Re: U2 GH, For Love or Money?

Robbie Robinson ([email protected])
Wed, 30 Sep 1998 21:42:12 -0700

Dikembe wrote:
>
> Hey all,
>
> Forgive me if you have already discussed this, but I just read an
> article at MTV News (aka Mall Girl News) which said that U2 is in
> trouble financially. A source was quoted as saying, they weren't in
> grave trouble, "let's just say they have nice houses and that's about
> it."
> In the wake of this news, Paul McGuinness fired their financial
> advisor (the same one that Oasis uses--I hope they end up piss-poor
> :)) and hired an American talent lawyer.

This is a little old, but I remember reading a more informed report
that was taken from some financial magazine a little while after
the first reports. Somebody posted it to Wire and maybe I can
find it. If I can remember the details, it said that the members
of U2 had pulled out of that financial venture about 5 years ago
before the loses got too bad.
Paul McGuinness and their accountant of the past 20 years, Ossie Kilkenny,
who had advised everyone to get into the deal, stayed in it and
they were the ones that ended up losing the $10 million. Paul
McGuinness was pissed off at him for the bad advise and fired him as
financial advisor. He's still U2's accountant, though.
Paul might be annoyed, but Ossie was reported to be off playing
tennis with Bono the day the story was in the newspapers.
I've never heard of the "american talent lawyer" part.
I don't think I'd really want any show-biz lawyer as my
financial advisor. I'd want somebody that made their living
as a financial advisor and might know what they were talking
about. I susupect that each of the members has their own
advisor. After all, it's their money. Maybe this "talent lawyer"
is just Paul McGuinness. It's probably all very complicated.
Each of the members of U2 must have their own lawyers and advisers
and Paul McGuinness has his, too. Then there's probably lawyers and
advisers that work for the business orgiznation, U2, also.
Then the record company's lawyers show up. JEEZ!!!

> This attorney was in on the
> negotiations over the Greatest Hits CD's.

Yes, that's sensable, he works for McGuinness and it was Paul that
negotiated the Greatest Hits contract for U2.

> The first one to be
> released November 3 in the U.S., and the second one to be released
> around Christmas '98/early '99.

That would be only a month or two after the first release,
I think that was Christmas '99/early '00. If they're going to
call it GH 1990 to 2000, they'd need to release it then.

> U2's advance payment for the two
> albums will be around $50 million.<snip>
>
> Lovey-dovey,
>
> Spencer

Robbie

This archive was generated by hypermail 2.0b2 on Thu Oct 01 1998 - 21:49:40 PDT