Careful Who You Love," by Diane Dimond. She's an old colleague of KO, and her work on this one was exemplary. She's good.........................

[dmr]

21. Sony owns half of the library, and they've loaned him money

because sony worried that if he sold his half to someone else, they'd have to deal with an unknown entity.

While that may be true, my thought is Sony was willing to lend him money because if he couldn't pay back his debt he'd have to turn this collateral over to them.

That would be quite a bonanza for sony.


I just hope the Jackson family have good lawyers if it comes to a battle with Sony.

[rocktivity]

5. Well, he wasn't EXPECTING to die.

I understand that he left the remaining Beatles the publishing rights he bought, but I'm sure Michael expected to outlive him. As for the upcoming tour, I'm beginning to wonder if he knew he wasn't well enough to do it, but figured that the insurance company could pay off any refunds.

:headbang:
rocktivity

[Tangerine LaBamba]

16. No one's seen his will - if there is one - so that story

about his having promised Sir Paul that he'd leave him his interest in the Beatles catalog in his will is just speculation. Jackson was known to be a very shrewd businessman - ask Sir Paul - and I doubt he'd make such a "gift" to anyone outside of his kids.

It was reported that he'd taken an insurance physical for the tour, and passed it, so that makes the idea of insurance viable. But, if he died of a self-induced drug overdose, the insurance company won't pay, I'll wager ...................................

[ThirdWorldJohn]

9. People can be incorporated but there are limits so that they can have their own money.

You know there may be a case made that the doctor hired by the concert promoters actually had him offed like Jimi Hendrix manager offed him. Bad ticker and all/ But I seem to have read that it was just recently that he provided that Paul would get the rights back to his songs. SO who knows?

[Texasgal]

20. They say he is worth more dead

than alive.

Kinda like me. :(