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Tuesday, July 07, 2009

Law - More on "Jackson’s Will Could Set Off Legal Battle Over Estate" [Updated]

Updating this ILB entry from July 1st, several stories of interest today.

"Despite a Will, Jackson Left a Tangled Estate" is the headline to this story by Tim Arango and Ben Sisario in the NY Times. A quote:

There is more at stake than the singer’s assets when he was alive. With explosive sales of music and worldwide hunger for all things Jackson, the estate will need to act quickly to establish a business that can police its property.
"Judge Denies Jackson's Mother: Pop Singer's Co-Executors Get Decision-Making Authority in Business Affairs" is the headline to this story by Ethan Smith in the Wall Street Journal. A quote:
Monday's hearing was part of what is usually a routine procedure after a person's death. But it took on greater significance in Mr. Jackson's case because of tensions between the singer's family and confidantes over how his financial interests will be managed.

Mr. Jackson left behind holdings worth hundreds of millions of dollars, as well as big debts. Figuring out how to handle both sides of the equation is a complex job that will determine how Mr. Jackson's heirs benefit from his multimillion-dollar empire.

Messrs. Branca and McClain were granted control over key aspects of Mr. Jackson's affairs until an Aug. 3 hearing. Judge Beckloff is expected that day to rule on whether the singer's will is valid and to name a permanent executor.

John Schreiber and other lawyers for Mrs. Jackson said they worried Mr. Branca could have conflicts of interest. Pressed by Judge Beckloff for examples of a potential conflict, another lawyer, Burt Levitch said: "The named executors are not the proper people to represent the estate."

Judge Beckloff said, "Somebody does need to be at the helm of this ship" to steer Mr. Jackson's ongoing businesses. He authorized Messrs. Branca and McClain to make short-term business decisions -- with his approval -- and ordered them to inform Mrs. Jackson's lawyers of their plans. * * *

Mr. Branca had served as Mr. Jackson's lawyer from 1980 until 2006. Paul Hoffman, a lawyer for Messrs. Branca and McClain, said he had a letter signed by Mr. Jackson eight days before his death, rehiring Mr. Branca.

[Updated 7/8/09] See also "Lawyers Abound at Probate Hearing on Michael Jackson's Estate," by Amanda Bronstad of The National Law Journal.

Posted by Marcia Oddi on July 7, 2009 10:43 AM
Posted to General Law Related