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royalties
david,
the bulk of the work would be done post petition filing. since the contingent obligation to repay the advance doens't arise until and unless the debtor doesn't fulfill the contract(s), is it appropriate to discharge the potential obligation?
if he doesn't, because he will likely illustrate future books w/the same publishing houses, would it be considered a fraud to not discharge?
thanks a lot, vicki
"David A. Tilem" wrote:
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Vicki,
I know nothing about royalties, but my first concern would that if the
rights are transferable, then they are an asset of the estate which
could then be reduced to a present value and are potentially available
to be sold by the trustee.
Hopefully someone who knows about the marketability of these IP rights
will chime in to enlighten us.
Pat
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union St Suite 206
Pasadena, CA 91106
Ph: 626-449-8433
Fax: 626-449-0565
pg23@earthlink.net
Sent: Tuesday, June 29, 2004 8:33 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] royalties
client is broke, but award winning children's book illustrator. earns
approx $30,000/yr
in royalties. this yr he signed 4 new contracts. he's been paid
$40,000 as advance against royalties and will receive the balance of
$60,000 advances by end of this year.
if he doesn't deliver, he'll owe back the money, but if he does deliver,
the royalties are potentially there for these new books. his debt is
approx. $250-300,000 - medical bills, taxes, past book deals, and
includes about $75,000 of creditcard debt. recently some
creditors are beginning to hound him. he does have 1 small judgment
against him that
i can probably settle for him if he doesn't file.
his tax atty told him not to file bk because the trustee will go after
his royalty income.
any thoughts or experience with royalties?
thanks, vicki
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The post was migrated from Yahoo.
client is broke, but award winning children's book illustrator. earns approx $30,000/yr
in royalties. this yr he signed 4 new contracts. he's been paid $40,000 as advance against royalties and will receive the balance of $60,000 advances by end of this year.
if he doesn't deliver, he'll owe back the money, but if he does deliver, the royalties are potentially there for these new books. his debt is approx. $250-300,000 - medical bills, taxes, past book deals, and includes about $75,000 of creditcard debt. recently some
creditors are beginning to hound him. he does have 1 small judgment against him that
i can probably settle for him if he doesn't file.
his tax atty told him not to file bk because the trustee will go after his royalty income.
any thoughts or experience with royalties?
thanks, vicki
client is broke, but award winning children's book illustrator. earns approx $30,000/yr
in royalties. this yr he signed 4 new contracts. he's been paid $40,000 as advance against royalties and will receive the balance of $60,000 advances by end of this year.
if he doesn't deliver, he'll owe back the money, but if he does deliver, the royalties are potentially there for these new books. his debt is approx. $250-300,000 - medical bills, taxes, past book deals, and includes about $75,000 of creditcard debt. recently some
creditors are beginning to hound him. he does have 1 small judgment against him that
i can probably settle for him if he doesn't file.
his tax atty told him not to file bk because the trustee will go after his royalty income.
any thoughts or experience with royalties?
thanks, vicki
The post was migrated from Yahoo.