He said: "We have probably got the largest collection of intellectual property - enough recordings for two albums, 150 hours of documentary footage of This Is It over the last four months and a full length performance from the rehearsals.
"We are going to sit down and discuss that after we bury him."
Mr Phillips said Jackson’s style was to leave things to the last minute but added he was enjoying rehearsals for his shows.
He said: "He was a smooth criminal - he didn’t rehearse enough.
"The truth was he was one of those kids at school who waited to the night before the exam.
"(Director) Kenny Ortega and I were going crazy but that was Michael.
"He loved the stage. This was recharging him. The last thing he said to me as we walked to our cars, he put his arm around me and said in his soft voice ’thank you, you got me here, now I can take it from here - I know I can do this’.
"Michael’s happiest time was his last rehearsal.
"It’s a huge loss."
He continued: "As for the reports about stress, everyone is looking for a villain and there is no villain here", he said, adding that the number of shows and the time period was not a heavy schedule.
Mr Phillips also said Jackson’s mother Katherine was being "remarkable". "She is being incredibly strong," he added.
It emerged on Thursday that America’s anti-drugs agency had launched an investigation into Jackson’s death.
The Drug Enforcement Administration (DEA) was called in by Los Angeles police to assist as they probe allegations that the star was on powerful painkillers, sedatives and anti-depressants, sources close to the investigation said.
As Jackson prepared for the comeback concerts, he was so distraught over persistent insomnia that he pleaded for Diprivan, according to Cherilyn Lee, a nurse who was working with the singer.
She said she repeatedly rejected his demands because the drug was unsafe.
Jermaine Jackson said he would be "hurt" if toxicology reports showed that his brother had abused prescription drugs.
He told NBC he did not know of any drug abuse by the 50-year-old.
But he added: "In this business, the pressure and things that you go through, you never know what one turns to."
Meanwhile, a US judge delayed a guardianship hearing for Jackson’s children until July 13.
The ruling was made at the request of lawyers acting for the singer’s mother and his ex-wife, Deborah Rowe. It had been due to take place on Monday.
Lawyer Eric M George said Ms Rowe had not reached a final decision on whether to seek custody of the two children she had with Jackson.
Jackson’s mother, Katherine, will retain temporary guardianship of the children until the hearing.
end
2 DEATH Jackson
(reopens)
In an interview with The Sun newspaper, Madonna revealed she plans to dedicate her forthcoming concerts to Jackson, including a special tribute routine.
She said: "I am so terribly sad about Michael Jackson’s death. I don’t know what artist wasn’t inspired by him.
"To be able to do what he did at such an early age was unearthly, everybody grew up in awe of him.
"To work with him and become friends and hang out with him, was exciting for me.
"I used to love picking his brains about musical stuff."
Madonna will take to the stage tonight at London’s O2 Arena where Jackson had been due to perform 50 concerts, starting this month.
