Robert Sillerman takeover

[joanne]

Can anyone tell me more about this takeover of EPE by Robert Sillerman?

According to a report Lisa Presley said that the failure of Elvis Presley`s Memphis restaurant on Beale Street made matters urgent.
"We took on more debt than I felt comfortable with" she said.
But an informed source said that Lisa Presley`s spending habits were also an issue as she had been running through $5 million to $7 million a year amounts that closely matched the annual net income of EPE.

Under the terms of the deal with Sillerman and Lisa Presley, CKX paid $114 million for an 85 percent interest in Elvis Presley Enterprises and Lisa retained the other 15 percent. Lisa received $50 million in cash, plus $26 million in CKX common and preferred stock. Another $25 million from CKX went to pay off EPE debt. And $6.5 million went to Priscilla Presley, Lisa`s mother, for use of the family name. Sillerman wasn`t legally obliged to pay Priscilla anything, but the payment will no doubt make it easier for Sillerman to call her up and ask her to come to a ribbon cutting of a new Elvis property, for instance.

For its money, CKX got a 90-year lease on Graceland. CKX has the rights to the Elvis name, likeness and trademark. CKX also gets the publishing rights to 650 songs, but owns the more valuable royalty rights to only the few songs Elvis recorded after 1973. CKX also gets royalty rights to 24 Elvis movies.

What are your opinions on this?

[orwell1976]

I think, that Mr. Sillerman's company can sell the Elvis image much better, than Lisa Marie could. This guy seems to be something like a money machine and even though some of his products (like the Elvis duck, the bad jumpsuits or the Elvis wig) seem rather strange, they earn him very good money. And his idea for a big Elvis venue in Vegas makes sense to me and maybe Elvis themed restaurants are able to earn even more. Sillerman definitely knows how to promote the king and that's what counts. To keep the king in the business.

(y)

[joanne]

How on earth is Lisa going through $5 million to $7 million a year?

[orwell1976]

Her former husband says, it isn't that much....

[Jumpsuit Junkie]

I think, that Mr. Sillerman's company can sell the Elvis image much better, than Lisa Marie could. This guy seems to be something like a money machine and even though some of his products (like the Elvis duck, the bad jumpsuits or the Elvis wig) seem rather strange, they earn him very good money. And his idea for a big Elvis venue in Vegas makes sense to me and maybe Elvis themed restaurants are able to earn even more. Sillerman definitely knows how to promote the king and that's what counts. To keep the king in the business.

(y)

The trouble with Mr. Sillerman is that his way of selling the Elvis Image could well set back Elvis' standing! EPE have learned through bad mistakes that you have to limit the amout of crap you sell to the public to create demand.

That's not to say they haven't licensed products that undermine the Elvis Image because they have, but over the last couple of years the product has looked at the higher end of the market with good DVD's and CD's.

If Sillerman is only interested in making a quick buck be prepared to see all sorts of inferior products of little intrinsic value to the true fan, which will cultivate a dumbing down of the hard earned reprisal of the King.

Mr. Sillerman should aim to make Elvis' Image high value and of prestige.

Matt

[Albert]

.....And $6.5 million went to Priscilla Presley, Lisa`s mother, for use of the family name. Sillerman wasn`t legally obliged to pay Priscilla anything, but the payment will no doubt make it easier for Sillerman to call her up and ask her to come to a ribbon cutting of a new Elvis property, for instance.

How sad this is.... And that for a woman who divorced Elvis in 1972 and was married with Elvis during the "easy" years of Elvis' life. ......

I still have good feelings about the purchase of EPE by Sillerman. Compared to what EPE did from 1977 until recently (all the junk merchandise, stuff like licenced Elvis wine, little to no improvement of Elvis' image as an artist) it can only be better.

[joanne]

Thats a lot of money to cut a ribbon.