MICHAEL JACKSON ESTATE Floats Katherine $6 Million To Pay Off S. Korean Concert

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Online ~Souza~

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MICHAEL JACKSON ESTATE
Floats Katherine $6 Million
To Pay Off S. Korean Concert Suit

10/5/2011 12:50 PM PDT BY TMZ STAFF



Call Katherine Jackson the Six Million Dollar Mama -- because the Michael Jackson Estate just loaned her that amount to pay off her settlement with a South Korean newspaper.

According to an order entered by the court -- the Estate is giving Katherine the $6 mill to help her wrap up a 17-year old lawsuit filed against her by the Segye Times.

The paper originally won a $4 million judgment against Katherine and others for failing to deliver on a promised Jackson family concert -- but with interest she would owe more than $14 million.

Katherine's attorneys and the paper agreed on a settlement of $6 million -- which clearly she couldn't pay without help from the Estate.

There are strings attached -- according to court docs, Katherine must repay the full amount to the Estate, plus interest, within one year. But check this out -- she got a hell of a deal -- the interest rate is only .16%. 

The Bank of Michael Jackson ... best rates ANYWHERE!

Offline voiceforthesilent

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Thank you for posting this article.

Why, oh why, would the Etstate "loan" Katherine the money to pay off her judgment with that Korean paper? And they gave her a year to pay it back...with interest only being .16%. If this doesn't smell of Michael I don't know what does.

Michael is in a position now to help clear his mother's debt and he's going to do so. I'm actually thankful because it must be a burden on Mrs Jackson to have that hanging over her head. What a good son he is :)
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Online Andrea

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I think Michael doesn't want his "Estate" to owe anybody when he comes back...hence this payout now...IF this story is true.