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Universal Credit Corp

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BUSINESS
February 23, 1999 | CHUCK PHILIPS
TVT Records signed a $23-million finance deal Monday with music industry veteran Charles Koppelman's Universal Credit Corp. secured by the independent New York label's revenue from its catalog of record masters and music publishing. The asset-backed financing is a 10-year loan that UCC will hold on its books for future securitization in a pooled loan transaction.
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BUSINESS
February 14, 1996
A federal judge has temporarily closed Universal Credit Corp. after the Federal Trade Commission alleged the firm ran a deceptive scheme. In its lawsuit, the FTC alleged the company's operators, Mark Thomas Ellis and Gabrielle Ellis of Laguna Hills, falsely told consumers the company could remove negative information from their credit files, even if the information was accurate. The FTC complaint also alleged the firm made unauthorized withdrawals from consumers' checking accounts.
BUSINESS
November 18, 1999 | Bloomberg News
David Pullman, the creator of 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.
BUSINESS
February 10, 1998 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Prudential Securities on Monday announced a joint venture with music entrepreneur Charles A. Koppelman to turn songs, books and movies into securities. Koppelman's new boutique investment bank, CAK Universal Credit Corp., will draw on a $200-million credit line from Prudential to make loans to musicians and other owners of intellectual property, backed by the royalties from their creations.
NEWS
March 29, 1998 | DAVID BAUDER, ASSOCIATED PRESS
Is it possible to put a monetary value on "Hanky Panky"? How about "Louie Louie"? Or even Lou Reed and Lulu, for that matter? Musical worth can be debated endlessly, and its financial value to banks and Wall Street is largely unexplored territory. Now, a former top music industry executive is betting that there's more there than people think.
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