John McClain Interscope!
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: http://news.lalate.com/category/michael-jackson.
Erin Andrews
Crystal Harris
Shannon Twins
Ikki Twins
Other Hot Stories on LALATE NEWS:
Michael Jackson Insurance Policy!
Katherine Jackson AEG Contract!
Michael Jackson Movie Release!
on July 2nd, 2009 at 5:46 am
John McClain is a honest, and trustworthy man.
In addition, John has always has have his artist/friend best interest at heart. Michael Jackson was a smart man, by choosing John McClain as co-executor of his estate. I am most happy to know that Michael had a good friend like John McClain. I guess, Michael Jackson and I had something in common, we both think the world of John McClain and consider a best friend.
on July 2nd, 2009 at 7:52 am
John McClain will be co-executor of MJ’s estate. Yippee-ki-yay, children-fucker.
http://bit.ly/ggRqw
on July 8th, 2009 at 9:18 pm
Ha! John Jr. is crazy. What a temper. You must know him through business. Different side. He can be generous but also real nasty,jealous, and vindictive. Good luck to him.
on July 10th, 2009 at 10:31 am
John is a very trustworthy man who is honest and shoots straight from the hip. He is far from crazy. In the entertainment business you have to have some backbone since it is a dog eat dog industry. All considered…my encounter with John was a man of high standards. He’s a very loyal and sweet person. I can certainly understand why Michael chose him. He knew he’d do the right thing……God bless you John!
on August 25th, 2009 at 2:10 pm
John is knowledgeable;a tuff thinker;a very hard worker;
and a lot of fun;there have been misunderstandings but he is brutally honest with others and himself.
Michael could not have made
a better choice.
on September 22nd, 2009 at 8:02 am
Mr. McClain is very smart, brilliant, introspective, a business genius.
HELL if you cross him, and then he becomes ill tempered and hurtful, nasty,jealous, vindictive and violent.
My thoughts and probably the similar to Mrs Jackson’s and Janet’s ( that know Mr. McClain on both sides) at this time and that would be; where was Michael in his relationship with Mr. McClain at his death, Good or Bad. Remember Sony, Michael and John in the 80’s who was behind it and how did it end for Michael.
Does Mr.McClain deserve the job as executor of this multimillion dollar estate? How will he try to control the lives of the people involved, and to what extent.
Ask the people in his personal life, and his mad friends not his happy ones how he was to them, not the people on his payroll.
on March 11th, 2010 at 1:55 pm
I might be a little biased, because I have changed John’s diapers (about 56 years ago). No one can deny John’s ability to handle or make money. If you have a problem with Dude, it is probably because of his honesty or hte fact that he does not buy into BS.