Michael’s Foundation trustees talk about their performance

John Branca and John McClain, trustees and executive managers of Michael Jackson’s billion-dollar foundation, have published a report on their performance over the past year since the King of Pop’s death.

At the time of his death last June, Michael had a large amount of debt. But by signing major contracts through his foundation, he generated hundreds of millions of dollars in income. Projects such as the film This Is It, which earned more than $260 million and became the most successful documentary in history, as well as an audio album with the same title that sold 5 million copies and became the third best-selling album of 2009. The second best-selling album of that year was Michael Jackson’s Number Ones, a 2003 release that sold nearly 1.5 million copies. In the year he died, Michael was the best-selling artist in the world.

Other wealth-generating projects include re-releasing the Michael Jackson biography written by himself, Moonwalk—producing products and merchandise with Michael’s logo and emblem on them—printing the illustrated official biography of Michael, and renewing the rights to Michael’s songs with Sony.

During this period, the foundation spent $3.8 million on legal matters. They settled the debts of the Ensigno Jackson house, bought a new car for Katherine, Michael’s mother, and did similar things for other members of the Jackson family.

After Michael’s death, numerous financial lawsuits were filed against Michael Jackson and his foundation, claiming heavy debts. But only a few of them had legal validity.

One of the complaints that has not yet been addressed was raised by Michael Jackson’s doctor, Arnold Klein. He says he is owed $58,000 for treating Michael during the months before his death from the foundation. Michael’s main defense attorney in court in 2005, Thomas Mesereau, also claimed $341,000, though he was paid in full. Michael’s chef at the house where he died had requested $8,000, and the foundation reached an agreement with him. In the meantime, Raymond Benne, the former general manager of Michael’s team, claimed a $44 million debt, but neither the foundation nor the court gave it any consideration.

Source: eMJey / TMZ