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Michael Jackson Estate: Executors to Get Compensation

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By Kamika Dunlap on February 05, 2010 11:45 AM

The two men administering Michael Jackson's estate will receive some compensation, a judge agreed.

Attorney John Branca and music executive John McClain will get a cut of the profits minus several sizable assets.

According to the Associated Press, Superior Court Judge Mitchell Beckloff approved the arrangement providing each of them with five percent of the estate's profits, minus earnings from the recent "This Is It" movie and Jackson's interest in a lucrative Sony-ATV music catalog.

Katherine Jackson's attorney, Adam Streisand agreed to the arrangement.

As previously discussed, the men are seeking to become the co-executives a company that will oversee a business based on Jackson's works.

Branca represented Michael Jackson throughout his life and McClain is a childhood friend of the singer.

Howard Weitzman, an attorney for Branca and McClain said the pair will likely receive less money than if they received guideline amounts for administering the Jackson estate.

The Michael Jackson estate value has been estimated at $500 million.

The judge is retaining some oversight over the payments and scheduled a progress report for September.

Branca and McClain are opposing a bid by Jackson's father, Joe Jackson, to more than $15,000 a monthly allowance from the singer's estate.

They claim it will reduce the estate's assets set aside for Michael Jackson's mother and children, and that Joe Jackson is not entitled to "maintenance expenses" because he was never legally dependent on his son while Michael was alive.

There is no update yet on if a judge has decided whether Joe Jackson receives any money from the estate.