Death of Michael Jackson: Difference between revisions

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Line 63: ==Probate== {{see\|Sony/ATV Music Publishing#Value}} Several media outlets have reported the existence of a will, signed on July 7, 2002, that names attorney [[John Branca]] and accountant John McClain as executors.<ref name=Nakashima>Nakashima, Ryan. [http://www.chron.com/disp/story.mpl/ap/top/all/6505659.html AP Source: Jackson's will puts assets in trust], Associated Press, June 30, 2009.</ref> The Associated Press reports that he had a net worth of $236.6 million, comprised of $567.6 million in assets, which included [[Neverland Ranch\|Neverland]] and ~~the~~[[The Beatles]]' back-catalogue, and debts of $331 million. They say the financial documents they saw were from 2007.<ref name=MacAskillJuly1/> On July 1, 2009, Branca filed the will at the [[Los Angeles County]] courthouse. The will gives all assets to the Michael Jackson Family Trust, and grants custody of his children to his mother Katherine, and if Katherine pre-deceased him, to singer [[Diana Ross]].<ref>[http://news.yahoo.com/s/ap/20090701/ap_on_en_mu/us_michael_jackson "Michael Jackson's Will Cuts Out Ex-Wife Deborah Rowe", Associated Press via Yahoo News (July 1, 2009)]</ref> [[Probate]] could take years.<ref name=BrownLewis>Brown, David and Lewis, Leo. [http://timesonline.co.uk/tol/news/world/us_and_americas/article6583010.ece Michael Jackson: finances will take years to unwind], ''The Times'', June 27, 2009.</ref> The value of [[Sony/ATV Music Publishing]] is estimated by Ryan Schinman, chief of Platinum Rye, to be US$1.5 billion. Shinman's estimate makes Jackson's share of Sony/ATV worth USD$750 million, from which Jackson would have had an annual income of USD$80 million. Sony Corporation has not commented on whether it intends to buy Jackson's share of Sony/ATV from the Jackson estate. Jackson's creditors could force a [[forced sale\|distressed sale]], which would act in Sony's favor since it would lower the sale price, but only if the trust set up by Jackson for his stake in Sony/ATV is revocable. A distressed sale would lower the value of Jackson's estate, and thus might not raise enough to cover the debts owed by the estate.<ref name=ZOMG>Greenburg, Zack O'Malley. [http://forbes.com/2009/06/26/michael-jackson-beatles-business-media-estate.html Michael Jackson's Estate Sale], ''Forbes'', June 26, 2009.</ref>