|
Money
Jan 10, 2018 8:37:12 GMT
via mobile
Post by madturk on Jan 10, 2018 8:37:12 GMT
I wonder what happened to all Rick's money?
The media had estimated he must have been worth 10 million.
But it turns out there wasn't that much in his will, and his wife reckons she'd have to get a job and take the kids out of private school etc.
Divorces, coke, cars, planes, boats and outdoor pools will gobble up the money I suppose.
My second point is that Alan Lancaster reckons all the sales figures for how much Quo sold, were all exaggerated.
Probably none of the band got as much of the money as they were due.
Rossi made reference to what happened to Sting with respect to managers/accountants siphoning off money.
Maybe he's still trying to claw it back.
|
|
cooliquo
Rocker Rollin'
Posts: 137
Favourite Quo Album: Quo
Favourite other bands.: Ramones, Social Distortion, Lynyrd Skynyrd, Rolling Stones..
|
Money
Jan 10, 2018 10:05:34 GMT
via mobile
Post by cooliquo on Jan 10, 2018 10:05:34 GMT
There was an interview with Rossi not so long ago where he was asked how much he was worth... He tried to squirm out of the question.. The interviewer pushed and said "£5m? £10m?" and he said "somewhere around that.." (or something along those lines)
He's definitely not skint, he's made the lions share where Quo's concerned.
|
|
|
Post by Mrs Flittersnoop on Jan 10, 2018 10:38:33 GMT
The music business is an expensive place to live ... stories of stars going through their money like water (and meanwhile being charged for everything by their managers or record company or both, while they don't pay any attention, and then being hit by massive tax bills because they forgot about that as well) are rife. Things started cleaning up a bit in the late 70s after some high profile court battles, but the basic principle, your money won't last long if you live a life of luxury while not watching your income and outgoings - no court can protect someone from that. The alarming thing is that Lyndsay said that he had spent his way through much of the money she had brought to the marriage, while concealing it from her.
The press always exaggerates what money celebrities have, and record companies and PRs always exaggerate sales. The full story of what happened between Quo and their managers in the 70s has never been told, but what has leaked out seems to be more doing deals which didn't include the band, than downright theft. Alan had to start paying attention first, because of his divorce, and complained that they were not getting as much as they should be, but Francis, in those days, just seems to have found this irritating and ignored it. Later he said that Alan was right, but AFAIK there was never a court case and never been any public details.
There's no particular reason why Francis should have made more out of Quo than Rick did, other than he probably has more songwriting credits. Neither of them had songwriting credits for RAOTW or ITAN, two of the best selling tracks, but they both had performance credits. I think the writers credits for POMM are just Francis, so that would be valuable, as it's still known in the US.
My guess is that as a young blade Francis didn't pay much attention either, though a lot more than Rick did, and he has learned his "Get what you can while you can and don't throw opportunities away" attitudes the hard way over the years. There have been past rumours of really poor investments, too.
The only way there is going to be a bit more for Rick's kids is if the current band goes on being successful and supports the back catalogue. "PLC" will be a lovely gift to the old hardcore, but it's unlikely to make a lot of money. The good bit is - with Bob and Alan involved, hopefully it won't lose a lot of momey, either.
|
|
|
Post by The Lord Flasheart on Jan 10, 2018 11:23:44 GMT
They were shafted big time by management back in the day. That's why they have been chasing it ever since, remember the Levis Quote. We got Denim while a few mill went somewhere. Most of it went up people's noses not just the bands either.
|
|
|
Money
Jan 10, 2018 13:43:13 GMT
via mobile
Post by vivfromcov on Jan 10, 2018 13:43:13 GMT
I remember that the will covered only his personal UK assets. Not sure if that included his stake in the business of the band company (is it Acklode?), but I think it was said that that was still in process last year. Not sure how it works though. I seem to remember that Francis and Rick had the major percentage and Rhino and Andy smaller cuts. Presumably the drummer and now Richie will be on fixed rates. Whether Rick's percentage changed though when he 'resigned' I don't know. Hopefully it has been sorted out now so that his family continue to benefit from his investment in the band.
And yes, an income from the back catalogue will continue but royalties on recordings are not huge any more, hence why they had to do the relentless touring to make any decent money.
|
|
ant
Rocker Rollin'
Quo covers & more https://www.youtube.com/channel/UCfcyZng8z03-RpOhdWdawvw
Posts: 624
|
Post by ant on Jan 10, 2018 17:14:27 GMT
The music business is an expensive place to live ... stories of stars going through their money like water (and meanwhile being charged for everything by their managers or record company or both, while they don't pay any attention, and then being hit by massive tax bills because they forgot about that as well) are rife. Things started cleaning up a bit in the late 70s after some high profile court battles, but the basic principle, your money won't last long if you live a life of luxury while not watching your income and outgoings - no court can protect someone from that. The alarming thing is that Lyndsay said that he had spent his way through much of the money she had brought to the marriage, while concealing it from her. The press always exaggerates what money celebrities have, and record companies and PRs always exaggerate sales. The full story of what happened between Quo and their managers in the 70s has never been told, but what has leaked out seems to be more doing deals which didn't include the band, than downright theft. Alan had to start paying attention first, because of his divorce, and complained that they were not getting as much as they should be, but Francis, in those days, just seems to have found this irritating and ignored it. Later he said that Alan was right, but AFAIK there was never a court case and never been any public details. There's no particular reason why Francis should have made more out of Quo than Rick did, other than he probably has more songwriting credits. Neither of them had songwriting credits for RAOTW or ITAN, two of the best selling tracks, but they both had performance credits. I think the writers credits for POMM are just Francis, so that would be valuable, as it's still known in the US. My guess is that as a young blade Francis didn't pay much attention either, though a lot more than Rick did, and he has learned his "Get what you can while you can and don't throw opportunities away" attitudes the hard way over the years. There have been past rumours of really poor investments, too. The only way there is going to be a bit more for Rick's kids is if the current band goes on being successful and supports the back catalogue. "PLC" will be a lovely gift to the old hardcore, but it's unlikely to make a lot of money. The good bit is - with Bob and Alan involved, hopefully it won't lose a lot of momey, either. Actually, Bob spotted the inconsistencies first and he was the first squeezed out. Then Alan. I think they were fleeced for many millions - while they didn't write RAOTW and ITAN they wrote a hell of a lot of hit singles and llots of album tracks as well as filling large halls and arenas for much of their careers. Suffice to say, if Peter Grant had been their manager they would be a lot, lot, lot better off!
|
|
OzPaul
Rocker Rollin'
Posts: 157
|
Money
Jan 11, 2018 0:52:32 GMT
Post by OzPaul on Jan 11, 2018 0:52:32 GMT
When Frame sold his house 9 years ago, he paid an extra 500 thousand pounds for his new residence. As such the money was still coming in due to all the touring. As for Rick, he always said he didnt know how much he had, which in reality, wasnt as much as people thought. Alan has always maintained that Quo didnt make a huge amount of money, but if you looked at his and Frames homes in 1985, they were certainly living very comfortably. Then again, thats a long time ago.
|
|
|
Money
Jan 11, 2018 9:59:07 GMT
Post by Mrs Flittersnoop on Jan 11, 2018 9:59:07 GMT
I didn't know that! Like a lot of people I think I just assumed he was downsizing, as he said in interviews that his kids were leaving home. (But I think he still had plenty of kids to be going on with.) I wonder why he moved then? Perhaps the lawns were getting too much for him.
|
|
|
Money
Jan 11, 2018 10:13:27 GMT
Post by curiousgirl on Jan 11, 2018 10:13:27 GMT
I didn't know that! Like a lot of people I think I just assumed he was downsizing, as he said in interviews that his kids were leaving home. (But I think he still had plenty of kids to be going on with.) I wonder why he moved then? Perhaps the lawns were getting too much for him. I heard a radio interview with him where he said he had the chance to build an eco-friendly house. I don't know if he meant build from scratch or to adapt an existing one. Sounds like his old house was rather drafty.
|
|