‘Godfather of Soul’ To Issue Bonds
AUGUSTA, Ga. (AP) _ James Brown is looking for a brand new bag _ of cash.
Following the lead of David Bowie and other singers, the Godfather of Soul plans to issue bonds that will pay interest from his song royalties, his agent confirmed Tuesday.
``This bond issue gives James Brown an opportunity to enjoy financial freedom without having to sell off any part of a musical catalog that has taken a lifetime to create,″ said the agent, Jeff Allen.
Bond broker David Pullman, who handled Bowie’s $55 million bond transaction in 1997, wouldn’t confirm reports that Brown will collect $35 million to $55 million from the deal. He said the amount of Brown’s bonds has not been determined.
Bond deals allow an entertainer to cash in ahead of time on royalties, instead of having to wait for them to be calculated and paid over a period of years. The song rights revert to the artist after the bonds are paid off, Pullman said.