Word: bonds
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Dates: during 1990-1999
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Bowie grabbed $55 million that way in the first bond deal of its kind. Since those "Bowie bonds," there has been much hype about entertainers eager to cash in their estate before it actually exists, but few deals have been cut. That's about to change. David Pullman, the banker behind the Bowie deal, closed three more celebrity-bond deals in July. Altogether he raised $30 million for the Motown writing trio of Edward and Brian Holland and Lamont Dozier, whose hits include Stop! in the Name of Love and Baby I Need Your Loving. To date, Pullman's deals...
...investor bears the risk if royalties come in lower than expected, as well as the considerable risk of a bond that does not trade actively and should be held until maturity. But for that the investor gets an interest rate 1 to 2 percentage points higher than comparable (single-A) corporate bonds. The rate on the deals so far has been 7% to 8%. For now, such bonds are suitable only for insurance and pension-fund managers. But, says Pullman, "we're working out the kinks." Their star power could make for a popular bond mutual fund. Now that...
...piece on the National Association for the Advancement of Colored People and its new chairman, Julian Bond [DIVIDING LINE, July 27], Jack E. White was very supportive of Bond's leadership. But Bond's devilishly elegant plan of affirmative action is primarily for the black fortunate, the black elite. There is little benefit in it for anyone but a group of handpicked nonwhites and middle-class white women. Bond's affirmative action works best for professionals and those in the middle class. He suggests that the black community can be developed without a preference for its most needy element. This...
Hollywood was buzzing last week with reports of MGM/UA being in play and a handful of rival studios looking at its assets, which include the valuable James Bond franchise. The day before the beleaguered studio issued an SEC filing stating it was considering mergers or other "business combinations" to bail itself out of financial straits, news leaked that director MICHAEL APTED had been selected to helm the company's next Bond entry. The Lion studio had been trying frantically to find someone, seemingly anyone, to handle the film, with Small Soldiers director JOE DANTE and others chatted up before...
...this as a mother who has come to parenthood through adoption. True, my daughter Becky and I don't "look alike" (an issue on people's minds last week, as if physical resemblance somehow legitimizes or alters the parent-child bond). But I assure you, Becky's claim on me is exclusive and has been in evidence since the age of 14 months, when she raced across a room yelling, "My mommy!" then tried to shove a child off my lap. I've met hundreds of adopted children; not one has needed a court or a mirror to figure...