Word: pullman
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...play a central role in the story she has to tell, this is a story that revolves around transportation none the less. Lindberg intersperses lively descriptions of her father's 6'2" frame folding itself into a Volkswagon Beetle for a quick road-side nap with tales of sleek Pullman trains and Ford Ranch Wagons. Lindbergh writes that her father "may have chosen it [the Ford] more in an attempt to camouflage and conceal his family from the world, a vehicle that mixed family travel with protection, part covered wagon and part battleship." In many ways Lindbergh's new memoir...
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...
...Pullman, 36, has been working this area since the early '90s, first for investment firm Gruntal and then in partnership with Fahnestock & Co. Last month he shook off those names and set up the Pullman Group to chase celebrity bonds in a big way and, he hopes, brand himself as the top name in this esoteric field. He and others say the bonds will ultimately extend to all sorts of intellectual property that generates a steady stream of income: patents, authors' royalties and writers' residuals from TV reruns and film libraries...
...Indeed, Pullman is working on deals with Crosby, Stills and Nash; the heirs of author John Steinbeck; and writers for the Seinfeld TV show. He's also working on a deal with songwriters for Tupac Shakur, Kim Carnes, Heart, Patti Smith, Joan Jett, Rod Stewart and Pat Benatar. Their royalties and those of other songwriters will be bundled and sold as bonds by year-end, Pullman says. He predicts half a dozen similar deals next year...
...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's entertainment...