FOR THE time being, Katherine Jackson is going to have to be fulfilled taking care of Michael Jackson's kids. She won't be taking care of his money.

L.A. Superior Court Judge Mitchell Beckloff yesterday ruled against Katherine and backed attorney John Branca and music executive John McClain, who had been designated in Jackson's 2002 will as the people he wanted to administer his estate. Attorneys for Katherine repeatedly objected to their appointment at the court hearing.

"It's our desire to do everything we can to carry out Michael Jackson's wishes and to maximize the estate," said Howard Weitzman, who spoke on behalf of Branca.

In case you missed it, Michael died June 25, deeply in debt. A court filing, however, estimates that his estate will be worth more than $500 million. His assets are destined for a private trust.

In his ruling, Judge Beckloff stressed that Katherine should be given complete information about major transactions, but that he as the judge would grant final approval.

John E. Schreiber, one of Katherine's lawyers, said, "Frankly, Mrs. Jackson has concerns about handing over the keys to the kingdom."

Team Katherine appears to be concerned about conflicts of interest with Branca and McClain, but Paul Gordon Hoffman, an attorney for Branca and McClain, said that Katherine had more of a potential conflict administering the estate because she is a likely beneficiary.

Judge Beckloff noted the contentious relationship brewing between Katherine, who did not attend the hearing, and Branca, and noted, "We're getting off to a bit of a rocky start here out of the gate."

L. Londell McMillan, Katherine's main attorney, said after the hearing that he did not expect a protracted fight, and that he and other attorneys will be watching Branca's and McClain's actions closely.

And all the lawyers on all sides will be watching the meter go ka-ching, ka-ching, ka-ching.

Rowe won't go

Debbie Rowe, Michael's ex-wife and the mother of his two oldest children, will not be attending his memorial service today.

"The onslaught of media attention has made it clear her attendance would be an unnecessary distraction to an event that should focus exclusively on Michael's legacy," Rowe attorney Marta Almli said. "Debbie will continue to celebrate Michael's memory privately."

And decide whether to pursue his/hers/their children publicly.

Eek, another will?

Attorneys yesterday disclosed that another will of Michael's - this one from from 1997 - has been lodged with the court, but will only become a factor if the 2002 will is invalidated.

Don't put your 401K in MJ

We know that Michael got cash to live on from the King of Bahrain, but he also had another source of capital: Wall Street.

Now, financial firms including Colony Capital LLC, Fortress Investment Group and Barclays Bank PLC are in line with other creditors and business partners awaiting word on the state of Michael's murky financial empire.

"There's always been a nexus between the worlds of celebrity and finance, and it's only grown in recent years," said Ian Peck, president of Art Capital Group, which specializes in making loans to celebrities.

Jackson's lenders seemed to "get a kick out of having a big celebrity as a client" despite his checkered finances and 2005 child molestation trial, Peck said. Michael also benefited from the same credit boom that ensnared ordinary Americans and led to the financial meltdown.

"Today, I don't think he'd be able to obtain the same kinds of loans," Peck said.

Well, today he doesn't need quite as much spending money.

And that's one advantage for the creditors: They no longer will have to worry about Michael spending money on a chimpanzee or a hyperbaric chamber.

"The sad irony is that the estate will likely be run in a very profitable way from here forward," said Peck, of Art Capital Group. "There's not the X-factor of somebody going out doing crazy things."

Point/counterpoint

And now a few words from two men who like to hear themselves talk way too much.

Ubiquitous Rev. Al Sharpton delivered a sermon Sunday at the First African Methodist Episcopal Church, in Los Angeles, where he called for nationwide "love vigils" for Michael.

Sharpton is urging people to gather in schools, community centers and churches to honor Michael when his public memorial service is held today.

Meanwhile, congressman Peter King (R-NY) says in a YouTube video that Michael, who was acquitted of molesting a boy, was a "pervert."

King said that society is "glorifying" a "low-life" while ignoring the efforts of teachers, police officers, firefighters, veterans and volunteers.

In the video, King says that the "day in and day out" coverage of Michael's death is "too politically correct."

He conceded that Jackson "may have been a good singer" and "did some dancing."

One guy wants a nationwide vigil for Michael, another says he was a "low-life" "pervert."

Can't we meet somewhere in the middle and acknowledge Michael to be an incredibly flawed human being who was also a transcendent pop star? Way before you get to the creepy, post-"Bad" era, you have a catalog of hits that would make anyone jealous.

As for you Congressman King, that New York senate seat you have your eye on just told you to "Beat It." *

Daily News wire services contributed to this report.

Send e-mail to gensleh@phillynews.com.