LOS ANGELES — A judge has granted approval to a deal that will give two men administering Michael Jackson's estate 10 percent of its profits, minus some sizable assets.
Los Angeles Superior Court Judge Mitchell Beckloff approved the arrangement after some discussion at a hearing Wednesday.
Attorney John Branca and music executive John McClain will split 10 percent of the profits they earn Jackson's estate, minus profits from the "This Is It" film and the singer's interests in a lucrative music catalog.
Beckloff is retaining some oversight over the payments and scheduled a progress report for September. Attorneys for Branca and McClain told Beckloff the men will likely earn less than they would have if they sought guideline compensation for running Jackson's estate.
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