Very broadly speaking, the Bowie Transaction operated as follows: in exchange for the right to receive income from his music catalogue for a fifteen-year period, David Bowie was paid a lump sum in cash, which was widely reported in Time Magazine, among other publications, to be $55 million. The bonds remain self-liquidating, in that the royalty stream is applied directly and paid to the bond holders (in accordance with the terms of the bond) to reduce principal and interest.
Note:(The Bowie Transaction above closed on January 30, 1997)
On the subject of loss; The Pullman Group LLC, filed suit against RZO, et al. in 2001 the matter was finally dismissed in Feb 2003 by the Appeal court of NY State.
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