In court documents obtained by E! News June 27, attorneys for the executors of Jackson's estate said the late singer's business affairs 'were in disarray' in…
Michael Jackson's business affairs were in such"disarray" that he was $500 million in debt when he died in 2009, according to court docs.In court documents obtained by E! News June 27, attorneys for the executors of Jackson's estate said the late singer's business affairs"were in disarray" in 2009 — so much so he had"more than $500 million of debt" when he, 'This Is It.
And in the following years, the executors' attorneys said they eliminated the estate’s debt and"successfully enhanced Michael Jackson’s image and legacy for the benefit of the beneficiaries of Michael’s Trust," which includes the Grammy winner's kids"Although more than a decade has passed since Michael Jackson’s death," their filing noted,"from time to time, the Executors must deal with the consequences of the circumstances that existed at the time of Michael...
"At the time of Michael Jackson’s death, his assets were highly leveraged and the debt in some cases was in default," the court document read."The Executors, with the assistance of their legal team, worked to bring all debt current, and negotiated and restructured the debt at interest rates far more favorable to the Estate so that the Estate was able to and has paid in full all of the debt that so heavily burdened Michael Jackson during his life.
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