Accounting review - Twelfth Account Current

[Peachy]

On 1/4/2022 at 1:25 AM, Onyx1Boss said:

Wow awesome work!

That"s 123 pages and you found so many red flags and "noteworthy"s.

Even despite redactions.

This just in what they reported to court.

This just proves that Rosengart and his team of forensic accountants with access to unredacted documents had better put those crooks away.

No lack of evidence. 

Love to hear people's insights  later, (accounting is Greek to me)

💜 

[Ghoulia]

49 minutes ago, Steel Magnolia said:

Oh goodness...Thank you.

I just burst into tears and now my dog is hiding from me, thinking she's done something wrong. 

The last email I received from Carmela was in January of 2014. It said:

"I've really missed you.  I couldn't get this information and not send it.  I don't see a single news article.  Not one.  But I got the information today and call it loyalty or respect had to send to you..."

I deeply regret not contacting her now...It's one of those things where you always think, "I'll email her tomorrow."

I didn't realize it had been that long since we talked...I mean, I knew, but hadn't thought about it.

Her and her husband split not long after I last talked to her...I could see that coming. Her husband didn't approve of her new career.

So she passed away from cancer. Awwww...I'll have to contact her family. I'm sure they'll recognize my name. We spent seven years following this story, and corresponded several times a week for all of those years. 

I’m so sorry. I didn’t know her personally, just followed her coverage of Britney & Courtney Love back in the day.  I was curious to see what happened with her career, as she was such a good writer. I searched for her by her married name in June after Britney’s big testimony.

I was was struck by how detailed her obituary was. Her family clearly cherished her 💜

[mitchelspears]

Honestly if she’s only got $50 million she’s not in danger, however I feel like if she never worked again at this point that’s not sustainable to live an extravagant lifestyle for another 40+ years, sure she could life comfortably but Lolol if I were her I’d squeeze out one more hurrah to shove it in her family’s faces, feed the fans one last time, make hella bank and possibly double her bank account and check out with a few business deals on the sidegod I’m thirsty for new FREE Britney music but, on her terms… if it shall be it shall be 

[BritneyIsFinallyFree]

8 hours ago, Steel Magnolia said:

Oh goodness...Thank you.

I just burst into tears and now my dog is hiding from me, thinking she's done something wrong. 

The last email I received from Carmela was in January of 2014. It said:

"I've really missed you.  I couldn't get this information and not send it.  I don't see a single news article.  Not one.  But I got the information today and call it loyalty or respect had to send to you..."

I deeply regret not contacting her now...It's one of those things where you always think, "I'll email her tomorrow."

I didn't realize it had been that long since we talked...I mean, I knew, but hadn't thought about it.

Her and her husband split not long after I last talked to her...I could see that coming. Her husband didn't approve of her new career.

So she passed away from cancer. Awwww...I'll have to contact her family. I'm sure they'll recognize my name. We spent seven years following this story, and corresponded several times a week for all of those years. 

How awful! I’m very sorry  for your loss. 

[BritneyIsFinallyFree]

19 hours ago, mitchelspears said:

Honestly if she’s only got $50 million she’s not in danger, however I feel like if she never worked again at this point that’s not sustainable to live an extravagant lifestyle for another 40+ years, sure she could life comfortably but Lolol if I were her I’d squeeze out one more hurrah to shove it in her family’s faces, feed the fans one last time, make hella bank and possibly double her bank account and check out with a few business deals on the sidegod I’m thirsty for new FREE Britney music but, on her terms… if it shall be it shall be 

Here’s the issue: all but 2 million of that 50 is in estates or other non-accessible money. She has literally 2-3 million left of spending money.

She can barely afford to sue them at this point, and will be forced to keep working whether she wants to or not. 

“Spears’ net worth is estimated to be about $60 million, per Forbes. Most of her assets (over $56 million) are reportedly in the forms of investments and real estate, with just under $3 million in cash.”

That’s why you don’t let a man who has filed for bankruptcy, had his car repossessed and an alcoholic gambling addict run a massive estate. Any instance of bankruptcy alone should disqualify someone from that massive power; it means they have NO idea how to manage money. It’s gone. 

Edit: When Jamie sold the Spears childhood home the same day the NYT doc aired, fully furnished and for 20-30k less than its actual market value, and then retreated to a trailer, it became increasingly obvious this dumb POS didn’t save a dime of the massive income he extorted forcibly for 13 years. 
 

Oh, and Lynne charges fans $3 for visiting a fan-made “Britney museum” in Kentwood that has props from her show and a replica of her bedroom. $3 to stare at the FF wings or take a pic of them; the guy who put the museum together wanted it to be free. They’re so shameless.   
 

Edit: This has a link to the Forbes article outlining her only having 2-3 million in cash left; my monthly views are up on the aforementioned site! https://parade.com/1130110/jessicasager/britney-spears-net-worth/amp/

[Steel Magnolia]

17 hours ago, Ghoulia said:

I’m so sorry. I didn’t know her personally, just followed her coverage of Britney & Courtney Love back in the day.  I was curious to see what happened with her career, as she was such a good writer. I searched for her by her married name in June after Britney’s big testimony.

I was was struck by how detailed her obituary was. Her family clearly cherished her 💜

I've never seen an obituary so long and detailed...Her family really put a lot of love into it!

I got to see the research that went into her Courtney articles before she even wrote them. Sometimes she'd even send me the odd email that Courtney had written herself. I don't think Courtney turned out to be the nicest person, but as people who grew up during the grunge area it was still a real treat for the both of us for her to be able to communicate with Courtney one-on-one.

[Steel Magnolia]

9 hours ago, BritneyIsFinallyFree said:

How awful! I’m very sorry  for your loss. 

Thank you! It really was a bit of a gut punch...I was a bit taken aback by how hard I took that news. Yesterday was a write-off for me.

I think I always expected to be able to send her an email and be able to pick up from where we left off. I should have known when I didn't hear from her after Britney's testimony that something was wrong...I didn't expect for her to still be following the story like I was, but I should have clued in when the NY Times and Netflix docs came out and I didn't receive an email from her. 

The funniest part is that she knew my real name...But in our emails back and forth between 2008 and 2014 she always called me "Steel." 

[Steel Magnolia]

10 hours ago, BritneyIsFinallyFree said:

Here’s the issue: all but 2 million of that 50 is in estates or other non-accessible money. She has literally 2-3 million left of spending money.

She can barely afford to sue them at this point, and will be forced to keep working whether she wants to or not. 

“Spears’ net worth is estimated to be about $60 million, per Forbes. Most of her assets (over $56 million) are reportedly in the forms of investments and real estate, with just under $3 million in cash.”

That’s why you don’t let a man who has filed for bankruptcy, had his car repossessed and an alcoholic gambling addict run a massive estate. Any instance of bankruptcy alone should disqualify someone from that massive power; it means they have NO idea how to manage money. It’s gone. 

Edit: When Jamie sold the Spears childhood home the same day the NYT doc aired, fully furnished and for 20-30k less than its actual market value, and then retreated to a trailer, it became increasingly obvious this dumb POS didn’t save a dime of the massive income he extorted forcibly for 13 years. 
 

Oh, and Lynne charges fans $3 for visiting a fan-made “Britney museum” in Kentwood that has props from her show and a replica of her bedroom. $3 to stare at the FF wings or take a pic of them; the guy who put the museum together wanted it to be free. They’re so shameless.   

 

So she's basically at the exact same point as when they created the conservatorship to begin with.

Back then she had $40-million in assets and something like $2-million in cash...And that was their justification for taking away her rights.

[One More Time]

11 hours ago, BritneyIsFinallyFree said:

Here’s the issue: all but 2 million of that 50 is in estates or other non-accessible money. She has literally 2-3 million left of spending money.

She can barely afford to sue them at this point, and will be forced to keep working whether she wants to or not. 

“Spears’ net worth is estimated to be about $60 million, per Forbes. Most of her assets (over $56 million) are reportedly in the forms of investments and real estate, with just under $3 million in cash.”

That’s why you don’t let a man who has filed for bankruptcy, had his car repossessed and an alcoholic gambling addict run a massive estate. Any instance of bankruptcy alone should disqualify someone from that massive power; it means they have NO idea how to manage money. It’s gone. 

Edit: When Jamie sold the Spears childhood home the same day the NYT doc aired, fully furnished and for 20-30k less than its actual market value, and then retreated to a trailer, it became increasingly obvious this dumb POS didn’t save a dime of the massive income he extorted forcibly for 13 years. 
 

Oh, and Lynne charges fans $3 for visiting a fan-made “Britney museum” in Kentwood that has props from her show and a replica of her bedroom. $3 to stare at the FF wings or take a pic of them; the guy who put the museum together wanted it to be free. They’re so shameless.   

 

24 minutes ago, Steel Magnolia said:

 

So she's basically at the exact same point as when they created the conservatorship to begin with.

Back then she had $40-million in assets and something like $2-million in cash...And that was their justification for taking away her rights.

That is true. But don’t forget her trust. 

[RebellionSparkles]

1 hour ago, Steel Magnolia said:

 

So she's basically at the exact same point as when they created the conservatorship to begin with.

Back then she had $40-million in assets and something like $2-million in cash...And that was their justification for taking away her rights.

Yeah this is so not a money thing for Brit.

From looking at the spending behavior of “Shareholder Expenses”—which I now know include business manager expenses thanks to @Justinwoodpond—B is making even more money than I anticipated (even in 2019).

Of course LouLou makes sure the income is hidden from the public. The grift is happening  in the income reporting (or lack of income reporting), allegedly.

Allegedly, The total costs of lawyers is also being hidden; all numbers available to the public are manipulated to support Team Con narrative.

The available “cash” figure that y’all are talking about is also misleading…honestly, everything about the accounting filings is misleading. 
There’s money coming from everywhere. In a big earning year like 2018 Team Con actively has trouble spending it all. They have to maintain the reported estate value in a tight range to prevent scrutiny.

A lot of people are living large on B’s money.

 

[Steel Magnolia]

48 minutes ago, One More Time said:

 

That is true. But don’t forget her trust. 

Back then, it included her trust. (I think?)

I suspect her money was being mismanaged back then and they had to create the CON in order to cover that up.

But time will tell.

[Tar_isa]

But even if right now she 'only' has 2-3 million in cash, she is still making money in her sleep through the perfume line and the intellectual property, which if I recall correctly, was never included in the conservatorship accountings, no?

And from now on the incoming money won't be stolen by the conservatorship machine anymore, right? 

I feel like she can also very easily make money whenever she's tight, so I'm not concerned about lack of cash if she wants to sue whoever.

Also, as @One More Time pointed out, there's the trust.

Edit: oh ok I see the trust was apparently included, I thought it wasn't.

Edited January 8, 2022 by Tar_isa

[ICouldntThinkOfOne]

12 hours ago, BritneyIsFinallyFree said:

Here’s the issue: all but 2 million of that 50 is in estates or other non-accessible money. She has literally 2-3 million left of spending money.

She can barely afford to sue them at this point, and will be forced to keep working whether she wants to or not. 

“Spears’ net worth is estimated to be about $60 million, per Forbes. Most of her assets (over $56 million) are reportedly in the forms of investments and real estate, with just under $3 million in cash.”

That’s why you don’t let a man who has filed for bankruptcy, had his car repossessed and an alcoholic gambling addict run a massive estate. Any instance of bankruptcy alone should disqualify someone from that massive power; it means they have NO idea how to manage money. It’s gone. 

Edit: When Jamie sold the Spears childhood home the same day the NYT doc aired, fully furnished and for 20-30k less than its actual market value, and then retreated to a trailer, it became increasingly obvious this dumb POS didn’t save a dime of the massive income he extorted forcibly for 13 years. 
 

Oh, and Lynne charges fans $3 for visiting a fan-made “Britney museum” in Kentwood that has props from her show and a replica of her bedroom. $3 to stare at the FF wings or take a pic of them; the guy who put the museum together wanted it to be free. They’re so shameless.   

I see your point but it's worth considering that it established fact that the Estate, as reported during the Conservatorship, was an incredibly limited view of what Britney had earned from its inception to its termination. We know that her intellectual property and its value wasn't counted, and that's outside the fact that all the need is one find to blow open the case.

[Steel Magnolia]

10 minutes ago, Tar_isa said:

But even if right now she 'only' has 2-3 million in cash, she is still making money in her sleep through the perfume line and the intellectual property, which if I recall correctly, was never included in the conservatorship accountings, no?

And from now on the incoming money won't be stolen by the conservatorship machine anymore, right? 

I feel like she can also very easily make money whenever she's tight, so I'm not concerned about lack of cash if she wants to sue whoever.

Also, as @One More Time pointed out, there's the trust.

Edit: oh ok I see the trust was apparently included, I thought it wasn't.

It was never made clear whether or not it included the SJB Revocable Trust.

However...

I suspect (I use that term to replace the term "allegedly"...because if you suspect things then you're only guessing and you're not claiming them to be fact)...I suspect that the CON was created to cover up the fact that her family had already depleted her Trust, too.

Bryan has openly admitted that he was "top cop" of her finances up until 2009.

The Trust included all of her LLC's...So it wasn't like a savings account, per se. It sounds more like there was plenty of room to, for example, create other LLC's and divert her income into those so that her actual LLC's didn't bring in what they should have.

I could be totally wrong about that...But we'll see.

[Bambas]

53 minutes ago, Tar_isa said:

And from now on the incoming money won't be stolen by the conservatorship machine anymore, right? 

I too would like to know...

There are so many LLCs that it wouldn't surprise me.

[Tar_isa]

54 minutes ago, Steel Magnolia said:

It was never made clear whether or not it included the SJB Revocable Trust.

However...

I suspect (I use that term to replace the term "allegedly"...because if you suspect things then you're only guessing and you're not claiming them to be fact)...I suspect that the CON was created to cover up the fact that her family had already depleted her Trust, too.

Bryan has openly admitted that he was "top cop" of her finances up until 2009.

The Trust included all of her LLC's...So it wasn't like a savings account, per se. It sounds more like there was plenty of room to, for example, create other LLC's and divert her income into those so that her actual LLC's didn't bring in what they should have.

I could be totally wrong about that...But we'll see.

Ah ok I think I get what you mean... I kind of always assumed she was the only one managing the trust (other than her uncle) but that hypothesis makes sense, yeah.

IF that was -hypothetically- the case, is there a chance they could still be operating those LLCs and draining her money? Would it be terribly difficult for her to regain control of those LLCs, or dissolve them and create new ones?

I'm sorry if these are stupid questions, I have absolutely no idea about business economics, LLCs and all that stuff.

[Steel Magnolia]

19 minutes ago, Tar_isa said:

Ah ok I think I get what you mean... I kind of always assumed she was the only one managing the trust (other than her uncle) but that hypothesis makes sense, yeah.

IF that was -hypothetically- the case, is there a chance they could still be operating those LLCs and draining her money? Would it be terribly difficult for her to regain control of those LLCs, or dissolve them and create new ones?

I'm sorry if these are stupid questions, I have absolutely no idea about business economics, LLCs and all that stuff.

I'm not sure about the accounting, but here are some key dates...

The Trust:

July 26, 2004 - Britney's estimated $100-million fortune is placed into the SJB Revocable Trust. Britney is the sole Trustee.

The Trust includes all of Britney's corporations: BBS Entertainment Inc., Britney Brands, Inc., Britney Films, Inc., Britney On-Line, Inc., Britney Television, LLC, One More Time Music, Inc., Parklane Productions, LLC, Coastal Operatives, LLC, B & L Music, Inc., Fairy Zone Productions, Inc. (California), Bridgemore Timber, LLC, Vista Peace Productions, LLC, Britney Touring, Inc. (the "Entities"), and Fairy Zone Productions, Inc. (Delaware).

The Trust also includes all of Britney's  stocks and securities, cash and cash equivalents such as bank and savings accounts, and personal items such as jewelry, vehicles, and clothing. 

Johnny Wright's accusations:

Oct. 29, 2007 - Wright Entertainment Group (WEG), owned by ex-manager Johnny Wright, sues Britney for unpaid commissions.

WEG managed Britney until February 2003, but was supposed to keep receiving commissions until February 2008 for deals negotiated on her behalf. Now WEG claims that Britney stopped paying in December 2006. WEG claims Britney has not accounted for or paid commissions for Zomba advances on LP's 3 and 4 ("In The Zone" and "Greatest Hits"), among other claims against "Britney Touring, Inc" (BTI).

Also, "Upon information and belief, SPEARS and BTI concealed from WEG a series of negotiations and agreements for otherwise commissionable Gross Receipts payable to WEG, thus diverting those commissions to SPEARS directly or indirectly, or to corporate entities without the knowledge, consent, or agreement of WEG, both before and after the termination Agreement."

Brand Sense's accusations:

Mar. 20, 2011 - Brand Sense Partner, LLC sues Britney for $10-million.

“Britney secretly made a separate deal with Elizabeth Arden in a sneaky underhanded effort to circumvent and evade its obligations to Brand Sense,” the suit states. “Brand Sense had a contractual right to a 35% commission on any Britney Spears-branded fragrance sold by Elizabeth Arden,” the suit claims. “But Mr. Spears complained that the commission was too high and said that Britney did not want to pay it.” A compromise deal was orchestrated, which would have delivered royalties directly to Britney.

So...

Notice that both before and after the conservatorship, there were allegations by two different businesses (Johnny Wright and Brand Sense) that corporations had been created to divert funds?

What's to say that many additional LLC's weren't created over the years to do the exact same thing? 

I suspect that Rosengart is going to have a long road ahead of him trying to figure it all out. 

Sources:

[Tar_isa]

1 hour ago, Steel Magnolia said:

I'm not sure about the accounting, but here are some key dates...

The Trust:

July 26, 2004 - Britney's estimated $100-million fortune is placed into the SJB Revocable Trust. Britney is the sole Trustee.

The Trust includes all of Britney's corporations: BBS Entertainment Inc., Britney Brands, Inc., Britney Films, Inc., Britney On-Line, Inc., Britney Television, LLC, One More Time Music, Inc., Parklane Productions, LLC, Coastal Operatives, LLC, B & L Music, Inc., Fairy Zone Productions, Inc. (California), Bridgemore Timber, LLC, Vista Peace Productions, LLC, Britney Touring, Inc. (the "Entities"), and Fairy Zone Productions, Inc. (Delaware).

The Trust also includes all of Britney's  stocks and securities, cash and cash equivalents such as bank and savings accounts, and personal items such as jewelry, vehicles, and clothing. 

Johnny Wright's accusations:

Oct. 29, 2007 - Wright Entertainment Group (WEG), owned by ex-manager Johnny Wright, sues Britney for unpaid commissions.

WEG managed Britney until February 2003, but was supposed to keep receiving commissions until February 2008 for deals negotiated on her behalf. Now WEG claims that Britney stopped paying in December 2006. WEG claims Britney has not accounted for or paid commissions for Zomba advances on LP's 3 and 4 ("In The Zone" and "Greatest Hits"), among other claims against "Britney Touring, Inc" (BTI).

Also, "Upon information and belief, SPEARS and BTI concealed from WEG a series of negotiations and agreements for otherwise commissionable Gross Receipts payable to WEG, thus diverting those commissions to SPEARS directly or indirectly, or to corporate entities without the knowledge, consent, or agreement of WEG, both before and after the termination Agreement."

Brand Sense's accusations:

Mar. 20, 2011 - Brand Sense Partner, LLC sues Britney for $10-million.

“Britney secretly made a separate deal with Elizabeth Arden in a sneaky underhanded effort to circumvent and evade its obligations to Brand Sense,” the suit states. “Brand Sense had a contractual right to a 35% commission on any Britney Spears-branded fragrance sold by Elizabeth Arden,” the suit claims. “But Mr. Spears complained that the commission was too high and said that Britney did not want to pay it.” A compromise deal was orchestrated, which would have delivered royalties directly to Britney.

So...

Notice that both before and after the conservatorship, there were allegations by two different businesses (Johnny Wright and Brand Sense) that corporations had been created to divert funds?

What's to say that many additional LLC's weren't created over the years to do the exact same thing? 

I suspect that Rosengart is going to have a long road ahead of him trying to figure it all out. 

Sources:

Thank you so much, I am amazed at your work!

[Steel Magnolia]

47 minutes ago, Tar_isa said:

Thank you so much, I am amazed at your work!

And this explains why Sam Lutfi keeps receiving restraining orders...

His PR flak spoke these words as the CON was going into effect...

Feb. 25, 2008 - Lawyer Jon Eardley claims via his spokesman, Michael Sands (who also represents Sam Lutfi), that Britney has been robbed and is being abused.

"I have been informed of the existence of voice mails, etc., that include verbal abuse." Sands claims the theft is on a grand scale, involving racketeering, wire fraud and money laundering, and that the theft occurred prior to the conservatorship taking place and continues still. Sands claims there is an ongoing criminal investigation, but declines to say which agency is involved. As a result, he said, his office has been broken into and documents have been allegedly stolen and/or erased from his computer. "Lives have been threatened," Sands said. "People are being intimidated. It's terrorism. I don't want to make any accusations, but we're talking the financial r*** of Britney Spears."

[Tar_isa]

1 hour ago, Steel Magnolia said:

And this explains why Sam Lutfi keeps receiving restraining orders...

His PR flak spoke these words as the CON was going into effect...

Feb. 25, 2008 - Lawyer Jon Eardley claims via his spokesman, Michael Sands (who also represents Sam Lutfi), that Britney has been robbed and is being abused.

"I have been informed of the existence of voice mails, etc., that include verbal abuse." Sands claims the theft is on a grand scale, involving racketeering, wire fraud and money laundering, and that the theft occurred prior to the conservatorship taking place and continues still. Sands claims there is an ongoing criminal investigation, but declines to say which agency is involved. As a result, he said, his office has been broken into and documents have been allegedly stolen and/or erased from his computer. "Lives have been threatened," Sands said. "People are being intimidated. It's terrorism. I don't want to make any accusations, but we're talking the financial r*** of Britney Spears."

Yes I've been reading some of your threads (or trying, because there's sooo much to unpack!) and I quite agree with your hypothesis. I was very, very surprised to learn Michael Sands worked with MVK before jumping ship to Sam L., and other suspicious connections between players as well.

A while ago I had my mind set on thinking the sjb trust was untouched until the con was set and Bryan became trustee, so even when I read this and I absolutely agreed that -allegedly- the racketeering happened before the con, somehow my brain still thought of the sjb trust as something separate. I don't even know if I make any sense, but yeah, I'm totally with you, it totally fits the chain of events.