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Re: Paul McCartney talks about Elvis backstage in Memphis

Mon Jun 17, 2013 11:17 pm

jurasic1968 wrote:Very sad, indeed, Doc. But it was also Vernon's fault and Elvis' of course who didn't hire a professional team of business man, tax advisers, lawyers and accountants to take care of his money and invest them. In 1976 Joe and Dr.Nick (two people completely unfamiliar with business matters) took him in a disastrous raquetball venture, the only one Elvis was involved outside music. Unfortunately, the Colonel encouraged Elvis to pay all the taxes to IRS, not deducting anything, although he could save a lot of money. So, Elvis never had in his whole life a professional person to take care of his finance. I wonder anyway how much money he had in the bank in august 1977, because in the last year and a half of his life Elvis did 14 tours, one Las Vegas gig, one Tahoe engagement and one TV special. Only these (excepting the record sales, copyright values, movies rentals and souvenirs) made him richer with more than 6 million dollars.


Just over 1 million dollars. And he actually owned money to Colonel because from January 1976 Colonel was entitled to 50 % of the revenue from concerts but he actually had only taken 1/3 (which was his cut before) to help Elvis financially. What a rotten deal. Elvis was actually going deeper in dept when he toured in 1976-1977.

Re: Paul McCartney talks about Elvis backstage in Memphis

Mon Jun 17, 2013 11:23 pm

drjohncarpenter wrote:
r&b wrote:Well once again we can thank the Col for this as well as Elvis' and Vernon's own shortcomings when it came to business. The Col was just awful for Elvis especially his 1973 RCA record deal. Its hard to believe Elvis could not see this was a lousy deal in the long run to sell his pre-1973 catalog for 5 million. But just like the tours made him a quick buck, so did this deal. Compared to Elvis, Jagger is like a PHD compared when it comes to business deals.


One of management's roles is to maximize the amount of money the artist earns, and find ways to grow those earnings through savvy investments. Parker failed miserably at this. By the '70s, Elvis should have been set for life financially, regardless of what opportunities he was pursuing at the time. He'd sold perhaps half a billion records worldwide by 1977, and yet he was running out every two weeks on another U.S. tour to earn spending money. What a travesty.


Touché, Doc. It's amazing that Colonel prided himself for making "great" deals for his boy. One wonders why didn't Colonel use his skills to get Elvis extra money when he desperately needed in 1973 for divorce payment. For example why didn't he get Elvis endorsement deal which would have generated money without having to let go the royalty rights? The truth is that Colonel only thought about his own interest. The '73 buy-out deal with RCA brought more money to Colonel than Elvis because of the side deals it included (fees for promotion etc.). Colonel took home about 6 million while Elvis got about 4 million. Some deal...

Re: Paul McCartney talks about Elvis backstage in Memphis

Mon Jun 17, 2013 11:30 pm

r&b wrote:
Joe Car wrote:
r&b wrote:
drjohncarpenter wrote:
jungleroombear wrote:Elvis performed ill just like people go in to work when they are ill. Most people do it out of a sense of loyalty to either the boss or to their workmates. In Elvis' case it was also to his fans, some of whom travelled thousands of miles to see him and i doubt he wanted to disappoint them. A lot of people were relying on him and it couldn't always have been easy to cancel or do short shows but he probably did his best for them.


Elvis primarily did the shows because he needed the money.


That is the absolute truth. No doubt Elvis loved his fans, but the tours were done because he (and gambling Col) needed the money. This is well documented in many books. It is why the tour schedule was so grueling and never ending in the last few years. Our bank accounts are getting low so lets book another tour, ill or not!


True. What's sad was that financially, he was in that condition. He should have been in a position to take a couple of years off, unfortunately our boy spent it faster then he could make it!


Well once again we can thank the Col for this as well as Elvis' and Vernon's own shortcomings when it came to business. The Col was just awful for Elvis especially his 1973 RCA record deal. Its hard to believe Elvis could not see this was a lousy deal in the long run to sell his pre-1973 catalog for 5 million. But just like the tours made him a quick buck, so did this deal. Compared to Elvis, Jagger is like a PHD compared when it comes to business deals.

I think Elvis was "non compos mentis" when he signed that deal in '73. What an absolute disaster!! So lisa doesn't get a dime for anything he did prior to '73 - all Elvis' No.1. hits and big sellers were prior to '73...how many hits did he have after '73, none.

Re: Paul McCartney talks about Elvis backstage in Memphis

Mon Jun 17, 2013 11:38 pm

mysterytrainrideson wrote:
r&b wrote:
Joe Car wrote:
r&b wrote:
drjohncarpenter wrote:
jungleroombear wrote:Elvis performed ill just like people go in to work when they are ill. Most people do it out of a sense of loyalty to either the boss or to their workmates. In Elvis' case it was also to his fans, some of whom travelled thousands of miles to see him and i doubt he wanted to disappoint them. A lot of people were relying on him and it couldn't always have been easy to cancel or do short shows but he probably did his best for them.


Elvis primarily did the shows because he needed the money.


That is the absolute truth. No doubt Elvis loved his fans, but the tours were done because he (and gambling Col) needed the money. This is well documented in many books. It is why the tour schedule was so grueling and never ending in the last few years. Our bank accounts are getting low so lets book another tour, ill or not!


True. What's sad was that financially, he was in that condition. He should have been in a position to take a couple of years off, unfortunately our boy spent it faster then he could make it!


Well once again we can thank the Col for this as well as Elvis' and Vernon's own shortcomings when it came to business. The Col was just awful for Elvis especially his 1973 RCA record deal. Its hard to believe Elvis could not see this was a lousy deal in the long run to sell his pre-1973 catalog for 5 million. But just like the tours made him a quick buck, so did this deal. Compared to Elvis, Jagger is like a PHD compared when it comes to business deals.

I think Elvis was "non compos mentis" when he signed that deal in '73. What an absolute disaster!! So lisa doesn't get a dime for anything he did prior to '73 - all Elvis' No.1. hits and big sellers were prior to '73...how many hits did he have after '73, none.


No, she doesn't get any artists royalties from recordings pre 1 March 1973. However, EPE still owns publishing rights to many songs which Elvis recorded and they continue to generate revenue. Had the estate been in better financial state in the early 80's they would have continued their law suite against Colonel and RCA and there's a good change the estate would have won the case because Colonel and RCA had made side deals without Elvis's knowlegde.

Re: Paul McCartney talks about Elvis backstage in Memphis

Tue Jun 18, 2013 1:12 am

r&b wrote:
drjohncarpenter wrote:
jungleroombear wrote:Elvis performed ill just like people go in to work when they are ill. Most people do it out of a sense of loyalty to either the boss or to their workmates. In Elvis' case it was also to his fans, some of whom travelled thousands of miles to see him and i doubt he wanted to disappoint them. A lot of people were relying on him and it couldn't always have been easy to cancel or do short shows but he probably did his best for them.


Elvis primarily did the shows because he needed the money.


That is the absolute truth. No doubt Elvis loved his fans, but the tours were done because he (and gambling Col) needed the money. This is well documented in many books. It is why the tour schedule was so grueling and never ending in the last few years. Our bank accounts are getting low so lets book another tour, ill or not!


On the one hand Elvis is lazy and on the other he's got a gruelling schedule! Which one is it?
But did Elvis even know or particularly care how much money he did or didn't have by 1977. Parker needed to keep feeding the slot machines in Vegas no doubt and sure, Elvis loved spending money on airplanes and cars etc but if he was astute enough to recognise that he needed money from continually touring, then how come he didn't recognise the RCA sellout. If he was so concerned about money he should have been jumping all over Parker and co but he didn't care enough about the deal to look into it.
Elvis gave fewer concerts as time went on. His peak i believe was 1973 with 168 shows, in 1974 he did 152, in 1975 it was 106, in 1976 it was 100 and in 77 just 54 up to Aug. If he was doing it just for the money, surely the reverse would be the case.

Re: Paul McCartney talks about Elvis backstage in Memphis

Tue Jun 18, 2013 1:26 am

jungleroombear wrote:Elvis gave fewer concerts as time went on. His peak i believe was 1973 with 168 shows, in 1974 he did 152, in 1975 it was 106, in 1976 it was 100 and in 77 just 54 up to Aug. If he was doing it just for the money, surely the reverse would be the case.


No, as money got tight, the number of shows was on the upswing, health be damned.

There was money to be made!

1969 - ~115 (if he'd played all year)
1970 - ~140
1971 - ~155
1972 - ~165
1973 - ~175
1974 - ~155
1975 - ~105
1976 - ~120
1977 - ~125 (if he'd lived the entire year)

Re: Paul McCartney talks about Elvis backstage in Memphis

Tue Jun 18, 2013 2:26 am

drjohncarpenter wrote:
r&b wrote:Well once again we can thank the Col for this as well as Elvis' and Vernon's own shortcomings when it came to business. The Col was just awful for Elvis especially his 1973 RCA record deal. Its hard to believe Elvis could not see this was a lousy deal in the long run to sell his pre-1973 catalog for 5 million. But just like the tours made him a quick buck, so did this deal. Compared to Elvis, Jagger is like a PHD compared when it comes to business deals.


One of management's roles is to maximize the amount of money the artist earns, and find ways to grow those earnings through savvy investments. Parker failed miserably at this. By the '70s, Elvis should have been set for life financially, regardless of what opportunities he was pursuing at the time. He'd sold perhaps half a billion records worldwide by 1977, and yet he was running out every two weeks on another U.S. tour to earn spending money. What a travesty.


Well said Doc.That whole situation was a sin. Elvis deserved better then that!

Re: Paul McCartney talks about Elvis backstage in Memphis

Tue Jun 18, 2013 4:43 am

So sad the situation Elvis was in at the end, how I wish he would've seen what Parker was doing after learning it in the movie years and ditched his ass after the 68 Special. But like Billy Smith said, the last 2 or 3 years Elvis started to see what was happening but it seemed to late by then, or Elvis just didn't care enough to change it at that point, and i'm sure his medical induced state had alot to do with it.

Re: Paul McCartney talks about Elvis backstage in Memphis

Tue Jun 18, 2013 9:44 am

Happy Birthday, Sir Paul!