James Brown Sues Pullman

James Brown is suing Wall Street investor David Pullman over a collapsed stock market deal.

Pullman is famous for developing the concept whereby an artist can issue a bond secured by future royalties.

Brown’s attorneys filed a lawsuit in New York State Supreme Court July 24th. Brown wanted to refinance his Pullman Bonds by using them as collateral against a loan, but Pullman objected to the terms, Brown attorney Marc Jacobson told The New York Times.

“He was my friend and I’m surprised and shocked he’d do this,” Brown said in a statement.

Pullman declined to explain why he opposed the loan but told the paper “I have nothing against James Brown personally, but I could not work with Mr. Brown’s people.”

David Bowie was the first artist to use Pullman’s concept. The deal netted Bowie more than $50 million; Pullman went on to arrange similar deals for Holland-Dozier-Holland and Brown, among others, and helped Ron Isley avoid Chapter 7 bankruptcy with an Isley Brothers bond.