James Brown sues over Bowie Bond deal

NEW YORK - Soul singer James Brown recently sued David Pullman, the New York financier who pioneered the celebrity securities known as Bowie Bonds, over their 1999 deal to sell more than US$25 million ($40m) in the bonds, the New York Times reported on Sunday.

Brown, whose legendary songs include I Got You (I Feel Good) and Papa's Got a Brand New Bag, joined David Bowie by securitizing his earnings through the 1999 offering, which shares with investors a musician's future earnings from royalties, concerts and music sales.

Brown filed suit in New York State Supreme Court because he wanted to refinance his bonds by using them as collateral against a loan from the Royal Bank of Scotland, but Pullman objected to the terms, the Times said, citing the lawsuit and Brown's lawyer, Marc Jacobson.

The newspaper said Pullman declined to explain why he opposed the loan's terms, saying only, "I have nothing against James Brown personally, but I could not work with Mr Brown's people."

Pullman, Jacobson and Brown's publicist were not immediately available for comment.

- REUTERS