The song "Someone Saved My Life Tonight" may have to be rededicated to the Pullman Group if they actually do package another of their music royalty securitizations for legendary rocker Elton John.
Market sources report that the Pullman Group, a company specializing in royalty payment securitizations, is working on such a deal for the British piano man. According to published reports, John is faced with a worsening financial crisis that may lead him to discover that "liquidity seems to be the hardest word."
While few details of the reported financing are available, sources report that Pullman has been in talks with John and his songwriting partner Bernie Taupin on a deal. This follows reports that John has an $11 million overdraft at a London bank and that he is saddled with very large credit card bills.
The size of the securitization was not disclosed, but sources said the singer could be looking for a $40 million loan. A story carried in the Sunday Times of London said John was in talks with British financier Samuel Montagu for a loan backed by real-estate and his catalogue of songs.
Reports of the possible financing by Pullman follows closely the announcement last week by David Pullman that he was well on the way to completing his largest "Bowie Bond" deal yet, a $100 million deal for a group of performers, which is rumored to include Bob Dylan (ASR 6/28/99 p.1).
The Pullman Group led the first royalty-backed offering last year with a $55 million private placement secured by the music library of David Bowie.
- David Feldheim