3 big claims still unresolved for Michael Jackson’s estate Five years after Michael Jackson’s death, his estate continues to earn tens of millions a year and has resolved most of the claims filed by creditors. But some are still seeking a share of the pop superstar’s wealth. Here’s a look at the biggest remaining threats to Jackson’s fortune: • The IRS is seeking more than $700 million from the estate, including taxes it contends are owed, plus penalties. The dispute arises over a difference in valuations of the singer’s assets when he died. Jackson had borrowed heavily against his half share of the Sony-ATV music catalog and hadn’t toured or signed an endorsement deal in years. The IRS says Jackson’s image was still worth millions, as were other assets, while the singer’s estate points to his debts and an image tarnished by child-molestation allegations as reasons supporting lower tax valuations. • Choreographer Wade Robson testified in Jackson’s defense at the singer’s 2005 child-molestation trial, vehemently denying the singer ever touched him inappropriately. Last year, Robson sued Jackson’s estate for what his attorneys described as molestation that spanned a seven-year period. Robson met Jackson when he was 5 and spent the night at Neverland Ranch more than 20 times, sleeping [...] newsinca/3-big-claims-still-unresolved-for-michael-jacksons-estate/
Posted on: Wed, 25 Jun 2014 05:30:59 +0000
Trending Topics
Recently Viewed Topics
© 2015