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Godfather of Soul suing to the judge.


James Brown's investment banker says the "Godfather of Soul," has to pay to be the boss of his royalties. David Pullman of New York-based Pullman Group L.L.C. is suing Brown in New York state court for breach of contract. Brown is countersuing. No trial date had been set by press time. Back in 1999, Brown obtained $26 million when Pull man packaged his future music royalties into corporate bonds. In July, Brown tried to refinance his bond deal for $25 million through the Royal Bank of Scotland. But Pullman blocked the loan saying he owns the rights. He would want "eight figures" to release them, he says.

Industry insiders say that Pullman is known for structuring faulty deals that strip artists of their money and their rights. Pullman maintains that Brown's law firm, Greenberg Traurig L.L.P., "screwed up" by misinterpreting the initial bond agreement. "Poor James," Pullman says. "I think he has a good claim against his attorneys."

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Title Annotation:AROUND THE NATION; David Pullman v. James Brown; breach of contract case
Author:Chapelle, Tony
Publication:Black Enterprise
Article Type:Brief article
Date:Dec 1, 2006
Words:162
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