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Court Denies Appeal in 'Bowie Bond' Case

November 06, 2001|Jeff Leeds

A New York court has denied an appeal from investment dealer David Pullman, who had sued a former business partner for allegedly misappropriating trade secrets related to bond deals backed by musicians' royalty payments.

The appellate division of the New York Supreme Court said Pullman, who helped engineer such bond deals for David Bowie and James Brown, lacked standing to sue over the would-be trade secrets. Pullman claimed he created the "Bowie Bond" concept, and that his former partners stole the idea to start a rival firm.

A lower court judge ruled that "neither the Pullman Group nor Pullman developed, or ever owned, this alleged intellectual property." The appellate division ruling says even if Pullman did invent the concept, the trade secrets would be owned by the investment banks that employed him at the time.

Pullman said he may appeal the appellate decision. A related lawsuit with additional claims is set for a hearing in the New York Supreme Court this month.

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