Friday, July 10, 2009

Katherine Jackson : Katherine denied control of Michael’s estate

Katherine Jackson argued lawyer John Branca – who was named as a co-ex ecutor of Michael’s estate alongside lawyer John McClain in a 2002 will – should not be allowed to assume control as he had a conflict of interest.

“There are a lot of open questions surrounding Michael Jackson's death. Mr. Branca was removed in 2006 as a trustee and Katherine was added, so we have concerns about turning over the keys to the kingdom.”
Lawyers for Michael’s mother, who was not present in the Los Angeles court, said: “Mrs. Jackson is more concerned than ever that the co-ex ecutors are proper to serve.
Los Angeles Superior Court Judge Mitchell Beckloff ruled Branca and McClain will have control until at least August 3.
During the hearing, which took place yesterday, it was stated that Michael’s estate added up to $500 million.

Branca and McClain were issued a £1 million bond to be used to pay employees and legal fees until August 3.
The pair also asked to be allowed to speak to AEG, the concert promoters behind the 50-show comeback Michael was set to perform at London’s 02 arena.
They said: “The estate is liable for tens of millions of dollars to AEG. We need to reduce the liability and negotiate. We need the power to deal with merchandising, pay-per-view TV, etc.”
Judge Beckloff replied: “I have no issue with you all negotiating that on behalf of the estate, subject to court approval. Katherine can have input on that."
Last week, Katherine filed a petition to become guardian of the estate of Michael – who died of a suspected cardiac arrest last month – in which she claimed he passed away "intestate", without making a will.

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