’s music assets to industry giant Sony was the subject of a heated hearing in a Los Angeles courtroom Friday, with lawyers forarguing that estate co-executors John Branca and John McClain should be held “in contempt” for closing the deal while she’s still appealing a ruling on the matter., was negotiated by the executors to take advantage of an asset market that was “by far” the “hottest it had ever been,” a recent appellate brief filed by the estate says.
But Los Angeles County Superior Court Judge Mitchell Beckloff, who’s been overseeing Michael Jackson’s estate since his death in 2009, said the executors had authority to close the deal. He said it was true that Katherine’s appeal meant that his “blessing” of the deal had been put on hold, but he said the executors were free to move ahead knowing they would be “personally on the hook” if their actions led to lawsuits.“I didn’t preclude them from entering into the transaction,” the judge said.
But issues remain, so the probate case is still open, meaning the trusts set up for Michael’s three children and his mother have not yet been funded. One problem is a tax dispute with the IRS involving over $700 million in alleged unpaid taxes and penalties.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: screencrushnews - 🏆 544. / 51 Read more »
Source: NBCNews - 🏆 10. / 86 Read more »
Source: NBCNews - 🏆 10. / 86 Read more »
Source: NBCNews - 🏆 10. / 86 Read more »
Source: NBCNews - 🏆 10. / 86 Read more »
Source: NBCNews - 🏆 10. / 86 Read more »