Skip navigation


Current DateTime: 11:32:17 25 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

  • Wines for the Holidays

      Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES


Current DateTime: 11:32:17 25 Nov 2009
LinksList Documentid: 33793611
  • How Well Do You Know Your Bird?

      Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.

  • A Healthier & Wealthier You

      Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?


Current DateTime: 11:32:17 25 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Judge Gives Control of Jackson Estate to Executors
Topics:Media
Sectors:Media
Companies:eBay Inc
By: AP with CNBC | 06 Jul 2009 | 04:10 PM ET
Text Size

A Los Angeles judge handed temporary control of Michael Jackson's multimillion dollar estate on Monday to a lawyer and music industry executive named as co-executors in his 2002 will.

Michael Jackson
AP

Lawyer John Branca and executive John McClain were named executors in a will Jackson signed in 2002 that left his estate, valued at more than $500 million, to a trust benefiting his three children, his mother, and charities.

Branca was also named as executor in a 1997 will, which was updated in 2002 after the birth of Jackson's last child, according to sources.

"I think the law compels that result. I think that Mr. Jackson had felt comfortable, at least in 2002, with these individuals," Los Angeles Superior Court Judge Mitchell Beckloff said at a hearing. Another date was set for August 3.

The judge last week had given temporary control to Jackson's mother, Katherine Jackson, before the will surfaced.

At the Monday hearing Judge Beckloff said Branca and McClain "for the next month are at the helm of the ship." If they want to enter into a contract with (Jackson concert promoter) AEG or minimize losses to the estate, "I'm more than happy to expedite" the court process to allow these to happen.

But everybody needs to be part of the process, the judge emphasized, and while Katherine Jackson's approval isn't necessary, without it, "that process will likely go longer."

He also approved attorney fees.

Even though Katherine Jackson is no longer the special administrator to her son's estate, she remains a beneficiary.

The beneficiaries — reportedly comprising Katherine Jackson, Michael Jackson's kids, and various charities — are, so far, not in dispute.

Separately, thousands of fans were picking up coveted tickets for the singer's memorial on Tuesday.

Singers Mariah Carey, Jennifer Hudson and Stevie Wonder were among entertainers expected to perform or attend the event at the Staples Center sports arena in downtown Los Angeles.

The acting mayor of Los Angeles, Jan Perry, told NBC4 television that Jackson's family would hold a private burial at the city's Forest Lawn cemetery at 8 a.m. on Tuesday — a couple of hours before the arena memorial.

About 1.6 million people registered to be among the 8,750 to receive two free tickets to the event. Successful fans lined up early on Monday to collect their tickets, although some tried to auction their vouchers on websites like eBay and Craigslist.

Both websites were swiftly removing the listings, which carried asking prices of up to $10,000.

Jackson, 50, died on June 25 of cardiac arrest. Toxicology reports, expected in about four weeks time, are pending on the precise cause of death.

-- CNBC's Jane Wells contributed to this report.

  • The Collection of Michael Jackson
  • © 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
    Tools:
    Print EmailAdd This share icon
    • digg share

    CNBC HIGHLIGHTS

    • For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
    • Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
    • Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
    • More shoppers than ever plan to comparison-shop this season. Who will benefit?
    • It may be the most unusual guide to business you'll read.
    • Cut Credit cards
    • How can you get out of debt and back on the road to recovery? Follow these ten steps.
    ADD COMMENTS
    Remaining characters


    Current DateTime: 10:38:03 25 Nov 2009
    LinksList Documentid: 29778428

    Current DateTime: 10:38:03 25 Nov 2009
    LinksList Documentid: 29779196

    Current DateTime: 10:38:03 25 Nov 2009
    LinksList Documentid: 29779199

    Current DateTime: 10:38:03 25 Nov 2009
    LinksList Documentid: 29779198
      Data is a real-time snapshot  *Data is delayed at least 15 minutes
    Global Business and Financial News, Stock Quotes, and Market Data and Analysis

    © 2009 CNBC, Inc.  All Rights Reserved.
    A Division of NBC Universal
    Thomson ReutersThomson Reuters