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Jackson's Life Insurance 'Pays Out $3 Million'
08 August 2009 14:12
MICHAEL JACKSON's estate has reportedly been
awarded a multi-million dollar pay-out after the late
singer's life insurance policy was settled.
John Branca and John MCClain, the temporary
administrators of Jackson's will, are said to have
cashed in the contract, winning $3 million (£2 million)
for the star's estate.
Initial reports indicated Jackson's policy was worth
up to $20 million (£13.3 million).
But according to gossip website TMZ.com, the
businessmen rushed to finalise the deal, accepting
just $3 million, over fears the life insurance firm would
refuse to pay if an autopsy report determined drugs
were the cause of death.
Michael Jackson - Jackson's Life Insurance 'Pays Out $3 Million' - Contactmusic News
STORY FROM TMZ
Jackson Honchos Score $3 Mil TMZ.com
John Branca (above) and John McClain quietly
cashed in the policy -- reports it was worth upwards
of $20 million are simply not true.
It was a $3 million payout. And here's why it was
a swift move --
the coroner hasn't even released the autopsy report yet.
Somehow Branca and McClain convinced the insurance
company to ante up with lightening speed
-- and the estate is $3 million richer for it.