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John Mcclain

John Mcclain

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John McClain of Interscope Records will be co-executor of Michael Jackson's estate.

John McClain of Interscope Records with Michael Jackson's Trust comes after playing an important role in Janet Jackson's career years earlier.LALATE broke to you first last night that John Branca and John McClain will be the two executors of Michael Jackson's estate.

Branca is a lawyer and McClain a famed music executive.Little has been written about McClain over the years.

But now as the creative half that will oversea the Jackson catalog, the Beatles catalog and other unmatched Michael Jackson assets, that is about to be change.John Branca and John McClain were in a 2002 will drafted by Jackson.

It is unclear as of Wednesday if McClain knew of Jackson's selection of him prior to this week.McClaim helped launched Janet Jackson's career at A&M records before coming to Interscope, launched in 1990 by Jimmy Iovine and Ted Field with a 53% equity stake / support from Atlantic Records.A 1993 interview with McClain gives insight as to how he perceives leadership skills.

When asked about Jimmy Iovine, McClain said to the LA Times:"Most record heads want a 21-gun salute while they tell you what they're SAT scores are, but Jimmy's like Columbo.

He downplays his business skills, so it's very easy to underestimate him.

But that's the worst thing you could do.

You don't find out how smart he is until its too late."McClain was one of Interscope Records' founding team members.

Success came quickly in 1991 with "Rico Suave" by Gerardo, then Marky Mark and the Funky Bunch the next year.But the big one arguably was a 1992 agreement by which Intescope would distribute the newly created label, Death Row Records, created by Suge Knight and Dr.

Dre.As broke last night, Michael Jackson's will is expected to be presented to a Los Angeles court this week.

The will called for Jackson's estate to go into a Trust to be administered by McClain and Branca and called for sole custody of his kids to go to Jackson's mother, Katherine Jackson.Recently financial documents had indicate Jackson had $331 million in debt, assets at $567.6 million.

The assets include Neverland (which reports years before valued at in excess of $120 million but sold a $35 million stake to Colony Capital in fall of 2008), his own music catalog, and his share of the Beatles catalog (which some unconfirmed reports Sunday claim that Jackson had borrowed against in recent years from Sony).

The five page document allegedly claims Jackson at the time to have a mere $668,215 in cash on hand.For continuing coverage of the Michael Jackson tragedy click here: Photos on LALATE NEWS:Erin AndrewsCrystal HarrisShannon TwinsIkki Twins
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