Michael Jackson had amassed more than $500 million in debt at the time of his death at age 50 in June 2009, new court documents reveal
Michael Jackson was in more than $500 million of debt at the time of his death in June 2009, according to new court documents obtained by Us Weekly.
“At the time of Michael Jackson’s death, Michael Jackson’s most significant assets were subject to more than $500 million of debt and creditors’ claims, with some of the debt accruing interest at extremely high interest rates, and some debt in default,” the docs read. “Michael Jackson had additionally incurred considerable expense in connection with preparations for his concert tour, This Is It.
“The Executors, with the assistance of their legal counsel, have continued to act promptly and decisively to identify and analyze the issues, marshal and control the assets, defend the Estate in the active litigation and aggressively protect and enforce the Estate’s trademarks and copyrights worldwide,” the filing argues, adding that Braca and McClain have renegotiated financial arrangements “to avoid the loss of any assets to the lenders and ultimately to satisfy the encumbrances that existed...
Braca and McClain are requesting compensation for achieving “extraordinary results” with the help of legal counsel despite Jackson’s “business affairs in disarray” at the time of his death. They are seeking more than $3.5 million to compensate various law firms for providing “extraordinary services for the benefit of the Estate.”
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