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MJ’s estate clears his massive $500m debt | Michael Jackson’s estate has almost paid off
the 500 million dollars debt that he had left behind when he died, after making
a fortune since the pop legend’s death. The estate has generated gross earnings
exceeding 475 million dollars as of the end of May, TMZ.com reported According
to the documents, all of the late singer’s debts have been paid, with the exception
of a big debt involving the King of Pop’s publishing catalog and executors expect
that will be fully paid off by the end of the year. It’s good news for the lawyers
who have been handling all the legal and business affairs. The lawyers fees from
May, 2010 through November, 2011 exceeds 13.6 million dollars. Katherine has been
asking for an additional 34,700 dollars a month to pay for lawyers and accountants,
and another 205,041 dollars to cover lawyer and accountant fees from 2011. However,
there are still some unresolved creditors’ claims and several lawsuits to clear
up.
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