find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Property lawyer - Melbourne
Category: Property Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Impressive client list, national firm · Well-led and high-performing team
View details
Senior family lawyer - Melbourne
Category: Family Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Outstanding national firm · High-calibre family law team
View details
Lawyers scramble over Michael Jackson's assets

Lawyers scramble over Michael Jackson's assets

As fans, stars and politicians attended a massive memorial service for Michael Jackson in Los Angeles yesterday, lawyers were weighing up his various debts and assets.

AS fans, stars and politicians attended a massive memorial service for Michael Jackson in Los Angeles yesterday, lawyers were weighing up his various debts and assets. 

Michael Jackson is worth more dead than alive, one business and entertainment lawyer in Toronto said yesterday. 

Lawyer Eb Reinbergs said Jackson's assets far outweigh his debts, and that there should be enough to pay off his many creditors. 

"Jackson had music in a vault locked away. He has always over-recorded for every album that he has produced, meaning of the 12 or 13 songs that were on the album there were another 12 or 13 that didn't make it, and there is nothing to say that the music is less viable than the music that was actually put out," Reinbergs told CTV News Channel. 

"There is a lot of music to come out, there's a lot of usage of his image and likeness for years to come. There will be books, there will be movies. This thing is going to blow up and there will be more money than anyone ever could have imagined."

And since Jackson's own spending habits were the main threat to the value of his assets, "with Michael, may he rest in peace, no longer spending that money, the estate can benefit from the increase in the value of the assets over time", Reinbergs said. 

The singer's 2002 will names his personal attorney from 1980 to 2006, John Branca, and music executive John McClain as the executors of his estate. Superior Court judge Mitchell Beckloff appointed them to the administrative role on Monday, despite Jackson's mother, Katherine Jackson's, objections. 

Beckloff said the authority Branca and McClain have is to maintain the status quo and to prevent losses to the estate. The judge also said the administrators should inform Katherine Jackson of their efforts to settle potential liabilities of the estate with AEG Live related to the 50 concerts Jackson was to perform in London.

In a 1 July petition, Branca and McClain said they believe the value of the estate exceeds $500 million and consists almost entirely of non-liquid assets, including Jackson's interest in the Sony/ATV music publishing catalog. 

Branca and McClain have temporary control until 3 August, when the judge will hear further arguments as to who should be in control of the estate. 

"It may be that on 3 August you'll convince me that Katherine Jackson should be at the helm of this ship," the judge told lawyers for the singer's mother. 

Meanwhile, the attorney representing Jackson when he was acquitted of child molestation in 2005 said today he fears the trial was the beginning of the end for the late King of Pop. Thomas Mesereau led the winning legal team as Jackson was declared innocent at the end of a five-month trial, which pried into his private life and questioned his relationship with young boys. 

"The trial hurt him, for sure, because after the trial, he left Neverland never really to return. I don't think emotionally he was built to go through a horrific experience like that five-month criminal trial, and I wonder whether he ever really recovered," Merereau said. 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017


Lawyers scramble over Michael Jackson's assets
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Warning
Aug 23 2017
NT Law Society sounds alarm on mandatory sentencing
The Law Society Northern Territory has issued a warning over mandatory sentencing, saying it hasn’...
Unite
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...