The administrators of Michael Jackson’s estate have filed court papers disclosing they’ve recovered $5.5 million in cash from one of Jackson’s "former financial advisers."
They expect to present contracts to the court “within the week” that should add “tens of millions of dollars” to Jackson’s estate, which they said is solvent and worth an estimated $500 million, the documents said. Lawyers for administrator John Branca and John McClain filed the papers this week asking a Los Angeles County Superior Court judge to allow them to give an undisclosed amount of monthly support payments to the singer’s mother and three children. “The special administrators believe that the projected cash flow and the assets of the estate are more than sufficient to cover the payment of this amount as a family allowed for the benefit of the three minor children,” the filing said. The documents did not disclose the name of the financial adviser who had Jackson’s money or details about how it was recovered. Judge Mitchell Beckloff appointed Branca and McClain — who Jackson named as executors of his will — as special administrators of the estate until he decides if the 2002 will is valid. The estate’s administrators told the court they “have been actively and aggressively working to marshal the assets” and to “negotiate new business agreements” for the estate. Judge Beckloff must approve any new contracts.
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Katherine Jackson — Michael Jackson’s mother — was given temporary guardianship of his children, ages 7, 11 and 12. The next court hearing is set for August 3, when the judge is expected to consider the permanent custody of the children and the matter of Jackson’s will. Debbie Rowe — Jackson’s ex-wife and the mother of his two eldest children — has not said if she will ask for custody or visitation rights. The question of custody has been delayed several times while lawyers for Rowe and Katherine Jackson discuss the matter. Jackson’s daughter and two sons have lived at their paternal grandmother’s Encino, California, home since their father’s death on June 25.
