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: Legal Pad | LAMichael Jackson: The will has brought some fortune, but to whom?
By Richard Binder
Much has been made in several corners, including this one, about the debt Michael Jackson left behind in the wake of his passing. However, according to the Los Angeles Times, the reality is Jackson's assets outweigh his debt by at least $200 million. This figure will probably grow in light of the considerable public hunger for Jackson music and memorabilia.
Today, Superior Court Judge Mitchell Beckloff will take up the issue of who will now control the Jackson estate and his expanding fortune. Lawyers for Jackson's mother, Katherine, 79, filed papers last week asking that she oversee the estate, but 48 hours later, two longtime Jackson associates filed a will the performer signed in 2002 naming them as executors.
The need for control is evident, as Jackson's image continues to appear on everything from T-shirts to commemorative plates. At this juncture no one is legally empowered to crack down on unlicensed vendors or collect fees.
Full details here, which also includes some commentary by Lance Grode, adjunct professor at USC Law School.
Full post as published by Legal Pad | LA on July 06, 2009 (boomark / email).
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