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Songwriter's Royalties in a Bind
Highest Court California Court of Appeal
Year Ended 2011
Plaintiffs Financial Institution(s)
Defendants Financial Institution(s)
Pullman, David
Other Page, Gene
Short Description This lawsuit is one of several over the last few years involving the financial transaction of David Pullman, a somewhat well-known figure in the music industry for his role in creating so-called "Bowie Bonds," named after David Bowie, the artist who first used them. Bowie Bonds are investment vehicles wherein purchasers buy debt from recording artists, to be repaid, with interest, through royalty payments owed to the artist. This lawsuit appears to involve this same sort of transaction regarding the royalty interests of songwriter Gene Page. Page's family took loans from Plaintiff, a financial company that loans money to artists to be repaid from royalties, but was also involved, to some extent, with Pullman and his entities. Pullman's parties offered to investigate some suspect financial transactions between Plaintiff and Page's family, including a loan to a family member of Plaintiff's owners, and Plaintiff assigned to Pullman the rights to do so. After Pullman brought suit against Plaintiffs for numerous causes of action, including conversion, fraud, interference, civil conspiracy, and numerous equitable actions not specifically listed in this entry, Plaintiff sought to enforce an arbitration agreement contained in one, and only one, of the many loan agreements between Plaintiff and the Pages. The American Arbitration Association (AAA) found the arbitration agreement enforceable, and the parties submitted to arbitration, which ended in Pullman/Page's favor for over $1/2 million. This lawsuit was brought by Plaintiff to vacate the arbitration award, alleging no court of law ever found the agreement binding. Though the AAA had upheld the provision, the court agreed and concluded that no court of law had upheld it, and thus the arbitration was not binding. If a party objects to arbitration, the resulting award cannot be binding absent a judicial determination. The award was vacated, and a court must now determine whether arbitration is mandatory. - LSW

Legal Issues
Alternative Dispute Resolution Arbitration Arbitration Provision
    Judicial Confirmation/Rejection & Enforcement
Civil Procedure Interlocutory Orders Temporary Restraining Order
Contracts Breach Payment & Performance
Torts Economic Torts Civil Conspiracy
    Fraud, Misrepresentation & Inducement
    Interference with Contract, Business, Interests & Expectancy
  General Joint & Several Liability
  Property Torts Conversion


Opinions Currency Corp. v. Wertheim, LLC
2011 WL 1902580
California Court of Appeal , May 20, 2011 ( No. B222851 )


Currency Corp. v. Wertheim, LLC
2010 WL 2559409
Superior Court of California , January 28, 2010 ( No. BC 417798 )


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Related Searches Parties
Financial Institution(s) ( Plaintiff )
Financial Institution(s) ( Defendant )
Page, Gene ( Other )
Pullman, David ( Defendant )

Legal Issues
Alternative Dispute Resolution / Arbitration / Arbitration Provision
Alternative Dispute Resolution / Arbitration / Judicial Confirmation/Rejection & Enforcement
Civil Procedure / Interlocutory Orders / Temporary Restraining Order
Contracts / Breach / Payment & Performance
Torts / Economic Torts / Civil Conspiracy
Torts / Economic Torts / Fraud, Misrepresentation & Inducement
Torts / Economic Torts / Interference with Contract, Business, Interests & Expectancy
Torts / General / Joint & Several Liability
Torts / Property Torts / Conversion

Courts
California Court of Appeal (highest court)
Superior Court of California


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