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utmom2008
05-22-2009, 11:36 PM
American Idol’s Sillerman Owes $21.4 Million on Loan, Bank Says
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By Patricia Hurtado

May 23 (Bloomberg) -- Robert F.X. Sillerman, chief executive officer of CKX Inc. and owner of the “American Idol” brand, owes a $21.4 million on a loan, Credit Suisse Group AG said in a court filing in New York.

Credit Suisse’s Cayman Island’s branch filed the request for summary judgment in lieu of a complaint in New York State Supreme Court in Manhattan. Credit Suisse was acting as the agent on behalf of the holders of the loan.

The bank, Switzerland’s second-largest, alleges that Sillerman has failed to pay the outstanding balance of due under a credit agreement with Flag Luxury Properties LLC, in Anguilla, British West Indies, and that Sillerman has defaulted on a series of payments due since April 2008.

“Defendant is obligated to pay $21,400,000 to Credit Suisse,” the bank said in court papers filed May 21, adding later, “the demand on the defendant was refused.”

Subsequent payments that became due also remain unpaid, the bank said in court papers. Sillerman also has failed to make the required principal payments due since June 2008, the bank alleged. The outstanding principal due under the first-lien credit agreement is $137.2 million, Credit Suisse said in court papers.

‘Entertainment-Themed’ Projects

Flag Luxury is described in company releases as an “affiliate” of FX Real Estate and Entertainment Inc., a company chaired by Sillerman and formed in 2007, “to engage in the development and ownership of entertainment-themed real estate projects.”

Flag announced a deal to operate what it described as an “exclusive ultra-luxury hotel and residences” in 2008 on the island of Anguilla, British West Indies. The property was named the Baccarat Hotel and Residences at Temenos, Anguilla.

CKX, based in New York, also owns the rights to the names and images of Muhammad Ali and Elvis Presley, as well as Presley’s Graceland mansion.

Ed Tagliaferri, an outside spokesman for Sillerman, didn’t return a voicemail message left at his office seeking comment yesterday.

Duncan King, a Credit Suisse spokesman, declined to comment on the bank’s legal action. Rick Matthews, a spokesman for Flag, didn’t return a voicemail message seeking comment after regular business hours yesterday.

The case is Credit Suisse, Cayman Islands Branch v. Robert F.X. Sillerman, 601595/2009, New York State Supreme Court (Manhattan).

Diane
05-23-2009, 06:09 AM
That doesn't sound good....hope it doesn't affect Graceland.

Diane

TotallyInsane
05-23-2009, 06:16 AM
If he defaults on his lease payments of Graceland then I would think the lease agreement is null and void and it's all Lisa's again, right?

epmoodyblue
05-23-2009, 06:35 AM
http://i39.photobucket.com/albums/e160/selenauno/th_6hh.giflets wait and see what happens...but i sure hope it dosent affect graceland:doh:i never liked Sillerman-hold still U silly maNhttp://i39.photobucket.com/albums/e160/selenauno/th_9wa.gif now turn arounD sillermanhttp://i39.photobucket.com/albums/e160/selenauno/butt-kick_ani.gif ..pick up your forks peeps http://i39.photobucket.com/albums/e160/selenauno/angry-mob1_ani.gif

Tommy
05-23-2009, 07:18 AM
Graceland will not be affected by this since Lisa owns Graceland.

Stryx
05-23-2009, 09:15 AM
Lisa Marie owns Graceland.

Check back on previous topics on what exactly Sillerman acquired when he did the deal.

Lisa owns Graceland.

utmom2008
05-23-2009, 10:52 AM
http://i39.photobucket.com/albums/e160/selenauno/th_6hh.giflets wait and see what happens...but i sure hope it dosent affect graceland:doh:i never liked Sillerman-hold still U silly maNhttp://i39.photobucket.com/albums/e160/selenauno/th_9wa.gif now turn arounD sillermanhttp://i39.photobucket.com/albums/e160/selenauno/butt-kick_ani.gif ..pick up your forks peeps http://i39.photobucket.com/albums/e160/selenauno/angry-mob1_ani.gif

Your emoticons NEVER fail to make me laugh!:lmfao:(y)

epmoodyblue
05-23-2009, 11:05 AM
Your emoticons NEVER fail to make me laugh!:lmfao:(y)thank u roseannehttp://s39.photobucket.com/albums/e160/selenauno/th_3ti.gif

KPM
05-23-2009, 02:39 PM
SIllermans wealth was on "paper".... ownership in many things and since stocks crashed so badly with only a slight upturn he does not have the collateral on paper that he had a couple years ago. I think he may have over reached in his plans and it caught up with him.

Awickedreigndrop
05-23-2009, 03:02 PM
He only have right to Elvis' name and image right? He might have to hand them back over before they get sucked up in his mess.

Jungleroom76
05-23-2009, 03:56 PM
Hmmm...can't say this sounds very good for Sillerman... :hmm:

I don't think it will affect Graceland per se, but I do have to imagine that this probably will delay, if not stop altogether, Sillerman's plans for the re-vitalization of the area around Graceland. (n)

As much as I don't care for the guy, I was on-board with his plans to re-establish the Graceland area as THE premiere destination for all Elvis fans and to bring the safety and respect back to the area that it so desperately needs these days.

Unfortunately, I would have to imagine that this latest "development" would be a major setback for any plans Sillerman may have had for the Graceland complex... :'(

TCB!
Mike

utmom2008
05-23-2009, 04:41 PM
I don't think it will affect Graceland per se, but I do have to imagine that this probably will delay, if not stop altogether, Sillerman's plans for the re-vitalization of the area around Graceland. (n)

TCB!
Mike

I have never understood exactly what it was he thought he could do for the area around Graceland.:doh: I understand the high-rise hotels and places such as that, but how do you change the demographics of a city? Memphis is just like any other city in that aspect....certain "incomes" live in certain areas, and the upper class is no where close to Graceland and EP Blvd.:hmm::doh::blink::blink:

Dudcowboy_1
05-23-2009, 07:49 PM
Lisa didn't sell Graceland, etc to him all he owns is the MUSIC, TV, IMAGE rights all that stuff in the house, horses, planes Lisa all owns still.

Brian
05-23-2009, 10:26 PM
I have never understood exactly what it was he thought he could do for the area around Graceland.:doh: I understand the high-rise hotels and places such as that, but how do you change the demographics of a city? Memphis is just like any other city in that aspect....certain "incomes" live in certain areas, and the upper class is no where close to Graceland and EP Blvd.:hmm::doh::blink::blink:

I think he wanted to buy up all the acres of surronding land around Graceland to build and open up more gift shops.

The gift shops would be there to try to get tourists to spend more money

Broussey
05-23-2009, 11:04 PM
I wounder :hmm:what Lisa-Maire and Priscilla think of there decision NOW:doh:!! Be neat to get a statement from them...... They should have left it alone what a big:nono:

Brian
05-23-2009, 11:19 PM
I wounder :hmm:what Lisa-Maire and Priscilla think of there decision NOW:doh:!! Be neat to get a statement from them...... They should have left it alone what a big:nono:

Lisa did it for the money and is probably very happy she did it

Wendy56
05-24-2009, 12:39 AM
I still don't undestand. :blush:

TotallyInsane
05-24-2009, 05:21 AM
I realize Lisa owns Graceland. What I was saying was if he can't pay the lease agreement then the lease will be null and void and she will get 100% of what Graceland brings in now instead of the 15% she's been getting since Sillyman came in the picture.

MissyM
05-24-2009, 05:42 AM
Sillerman leases the property. (from Lisa-to carry on his business) But he owns the image and likeness. If he goes in debt then he might have to sell off portions of his holdings to pay those debts. But since the image and likeness are just one of his holdings, he may sell off other things instead.
One of the problems that comes from this (and our economy in the tank) is the stock in his company (CKX)has dropped considerably.
Lisa recently sold off most of hers. Strange coincidence??? She attained I don't know how much of the stock in the sell off deal.
If Graceland tours aren't making a large enough profit margin, then he might have to sell that part of his business off.
What happens to a business if you are in debt, the banks can end up owning it. But no, they can't touch Graceland itself, just the business that is carried out there.

Diane
05-24-2009, 08:25 AM
You mean we won't be able to get anymore rubber duckies?:'(

Diane

artfromtex
05-24-2009, 09:11 AM
I have never understood exactly what it was he thought he could do for the area around Graceland.:doh: I understand the high-rise hotels and places such as that, but how do you change the demographics of a city? Memphis is just like any other city in that aspect....certain "incomes" live in certain areas, and the upper class is no where close to Graceland and EP Blvd.:hmm::doh::blink::blink:

i think the idea was to insulate visitors from the unsavory elements in Memphis. basically make it like a resort where there would be no reason to leave the area and deal with all the bums shaking you down for spare change.

MissyM
05-24-2009, 09:48 AM
No he wouldn't Diane,but God knows what else some other company might sell. Ok, in some ways, I'm not sure it could get worse.

Oh and let's not forget there was a rumor going around that Lisa had indeed been working on a deal to sell the rest of her 15 percent (Graceland and Elvis personal effects)to Sillerman. It was said the deal was "tabled". Lisa has not said it ever was a done deal. I'm thinking had she done so it would have leaked out.

Jungleroom76
05-24-2009, 12:15 PM
I have never understood exactly what it was he thought he could do for the area around Graceland.:doh: I understand the high-rise hotels and places such as that, but how do you change the demographics of a city? Memphis is just like any other city in that aspect....certain "incomes" live in certain areas, and the upper class is no where close to Graceland and EP Blvd.:hmm::doh::blink::blink:

Obviously the demographics of Memphis can't be changed, but just cleaning up the area around Graceland by renovating the buildings that have fallen into disrepair and just expanding the overall scope of Graceland with new attractions, hotels, etc. will have a positive impact on the area.

And by expanding the Graceland area, I would imagine that additional security would be needed for that sort of a project, thus increasing the safety of the fans in attendance which is something that has been needed for a while now.

Will all of these plans create the atmosphere that Sillerman is hoping for? Maybe, maybe not...but at least he has a vision for improving the area, which is something that was sorely lacking until he came on board...so we can at least give him kudos for trying... :hmm:

TCB!
Mike

Bluerose
05-24-2009, 05:24 PM
:angry:I think it is the most horrible thing that ever done to Elvis Presley. I guess that guy is a wrong guy to sell anything to as he doesn't really take care of his financials or what he was or is planning to do with his so-called projects. I thought Lisa Marie still "owns" Mansion not that guy?!! As for the rumor that Lisa is working on the deal to sell the rest of 15% is absurd. How else will she continue to receive $$$ from if she sold everything? That is not possible!! She should kept 100% and make more $$ that way. What a tragedy to Elvis, his legacy!! Enough already. Too bad that we, Elvis fans, get together (wish we have lots of $$$$$$$$) and buy it out and save it and put it in good use to keep Elvis legacy intact for what he was.:angry:

TotallyInsane
05-24-2009, 09:56 PM
Lisa is not going to sell Graceland and his personal belongings.

Brian
05-24-2009, 11:02 PM
Lisa is not going to sell Graceland and his personal belongings.

Never say Never

Merry
05-25-2009, 12:03 AM
Never say Never



I don't know, Brian.

I feel Lisa is pretty sentimental.

Brian
05-25-2009, 12:18 AM
I don't know, Brian.

I feel Lisa is pretty sentimental.

you have to remember Lisa was only 9 when Elvis died
she didn't get to know him real well or really know what all his personal belongings meant to him.
Plus they were his things not hers so they probably don't hold much sentimental value.

I figure if someone offered her a huge amount of money for Graceland and I mean huge she'd sell Graceland and all her fathers belongings in a heartbeat.

back to topic
I see Graceland closing down sometime in say 10-15 years anyway
So if this Sillerman thing turns worst case scenario oh well.

MissyM
05-25-2009, 04:52 AM
Well Sillerman was no different that many business men and women. Things were booming back when plans were made. Then the economy started down the tubes. Lots of people never saw it coming.
Lisa spends such little time at Graceland so I don't know how much sentimentality she has. I'm not saying none, but she's done other things that make it seem like there is always the business part to consider too.
She really doesn't need more money and I don't know how much revenue Graceland is bringing in to her anyway.

debtdbruno
05-25-2009, 05:00 AM
you have to remember Lisa was only 9 when Elvis died
she didn't get to know him real well or really know what all his personal belongings meant to him.
Plus they were his things not hers so they probably don't hold much sentimental value.

I figure if someone offered her a huge amount of money for Graceland and I mean huge she'd sell Graceland and all her fathers belongings in a heartbeat.

back to topic
I see Graceland closing down sometime in say 10-15 years anyway
So if this Sillerman thing turns worst case scenario oh well.

She's better watch herself in public is she did. There'd be some crack pot willing to have a go at her!!!!!!!

debtdbruno
05-25-2009, 05:13 AM
No crisis for Elvis merchandise

Elvis Presley Enterprises, Inc. had another year of growth and expansion in its licensing division. In addition to Graceland and its related attractions in Memphis, EPE is involved in a worldwide licensing program, merchandising, music publishing, and television, film, video and Internet projects.



"This has been one of our best years in the Elvis licensing program. We continue to partner with new and exciting licensees as well as maintaining many long term relationships that result in Elvis merchandise in dozens of territories around the world," stated EPE vice president of world wide licensing Carol Butler.



Elvis was a pioneer in the licensing world from the first day he stepped on stage. In 2008, EPE signed numerous licensees and worked closely with them to maximize the business through public relations and marketing activities.



Now, with over 250 licensees worldwide, EPE works with companies in a wide variety of licensing categories, such as Cirque du Soliel, Mattel Inc., Bradford Exchange, Hallmark, Gibson Guitar, Elvis Harley, John Deere, American Greetings, Pez Candy and Sirius XM Satellite Radio.



EPE's Licensing Division is charged with the responsibility of protecting and preserving the integrity of Elvis Presley, Graceland and other related properties.



Published: may 25th 2009 09:39 AM.
Source: Business of Cinema / Published by: ElvisMatters - David Hamal .
Reproduction of this news item is granted, on condition of reference to the source: www.elvismatters.com.

Brian
05-25-2009, 10:21 AM
She's better watch herself in public is she did. There'd be some crack pot willing to have a go at her!!!!!!!

If Lisa were to sell Graceland it wouldn't bother me and it shouldn't bother other fans because after all it's her house.

TotallyInsane
05-25-2009, 05:28 PM
Never say Never


I didn't say "never".

MissyM
05-27-2009, 12:45 PM
She hardly even goes there any more. Don't think they did the Christmas thing their last year even.

Merry
05-27-2009, 02:36 PM
I wonder how the twins are going?

They are the time consumers! Oh boy! :D(y)

TotallyInsane
05-27-2009, 03:30 PM
I wonder how the twins are going?

They are the time consumers! Oh boy! :D(y)


(y)(y)(y)(y)(y)(y)(y)(y)

Merry
05-27-2009, 03:44 PM
(y)(y)(y)(y)(y)(y)(y)(y)


Thank you, Gail (y)