Michael Jackson's estate is reportedly nearing nearing a deal to sell a 50% stake in MJ's catalog for some $900 million. A surprising source is apparently holding the deal up. Michael's own mother Katherine Jackson reportedly attempted to have the deal blocked in court. Those attempts were just shut down by the presiding judge.
According to a court order:
"The proposed transaction is approved and the executors are authorized and instructed to take all actions necessary to implement the proposed transaction, including but not limited to signing all contracts and performing all obligations required of the estate."
The Jackson estate is under the control of John Branca and John McClain, and has been since Jackson's death in 2009.
They headed to court last year to seek approval for a deal that their filing described as "an opportunity which they believe is to the substantial advantage of the Estate and in the best interest of the beneficiaries"
The majority of Michael's estate belongs to his three children, although his will does provide financial support for his mother for the rest of her life.
Michael Hickey/WireImage/Getty Images
As to why Katherine Jackson tried to block the deal, her argument remains under seal and isn't known to the public. But we do know that the estate countered whatever the argument was by asserting its past success in managing Jackson's catalog:
"The Estate was teetering on the verge of collapse, with more than $400 million in debt that encumbered Michael's most significant assets and little or no liquidity or means to service that debt. Through creative thinking, hard work and business savvy—and, of course, Michael's extraordinary creative legacy—the Executors transformed the MJJ Business into a profitable enterprise."
While the deal has been cleared to continue, Katherine Jackson has reportedly filed an appeal, so her fight to prevent it from happening isn't quite over yet.
