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Billboard interview with Charles Koppelman and Londell McMillan http://www.billboard.com/...l-mcmillan
I thought this passage was interesting: What was the state of his business when you took over?
Koppelman: It's important to understand that over the last couple of years, Prince's business life was a bit of a shambles. I use the analogy, a little bit, of Michael Jackson. Michael had no personal life but his business life was in great order: He had the right record deal, he had the right music-publishing partner and ownership. Prince had a terrific personal life but over the last couple of years, had none of those other great relationships that would enhance the value [of his assets]. That worked for him, because if Prince needed money he could wake up on Monday and do a concert on Friday and raise whatever money he needed. What is your status as advisors to the estate now that Bremer Bank is basically out of the picture?
Koppelman: They're not [completely] out yet. They will be out at a point in time. It'll be sooner than later. McMillan: And the court will give whomever steps into that role similar authority to move forward in a way that will be in the best interest of the estate. Are you still empowered to do deals and continue exploiting the assets? Koppelman: Definitely. Do you hope to be in this role indefinitely? Koppelman: I think we would have two different answers to that. Mine would depend on the circumstances and how much aggravation may be involved. When we started this march together I was very excited about it -- recognizing how incredible Prince was, and also recognizing the opportunities that weren't seized upon over the last number of years. There was money being left everywhere, people weren't collecting, it was a bit of a mess. So in the first week I think we met or spoke to at least 50 different players, and we basically had deals ready to go within two or three weeks after these meetings. But then there were different sides causing different issues, and that actually retarded some of the progress. So, I’m really good at what I do but I also don't need to do this, and would not have done this if Londell had not come to talk to me about it, and if I didn't have the ultimate respect for Prince. [McMillan] has a different perspective because he's the friend and kind of the conscience here, and will do anything to make sure that the wrong things don't happen. Makes me  to hear that his finances were in such a state towards the end of his life. Especially if he wasn't collecting money that he should have been. Also interesting that the PRNFamily twitter account has not tweeted about this press release but they did find time to re-tweet an article about Jimmy Hendrix. Makes me wonder if Tyka and/or Omarr aren't on board. If that's the case they are crazy. 
At the end of the article Londell references another big deal that's going to be announced. I'm assuming that's the streaming music deal. Hopefully it's across all streaming services and not just Spotify. McMillan: We've got another big, huge deal that's about to be announced. It's gonna be one of the best deals ever, I think, because he's got one of the greatest catalogs. [Edited 2/9/17 13:29pm] Paisley Park is in your heart
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Prince's finances and businesses were just fine when he was here. In fact, they were just as Prince would have wanted them and he had the right people that he wanted involved with it just before he passed. The mention of circue de solei, broadway shows, etc. shows just how screwed up things are now that he is gone. The fact that the priority with documentaries, movies, circus shows, etc. are discussed more than the inventory and plan for his unreleased music concerns me.Frankly, this article pisses me off.
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donnyenglish said: Prince's finances and businesses were just fine when he was here. In fact, they were just as Prince would have wanted them and he had the right people that he wanted involved with it just before he passed. The mention of circue de solei, broadway shows, etc. shows just how screwed up things are now that he is gone. The fact that the priority with documentaries, movies, circus shows, etc. are discussed more than the inventory and plan for his unreleased music concerns me.Frankly, this article pisses me off.
--- It is total lies. These two should be fired fir making these statements. If you look at the original inventory sheet the only debts generated were after the estate managers took over. As far as money I doubt Prince was able to devout 24 hours to collecting revenue on all his music administration is expensive and time consuming and he was still recording and touring but if you have more assets than debts you are not in financial distress. This guy is talking about Prince not putting his music in some Circus or putting his music in butt cream commercials.All money is not good money and if you are making enough to suit your needs what is the problem. These two are greedy and I see big trouble if they are going to act like it is their money and music. | |
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[Edited 2/9/17 13:46pm] | |
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donnyenglish said: Prince's finances and businesses were just fine when he was here. In fact, they were just as Prince would have wanted them and he had the right people that he wanted involved with it just before he passed. The mention of circue de solei, broadway shows, etc. shows just how screwed up things are now that he is gone. The fact that the priority with documentaries, movies, circus shows, etc. are discussed more than the inventory and plan for his unreleased music concerns me.Frankly, this article pisses me off.
I didn't read it that way at all. I think he was just mentioning future opportunities. And it seems like all the ongoing issues with the estate have prevented anyone from being able to focus on the vault. Also how do we know his finances were just fine? I don't think any of us have enough information to make that claim. Just the fact that Paisley Park was opened as quickly as it was makes me believe there's some truth to Koppelman's claim that opportunities weren't being taken advantage of and money was being left on the table. Like he said, that was fine when Prince could do live performances or a gig at SXSW for millions of dollars. But that option is sadly no longer an option. Paisley Park is in your heart
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rogifan said: http://www.billboard.com/articles/news/7678230/prince-estate-will-business-charles-koppelman-londell-mcmillan I thought this passage was interesting: What was the state of his business when you took over? Koppelman: It's important to understand that over the last couple of years, Prince's business life was a bit of a shambles. I use the analogy, a little bit, of Michael Jackson. Michael had no personal life but his business life was in great order: He had the right record deal, he had the right music-publishing partner and ownership. Prince had a terrific personal life but over the last couple of years, had none of those other great relationships that would enhance the value [of his assets]. That worked for him, because if Prince needed money he could wake up on Monday and do a concert on Friday and raise whatever money he needed. Makes me to hear that his finances were in such a state towards the end of his life. Especially if he wasn't collecting money that he should have been. Also interesting that the PRNFamily twitter account has not tweeted about this press release but they did find time to re-tweet an article about Jimmy Hendrix. Makes me wonder if Tyka and/or Omarr aren't on board. If that's the case they are crazy. At the end of the article Londell references another big deal that's going to be announced. I'm assuming that's the streaming music deal. Hopefully it's across all streaming services and not just Spotify. McMillan: We've got another big, huge deal that's about to be announced. It's gonna be one of the best deals ever, I think, because he's got one of the greatest catalogs. [Edited 2/9/17 13:29pm] This is a total lie. Unless their are debts that were not listed on the inventory sheet What the fuck is he talking about? He had 40 million in real estate, 15 million in his corporations, almost a million in gold bars, no mortgages were due in his properties, owned his master tapes and did his owned admin, owned a record company, had the publishing in a LlC, got Tidal to give him almost two million in upfront money which other people are not getting from streaming services. This is someone who needs to get off the team. | |
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RodeoSchro said:
[Edited 2/9/17 13:46pm] Doesn't mean everything he did was always smart. I don't know why people assume or expect entertainers to be good business people. More often than not they're not. That's why they let others handle the business side for them. And usually not people that come from the labor union movement.  Paisley Park is in your heart
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if Prince needed money he could wake up on Monday and do a concert on Friday and raise whatever money he needed. I think this was the most important part of the article and why I think Prince was perfectly fine with his finances. He could have done things differently within the realm of his financial life anytime he wanted... | |
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rogifan said: donnyenglish said: Prince's finances and businesses were just fine when he was here. In fact, they were just as Prince would have wanted them and he had the right people that he wanted involved with it just before he passed. The mention of circue de solei, broadway shows, etc. shows just how screwed up things are now that he is gone. The fact that the priority with documentaries, movies, circus shows, etc. are discussed more than the inventory and plan for his unreleased music concerns me.Frankly, this article pisses me off.
I didn't read it that way at all. I think he was just mentioning future opportunities. And it seems like all the ongoing issues with the estate have prevented anyone from being able to focus on the vault. Also how do we know his finances were just fine? I don't think any of us have enough information to make that claim. Just the fact that Paisley Park was opened as quickly as it was makes me believe there's some truth to Koppelman's claim that opportunities weren't being taken advantage of and money was being left on the table. Like he said, that was fine when Prince could do live performances or a gig at SXSW for millions of dollars. But that option is sadly no longer an option. Once again you have not looked at any of the court docs. I printed out the original inventory sheet befriend it was redacted. That sheet has about 40 million is assets with all of the liabilities being generated after his death by the estate managers. The only debt I saw that came before his death was the medical expenses. He even had tax refunds added as assets that he never collected. He was in the process of turning Paisley park into a Musesum before he died all of this info has been in the press and court docs so why is Kopplemam putting this out. Any opportunities that were left in the table is because those were opportunities he was not interested in. It is lies and even if were true it is unprofessional to say this in the press. [Edited 2/9/17 14:06pm] | |
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laurarichardson said: rogifan said: http://www.billboard.com/articles/news/7678230/prince-estate-will-business-charles-koppelman-londell-mcmillan I thought this passage was interesting: [Edited 2/9/17 13:29pm] This is a total lie. Unless their are debts that were not listed on the inventory sheet What the fuck is he talking about? He had 40 million in real estate, 15 million in his corporations, almost a million in gold bars, no mortgages were due in his properties, owned his master tapes and did his owned admin, owned a record company, had the publishing in a LlC, got Tidal to give him almost two million in upfront money which other people are not getting from streaming services. This is someone who needs to get off the team. Sure but that is all tied up money, and not cash. Prince might not have had much cash flow, hence Koppelman's reference to getting up Monday and doing a concert on friday ... to create a cash flow to pay for the day to day expenses. ...every night another symphony... | |
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Superconductor said: laurarichardson said: This is a total lie. Unless their are debts that were not listed on the inventory sheet What the fuck is he talking about? He had 40 million in real estate, 15 million in his corporations, almost a million in gold bars, no mortgages were due in his properties, owned his master tapes and did his owned admin, owned a record company, had the publishing in a LlC, got Tidal to give him almost two million in upfront money which other people are not getting from streaming services. This is someone who needs to get off the team. Sure but that is all tied up money, and not cash. Prince might not have had much cash flow, hence Koppelman's reference to getting up Monday and doing a concert on friday ... to create a cash flow to pay for the day to day expenses. --High net individual do not keep a lot of liqiud Cash the taxes will eat you alive. To avoid tax you incorporate your business. You purchase real estate. It also appears that he put a lot of his money into his business and charity. At the end of his like he was getting a million a show this guy is making it sound like he was on the bread line. | |
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laurarichardson said: rogifan said: I didn't read it that way at all. I think he was just mentioning future opportunities. And it seems like all the ongoing issues with the estate have prevented anyone from being able to focus on the vault. Also how do we know his finances were just fine? I don't think any of us have enough information to make that claim. Just the fact that Paisley Park was opened as quickly as it was makes me believe there's some truth to Koppelman's claim that opportunities weren't being taken advantage of and money was being left on the table. Like he said, that was fine when Prince could do live performances or a gig at SXSW for millions of dollars. But that option is sadly no longer an option. Once again you have not looked at any of the court docs. I printed out the original inventory sheet befriend it was redacted. That sheet has about 40 million is assets with all of the liabilities being generated after his death by the estate managers. The only debt I saw that came before his death was the medical expenses. He even had tax refunds added as assets that he never collected. He was in the process of turning Paisley park into a Musesum before he died all of this info has been in the press and court docs so why is Kopplemam putting this out. Any opportunities that were left in the table is because those were opportunities he was not interested in. It is lies and even if were true it is unprofessional to say this in the press. [Edited 2/9/17 14:06pm] How much was the medical debt? Thanks | |
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LOVESYMBOLNUMBER2 said: laurarichardson said: Once again you have not looked at any of the court docs. I printed out the original inventory sheet befriend it was redacted. That sheet has about 40 million is assets with all of the liabilities being generated after his death by the estate managers. The only debt I saw that came before his death was the medical expenses. He even had tax refunds added as assets that he never collected. He was in the process of turning Paisley park into a Musesum before he died all of this info has been in the press and court docs so why is Kopplemam putting this out. Any opportunities that were left in the table is because those were opportunities he was not interested in. It is lies and even if were true it is unprofessional to say this in the press. [Edited 2/9/17 14:06pm] How much was the medical debt? Thanks 65k from 2016. | |
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laurarichardson said: rogifan said: http://www.billboard.com/articles/news/7678230/prince-estate-will-business-charles-koppelman-londell-mcmillan I thought this passage was interesting: [Edited 2/9/17 13:29pm] This is a total lie. Unless their are debts that were not listed on the inventory sheet What the fuck is he talking about? He had 40 million in real estate, 15 million in his corporations, almost a million in gold bars, no mortgages were due in his properties, owned his master tapes and did his owned admin, owned a record company, had the publishing in a LlC, got Tidal to give him almost two million in upfront money which other people are not getting from streaming services. This is someone who needs to get off the team. This is what he said: When we started this march together I was very excited about it -- recognizing how incredible Prince was, and also recognizing the opportunities that weren't seized upon over the last number of years. There was money being left everywhere, people weren't collecting, it was a bit of a mess. Considering the longevity of Prince's career don't you find it kind of astonishing that the value of his estate is only estimated to be $100-$200M? Heck Taylor Swift and Beyoncé probably earn that much from one concert tour. Maybe he was making a lot more and giving a lot of it away anonymously. But it's also possible he wasn't "maximizing the value of his assets". That wouldn't be totally surprising. Who ever said celebrities make good business people? Most probably don't and hence have others handle that for them. Paisley Park is in your heart
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RodeoSchro said:
Exactly Prince was not on some bread line and he did not have racks of child support or alimony. He had very little debt. I am not sure what school Koppleman went low debt is good. | |
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rogifan said:[quote] laurarichardson said: This is what he said: When we started this march together I was very excited about it -- recognizing how incredible Prince was, and also recognizing the opportunities that weren't seized upon over the last number of years. There was money being left everywhere, people weren't collecting, it was a bit of a mess. Considering the longevity of Prince's career don't you find it kind of astonishing that the value of his estate is only estimated to be $100-$200M? Heck Taylor Swift and Beyoncé probably earn that much from one concert tour. Maybe he was making a lot more and giving a lot of it away anonymously. But it's also possible he wasn't "maximizing the value of his assets". That wouldn't be totally surprising. Who ever said celebrities make good business people? Most probably don't and hence have others handle that for them. But Taylor is not doing 1/5 of the things Prince was doing and once again when you hire people to do things for you they have to be paid this you are generating a liability. Prince was an independent artist he was not supported by a major lable like Taylor it is like comparing Apples to Oranges. I also do not think there is anything wrong with earning the money you need. Maybe he was happy with his earnings. | |
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laurarichardson said: Superconductor said: Sure but that is all tied up money, and not cash. Prince might not have had much cash flow, hence Koppelman's reference to getting up Monday and doing a concert on friday ... to create a cash flow to pay for the day to day expenses. --High net individual do not keep a lot of liqiud Cash the taxes will eat you alive. To avoid tax you incorporate your business. You purchase real estate. It also appears that he put a lot of his money into his business and charity. At the end of his like he was getting a million a show this guy is making it sound like he was on the bread line. No he's not.  he didn't say Prince was broke or in debt. He said he wasn't maximizing the value of his assets (and I assume in this context he meant musical assets) and implied he was leaving money on the table. This guy has been in the industry for decades and worked with some of the best artists around. I don't think we can dismiss everything he says as lies. Plus the fact that Paisley Park was opened as a museum so quickly tells me that the estate needed money. Sure when Prince was alive he could tour when he needed money of course that's not an option anymore.Paisley Park is in your heart
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RodeoSchro said:
So what should happen now considering he's no longer here to call the shots? Nothing? Paisley Park is in your heart
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laurarichardson said: Superconductor said: Sure but that is all tied up money, and not cash. Prince might not have had much cash flow, hence Koppelman's reference to getting up Monday and doing a concert on friday ... to create a cash flow to pay for the day to day expenses. --High net individual do not keep a lot of liqiud Cash the taxes will eat you alive. To avoid tax you incorporate your business. You purchase real estate. It also appears that he put a lot of his money into his business and charity. At the end of his like he was getting a million a show this guy is making it sound like he was on the bread line. "high net worth individuals do not keep a lot of liquid cash the taxes will eat you alive"? Huh they pay tax only on cash? They have to pay tax on any income including income from assets. They have to pay tax on the money that buys the assets. And they need cash to pay for the day to day, so did Prince for sure. His day to day expenses would have been substantial, paying salaries of employees and just keeping the lights on at Paisley Park, travel etc. ...every night another symphony... | |
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Superconductor said: laurarichardson said: This is a total lie. Unless their are debts that were not listed on the inventory sheet What the fuck is he talking about? He had 40 million in real estate, 15 million in his corporations, almost a million in gold bars, no mortgages were due in his properties, owned his master tapes and did his owned admin, owned a record company, had the publishing in a LlC, got Tidal to give him almost two million in upfront money which other people are not getting from streaming services. This is someone who needs to get off the team. Sure but that is all tied up money, and not cash. Prince might not have had much cash flow, hence Koppelman's reference to getting up Monday and doing a concert on friday ... to create a cash flow to pay for the day to day expenses. Here's what he told Rolling Stone in 2014: "I'm a very in-the-moment person," he continues. "I do what feels good in the moment. ... I'm not on a schedule, and I don't have any sort of contractual ties. I don't know in history if there's been any musicians that have been self-sufficient like that, not beholden. I have giant bills, large payrolls, so I do have to do tours. ... But there's no need to record anymore." That statement says to me that Koppelman is probably right in his assessment. And it might have worked for Prince but that's because he could tour to pay the bills. Obviously that's not an option anymore. Paisley Park is in your heart
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laurarichardson said: rogifan said: Considering the longevity of Prince's career don't you find it kind of astonishing that the value of his estate is only estimated to be $100-$200M? Heck Taylor Swift and Beyoncé probably earn that much from one concert tour. Maybe he was making a lot more and giving a lot of it away anonymously. But it's also possible he wasn't "maximizing the value of his assets". That wouldn't be totally surprising. Who ever said celebrities make good business people? Most probably don't and hence have others handle that for them. But Taylor is not doing 1/5 of the things Prince was doing and once again when you hire people to do things for you they have to be paid this you are generating a liability. Prince was an independent artist he was not supported by a major lable like Taylor it is like comparing Apples to Oranges. I also do not think there is anything wrong with earning the money you need. Maybe he was happy with his earnings. What are you referring to here? Paisley Park is in your heart
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Very good point.Prince was a musical genuis but more often than not,he wasn't a wise businessman.Most celebrities aren't.That's why it's important to have the right people around them and to actually listen to their advice
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SoulAlive said: Very good point.Prince was a musical genuis but more often than not,he wasn't a wise businessman.Most celebrities aren't.That's why it's important to have the right people around them and to actually listen to their advice Yep. And I might be in the minority here but I don't think caring about the money is a bad thing. I think about all the things the estate could do in the future to make Paisley Park a place people will want to visit for decades to come. That will take money. Paisley Park is in your heart
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Post on the Estate thread http://prince.org/msg/7/437482 
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