It still might be his thing....
Thu Jan 20 07:47:16 EST 2000
In message <firstname.lastname@example.org>, Jukebaby@aol.com writes
>(AP) -- The Isley Brothers' music catalog was pulled off the
>auction block after an investment group proposed a $6.5 million deal
>that would let Ronald Isley retain his share of the rights to such songs
>as "Shout" and "It's Your Thing."
Isley Brothers' Music Auction Halted
Filed at 3:23 p.m. EST
By The Associated Press
LOS ANGELES (AP) -- The Isley Brothers' music catalog was pulled off the
auction block after an investment group proposed a $6.5 million deal
that would let Ronald Isley retain his share of the rights to such songs
as ``Shout'' and ``It's Your Thing.''
The catalog, which also includes ``Twist and Shout,'' went on the
auction block after Isley declared Chapter 7, or involuntary,
bankruptcy. A large part of his debt is from an Internal Revenue Service
claim of nearly $5 million.
U.S. Bankruptcy Court in Los Angeles postponed the auction until Feb. 23
after the proposed deal was reached Tuesday by the Pullman Group, EMI,
Isley and his bankruptcy trustee.
The New York-based Pullman Group invented the so-called ``Bowie bonds,''
named after rocker David Bowie, in which music assets are pledged to
secure bonds and the debt is repaid from royalties. The Pullman Group
would issue 15- to 20-year bonds to cover Isley's debt. Isley or his
heirs would resume receiving profits from the song copyrights after the
Isley's most valuable property is his one-third interest in the Isley
Brothers' catalog. He and his brothers Rudolph and O'Kelly wrote more
than 200 songs.
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