David Pullman, the architect of the much-publicized 1997 “Bowie Bonds” $55 million debt issue, closed a deal with the estate of Marvin Gaye to put together a similar deal backed by royalties from the legendary R&B singer’s recordings. In September 2000 the Pullman Group arranged a bond issue for the estate of Marvin Gaye, whose musical legacy includes “What’s Going On”, “I Heard It Through The Grapevine”, and “Sexual Healing”. The musician’s widow and children shared the profits from the sale of the bonds.
David Pullman, Founder and Chairman of the Pullman Group, (R) LLC, states “Marvin Gaye is pure genius. Because of the deals I do for artists, people always ask me what I listen to. I can tell you I can listen to Marvin Gaye’s music over and over again. This deal is very special to me–especially the songs that weren’t hits are some of my favorites. Marvin Gaye defines what a great album is. It is the albums that are great, not just the hit songs. That is why the Marvin Gaye catalogue sells millions of records per year, year in and year out. I am very excited about working with Marvin Gaye’s wonderful family, Marvin Gaye III, Jan Gaye (mother of Nona and Frankie Gaye), Nona Gaye and Frankie Gaye and their attorney Gary Walters on this deal. Marvin Gaye blazed a trail which not only redefined soul music as a creative force but also created a body of work that is being re-recorded and enjoyed by generation after generation.”
“A few years ago I read an article about what The Pullman Group was doing and wondered if Marvin’s catalogue would be a good one to set up a deal for. Not long after that, we got a phone call that David wanted to meet with the Gaye family,” states Jan Gaye, wife of Marvin Gaye. “Marvin’s catalogue is perfect for a Pullman Bond (TM) securitization. His music is timeless and, generation to generation, kids still learn about Marvin Gaye’s music. It will go on forever.”
Marvin Gaye is credited with reinventing soul music, and his influence and impact started in the early sixties with two R&B smash hits, “Hitch Hike” and “Can I Get A Witness,” classics that were covered two years later by the Rolling Stones. “Dancin’ In The Street,” co-written by Marvin and William Stevenson, was sung by Martha and the Vandellas and hit No. 2 in the U.S. Then, from 1964 to 1967, Marvin became known as the master of make believe with songs like “Ain’t No Mountain High Enough,” “Your Precious Love,” “If I Could Build My Whole World Around You,” “You’re All I Need To Get By.” The biggest hit of the 60′s, “I Heard It Through The Grapevine” recorded and released song by Gladys Knight and The Pips stayed at No. 1 in the US for seven weeks in 1968 as well as reaching No. 1 in England. In the late 60′s, Marvin Gaye created his final work for Motown “What’s Going On,” which is credited for reinventing soul music and reinforcing black music’s impact on social issues. In 1984, Marvin Gaye died tragically, leaving behind one of most unforgettable music legacies in history.
A Pullman Bond (TM) music royalty securitization is a financing of artist and publishing royalties, which allows the original owner to keep 100% ownership of the assets that are financed. A securitization is not a sale of such assets and therefore is not a taxable event. The Pullman Group (R) developed these deals to empower artists and creators of entertainment and intellectual property.
The asset-backed securitization deals of David Pullman include the famous $55 million Bowie Bonds (TM) transaction, the $30 million deal with Holland Dozier Holland (Motown Hit Machine), an eight figure deal with R&B greats Ashford & Simpson, a $30 million deal with “Godfather of Soul” James Brown and another eight figure deal for the Isley Brothers. The Pullman Group’s experience includes well over $1 billion in transactions through 1998.