tragically passed away on June 25, 2009, at the age of 50 due to apparent cardiac arrest in Los Angeles, the world was stunned.was also grappling with a staggering $500 million debt, as revealed in court documents filed just days before his death.This was all in preparation for his highly anticipated This Is It residency at the O2 Arena in London.
As early as 1993, Michael’s debts were on the rise, reaching a staggering $140 million by 1998. Between June 2001 and June 2009, his debt increased by another $170 million, with interest rates on his loans fluctuating between 7% and 16.8% annually.To manage this, Michael used his stake in a valuable song catalog, including the Beatles hits, as collateral for approximately $270 million in loans from Bank of America.
The estate, managed by attorney John Branca and A&R executive John McClain, faced significant challenges, including over half a dozen lawsuits and numerous creditors' claims. However, through meticulous negotiations and financial restructuring, they managed to turn things around. The estate's value has now soared to over $2 billion.
The estate's financial management extends to overseeing expenditures and finances for Michael’s three children, Paris, Prince, and Bigi. Legal fees and compensation for the attorneys involved in the estate affairs are meticulously documented and approved by the probate court, ensuring transparency and accountability.Michael Jackson receiving a Presidential Award from Ronald Reagan
In the documentary, both men spoke poignantly about the impact of Michael's death on their lives. Wade recalled crying more than he did for his own father's death, while James mourned the loss of their friendship. "I want to be able to speak the truth as loud as I had to speak the lie for so long," Wade said in Leaving Neverland.
Source: Entertainment Trends (entertainmenttrends.net)
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