Jackson's estate recovers $5.5 mil
Pop icon's assets predicted to be solvent despite debtCourt filings show that the temporary administrators of Michael Jackson's estate have recovered $5.5 million from a former financial adviser.
The filings also indicate the administrators predict that the pop icon's estate will be solvent even though the singer died with an estimated $400 million or more in debt.
Attorney John Branca and music executive John McClain are serving as temporary administrators as spelled out in the King of Pop's will. The men are finishing several deals that they expect will generate "tens of millions of dollars of revenues."
They expect to submit those deals for court approval within the next week, the filings state.
The revelations were included in two motions requesting allowances for Jackson's three children and his mother, Katherine. The petitions state that Jackson was the primary source of income for his children, who range in ages from 7 to 12, and his mother, who receives some money from Social Security.
The monthly stipends that Branca and McClain hope to provide the Jacksons are redacted from the court records released Friday.
A judge refused to grant the allowances on Thursday, opting instead to consider them at a hearing on Aug. 3.