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Name: Stonesprofessor
E-Mail:
Subject: RE: RE: RE: Band percentages
Date: Thursday, May 23, 2013
Time: 9:40:35 PM
Remote Address: 76.15.6.154
Message ID: 277606
Parent ID: 277582
Thread ID: 277528
Technically, ALL of The Stones are 'employees' of whatever the name of the band's holding company is these days. This is what is known in the business as the 'Jack Benny Effect'.
When Jack Benny was due to sign a new deal for his radio show back in the 40s, his business manager was smart enough to form a holding company called General Amusements, with Benny as its President, the manager as secy/treasurer, etc. This way, if NBC wanted to sign Benny for $500,000/year to o his radio show, Benny himself would not be the signatory, but instead NBC would pay GA the money, and Benny would collect a set salary (much lower than that 500K). This way he would not be paying a much lower tax rate - plus GA would have all the tax breaks and advantages businesses have. The IRS actually sued him, but Benny won the case, and it basically set it up for other performers to do the same.
The Stones got hip to this, of course, after they had got so screwed by Klein. Of course, it was Prince Rupert who set it all up, establishing the company in a tax friendly Benelux country (Netherlands I believe). Then they set up various paper subsidiaries to handle RSR (Promotone), publishing (Promopub), etc. So when Bill Graham was chosen to run both 81/82 tours, he contracted with the holding company, and they in turn pay everyone out of that.
What I wonder about, is if at some point of time, Mick T signed away his 'partnership rights' to the stuff they put out while he was an 'official' Stone. Weren't there a lot of reports he was pretty much penniless at some points in time?
MT's royalties, however, are probably all not that much, when you consider that he really only got on 5 albums.
I need to see if I can find Prince Rupert's book - I bet he some real good stories to tell!
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