PRUDENTIAL SUED OVER
MUSIC-BACKED BOND DEAL

The LA Times
November 17, 1999

David Pullman, the creator of the so-called Bowie Bonds, filed a $2.7-billion lawsuit against Prudential Insurance Co. of America and other firms, claiming he was cut out of a venture to sell bonds backed by music royalties.  The suit, filed in New York Supreme Court, claims Prudential broke a joint-venture agreement with Pullman Group.  Pullman pioneered the music-backed bond business in 1997, arranging a $55-million bond sale for David Bowie.  Prudential bought all the Bowie bonds.  Prudential later partnered with Charles Koppelman's CAK/Universal Credit Corp. to sell music-backed bonds.  In addition to Prudential and CAK, the suit names entertainment manager Rascoff/Zysblat Organization and the Manhattan law firm Willkie Farr & Gallagher.  It alleges that the four defendants violated fiduciary duties and stole Pullman's trade secrets.  Prudential spokesman Timothy Biggs said the allegations were "baseless."  Officials of Wilkie Farr, Pullman and Rascoff/Zysblat didn't return calls seeking comment.  Koppelman's office declined to comment.