Accounting review - Twelfth Account Current

[RebellionSparkles]

4 hours ago, Bambas said:

I too would like to know...

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

 

4 hours 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.

 

5 hours ago, ICouldntThinkOfOne said:

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.

It seems very unclear who owns her brand, literally the brand Britney and Britney Spears. It would suck if Jamie owns it because I think we all want him to live in poverty until he goes to jail. 
But it’s assuring that Jamie’s lawyers asked for Britney’s estate to pay the fees. That hopefully means his funds are running low. 

[BritneyIsFinallyFree]

7 hours 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.

Yup. And re the trust: her brother and some other dude (need to look up the name) were put in charge on February 14, 2008.  It’s absolutely horrible. 

[RebellionSparkles]

5 hours 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.

I like this theory. I’m listening to old episodes of Eat, Pray, Britney and they said that Jamie had a gambling problem. That’s a great way to lose money. 
 

side note: I first accidentally wrote “Eat,Prey, Britney”…and I thought it was really funny because that would be the perfect podcast title for team Con. 😝

[Steel Magnolia]

2 minutes ago, BritneyIsFinallyFree said:

Yup. And re the trust: her brother and some other dude (need to look up the name) were put in charge on February 14, 2008.  It’s absolutely horrible. 

Ivan Taback.

A review of the "First Account Current" shows they immediately transferred this amount from the SJB Revocable Trust to the "Estate," to be managed by James Parnell Spears and Andrew Wallet:

$3,895,000

[BritneyIsFinallyFree]

1 minute ago, Steel Magnolia said:

Ivan Taback.

A review of the "First Account Current" shows they immediately transferred this amount from the SJB Revocable Trust to the "Estate," to be managed by James Parnell Spears and Andrew Wallet:

$3,895,000

Yes, thank you. Further, JL tried several years later to become a co-trustee, but eventually withdrew her petition for some unknown reason.

https://theblast.com/c/britney-spears-sister-jamie-lynn-named-trustee-of-trust-fortune-money-conservatorship-freebritney

[RebellionSparkles]

5 minutes ago, BritneyIsFinallyFree said:

Yup. And re the trust: her brother and some other dude (need to look up the name) were put in charge on February 14, 2008.  It’s absolutely horrible. 

If you haven’t already watched, Britney’s SWAT team does a great job about talking through the nitty gritty of the SJB trust.

https://m.youtube.com/channel/UCTo_RXdQHYDAsvY6TxL50tw

 

[BritneyIsFinallyFree]

1 minute ago, RebellionSparkles said:

If you haven’t already watched, Britney’s SWAT team does a great job about talking through the nitty gritty of the SJB trust.

https://m.youtube.com/channel/UCTo_RXdQHYDAsvY6TxL50tw

 

I haven’t, thanks!

[BritneyIsFinallyFree]

According to Rolling Stone, Lynne freaked out circa 2004 when Britney made the trust, and was getting married to Kfed sans prenup (which they eventually talked her into). That’s purportedly when they became very “involved” in her life, and why she cut off all contact by 2006 or 2007 (hence why the paparazzi were the ones to tell her JL was pregnant; there was no communication at that point). 

[BritneyIsFinallyFree]

6 hours 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.

The perfume line is another huge issue, since they sued her (ie, Jamie) in 2010 (?) for going back on the contract and not giving them the promised %, so she probably owes a **** ton to everyone now, to boot. 
 

Edit: Not an issue, this was settled, my bad!

[BritneyIsFinallyFree]

Here’s the court doc stating  that Britney lost control of the trust upon the conservatorship being implemented: 

https://www.docdroid.net/xoJbUey/2020-08-21-petition-blocked-accounts-trust-pdf#page=2

”Upon the appointment of James and Andrew M. Wallet as co-conservators, the Settlor (ie Britney) was rendered legally unable to serve as trustee of the SJB Trust.” 
 

(This also outlines JL’s role)

 

[RebellionSparkles]

7 minutes ago, BritneyIsFinallyFree said:

The perfume line is another huge issue, since they sued her (ie, Jamie) in 2010 (?) for going back on the contract and not giving them the promised %, so she probably owes a **** ton to everyone now, to boot. 

This lawsuit was settled and any lawsuits for mishandling business while she was in the Con will be a problem for Team Con. Phewww. Brit doesn’t need anymore hassles in her life. 

[BritneyIsFinallyFree]

Just now, RebellionSparkles said:

This lawsuit was settled and any lawsuits for mishandling business while she was in the Con will be a problem for Team Con. Phewww. Brit doesn’t need anymore hassles in her life. 

Oh thank god for that at least; I intended to write a disclaimer saying I haven’t checked back up on it but forgot, so appreciate the fact check!

[BritneyIsFinallyFree]

More background info re the first account mentioned by @Steel Magnolia:

“On March 17, 2008, Bryan Spears & Ivan Taback filed a petition confirming the parties to The SJB Revocable Trust. Britney Spears established the revocable living trust in 2004 with herself as sole Trustee. Her brother, Bryan Spears, and attorney Ivan Taback were designated as co-trustees to manage the trust should Britney be unable to do so herself, obviating any need to appoint a guardian or conservator to manage the estate. The petition includes the initial SJB Revocable Trust paperwork for reference.

As detailed in the petition, on February 14, 2008, the Court determined that Britney had ceased to act as Trustee of the Trust, and therefore appointed Bryan Spears & Ivan Taback Temporary Successor Co-Trustees. 

On March 10, 2008, Bryan Spears & Ivan Taback transferred Britney Touring, Inc. to Andrew Wallet & Jamie Spears, as Britney's co-conservators. The four men "determined jointly that it would be in the best interests of the Trust, the Conservatorship Estate, and Britney, for the Co-Conservators of the Estate to own and control Britney Touring, Inc." Spears & Taback insisted that this transfer was so urgent that they needed to skip the thirty days' prior notice of the hearing, to which the co-conservators and court-appointed attorney agreed. They've all got bills to pay, business to attend to, on-going litigation, and taxes to file. 

Live performances are known as a top revenue source for musicians, as evidenced by the estimated $131,800,000 brought in by Britney's 2009 Circus tour.

According to the conservatorship accounting for 2008, a total of $3,895,000 was transferred from SJB Revocable Trust to the conservatorship accounts between February and June.”

Anyone else notice a pattern with their “emergency” petitions that removes all rights of the conservatee re knowing what is being conducted on her behalf and negates all mandated advanced notice otherwise required by law?

[Steel Magnolia]

2 minutes ago, BritneyIsFinallyFree said:

More background info re the first account mentioned by @Steel Magnolia:

“On March 17, 2008, Bryan Spears & Ivan Taback filed a petition confirming the parties to The SJB Revocable Trust. Britney Spears established the revocable living trust in 2004 with herself as sole Trustee. Her brother, Bryan Spears, and attorney Ivan Taback were designated as co-trustees to manage the trust should Britney be unable to do so herself, obviating any need to appoint a guardian or conservator to manage the estate. The petition includes the initial SJB Revocable Trust paperwork for reference.

As detailed in the petition, on February 14, 2008, the Court determined that Britney had ceased to act as Trustee of the Trust, and therefore appointed Bryan Spears & Ivan Taback Temporary Successor Co-Trustees. 

On March 10, 2008, Bryan Spears & Ivan Taback transferred Britney Touring, Inc. to Andrew Wallet & Jamie Spears, as Britney's co-conservators. The four men "determined jointly that it would be in the best interests of the Trust, the Conservatorship Estate, and Britney, for the Co-Conservators of the Estate to own and control Britney Touring, Inc." Spears & Taback insisted that this transfer was so urgent that they needed to skip the thirty days' prior notice of the hearing, to which the co-conservators and court-appointed attorney agreed. They've all got bills to pay, business to attend to, on-going litigation, and taxes to file. 

Live performances are known as a top revenue source for musicians, as evidenced by the estimated $131,800,000 brought in by Britney's 2009 Circus tour.

According to the conservatorship accounting for 2008, a total of $3,895,000 was transferred from SJB Revocable Trust to the conservatorship accounts between February and June.”

Anyone else notice a pattern with their “emergency” petitions that removes all rights of the conservatee re knowing what is being conducted on her behalf and negates all mandated advanced notice otherwise required by law?

It's interesting to note...

Britney Touring, Inc. (BTI) was the LLC named in Johnny Wright's lawsuit!

Oct. 9, 2007:

"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."

I suspect that Bryan needed to cover up those tracks before anyone else caught on to them.

[Kiss my]

Thank you so much for all your hard work reviewing this. 

Am I reading it right that the ~$60m accounted for in this document excludes other trusts set up for Britney? It suggests there are substantial assets in those other trusts? This means her net worth could be significantly more than $60m?

[BritneyIsFinallyFree]

1 minute ago, Steel Magnolia said:

It's interesting to note...

Britney Touring, Inc. (BTI) was the LLC named in Johnny Wright's lawsuit!

Oct. 9, 2007:

"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."

I suspect that Bryan needed to cover up those tracks before anyone else caught on to them.

Nice catch. These people are UNREAL. They’ve committed every “white collar” crime in existence. It’s why Britney wasn’t allowed to see or sign any of her own documents until December 2021; she’s not a moron like they are.

[BritneyIsFinallyFree]

13 minutes ago, Heyah said:

Thank you so much for all your hard work reviewing this. 

Am I reading it right that the ~$60m accounted for in this document excludes other trusts set up for Britney? It suggests there are substantial assets in those other trusts? This means her net worth could be significantly more than $60m?

Unfortunately no, “net worth” means ALL of a persons assets, estates and liabilities. When they say it’s <60 million, that’s everything (homes, trusts, etc). It’s why Forbes started reporting on Britney’s relatively tiny net worth compared to her peers, and outlined how it makes no sense given what she’s generated. 

https://infogram.com/mobile-pop-star-1hnq410o8q8kk23

Re Taylor Swift: Her homes, which include a Rhode Island mansion, two homes in Beverly Hills and a Manhattan penthouse, are worth more than Spears’ entire fortune — not including her two Dassault private jets.”

Forbes concluded: 

“No one knows what Spears would have done had she been in control of her fate and fortune. But it’s hard to imagine how she would have done worse than her estranged dad.”

https://www.forbes.com/sites/maddieberg/2021/02/17/britney-spears-net-worth-revealed--and-its-shockingly-low-compared-to-her-pop-peers/?sh=7211ead018ac

[BritneyIsFinallyFree]

Another source showing her inexplicably low net worth:

https://moneynation.com/britney-spears-net-worth-the-350-million-blowout/

 

“Spears earned almost $700 million by the age of 34, where did it all go? Why is she left today with “only” $63 million? Nobody actually knows. Some online sources claim the Britney Spears net worth number is actually a lot higher than her 2014 court documents let on. Those sources say not all of Spears’ money is in conservatorship, and that she has over $100 million in “other assets.” This is doubtful. If a court places an estate in conservatorship, the idea is to protect the estate’s assets from their owner, who is deemed mentally incompetent to handle them. If someone is deemed mentally incompetent to serve their own needs, a judge isn’t likely to let the person handle 75% of his or her estate. That’s not the point of a conservatorship. It’s more likely that the judge placed Spears’ entire estate in a conservatorship and that any “other assets” are negligible.

(These “sources” are undoubtedly the same ones who continue, to this day, insisting Britney had no money left whenever they took over and they generated tons of income for her, all 60 million in fact, despite official documents proving otherwise .)

[BritneyIsFinallyFree]

Oh, and if anyone is curious as to why the attorney she tried to hire, Jon Eardley, was not just issued a RO against Britney but DISBARRED despite a 20 year law career sans any infractions, it’s because he explicity warned her what they were doing:

“Lawyer Jon Eardley tells Britney her civil rights are being violated:”

“Commissioner Gordon… was quick to deny you all of your visitation rights, even before Cedars issued its evaluation that you were not under the influence of illegal ***** or alcohol. Commissioner Gordon clearly is biased against you…Your case will continue to spiral until they have denied you your freedom, your children and your assets.”

“Please recognize that aside from some anxiety and depression, which are totally normal under these circumstances, there is nothing wrong with you, but that the court system routinely engages in character assassination to conceal its internal bias and to break you down… What they ultimately want is to get you into a conservatorship; at that point, your freedom will be denied, giving them the full opportunity to steal all of your money and to deny you any access to your children.”

https://www.nme.com/news/music/britney-spears-112-1313209

[Steel Magnolia]

4 minutes ago, BritneyIsFinallyFree said:

Oh, and if anyone is curious as to why the attorney she tried to hire, Jon Eardley, was not just issued a RO against Britney but DISBARRED despite a 20 year law career sans any infractions, it’s because he explicity warned her what they were doing:

“Lawyer Jon Eardley tells Britney her civil rights are being violated:”

“Commissioner Gordon… was quick to deny you all of your visitation rights, even before Cedars issued its evaluation that you were not under the influence of illegal ***** or alcohol. Commissioner Gordon clearly is biased against you…Your case will continue to spiral until they have denied you your freedom, your children and your assets.”

“Please recognize that aside from some anxiety and depression, which are totally normal under these circumstances, there is nothing wrong with you, but that the court system routinely engages in character assassination to conceal its internal bias and to break you down… What they ultimately want is to get you into a conservatorship; at that point, your freedom will be denied, giving them the full opportunity to steal all of your money and to deny you any access to your children.”

https://www.nme.com/news/music/britney-spears-112-1313209

Eh...

That one I wouldn't touch with a 10-foot pole.

Unlike attorneys Adam Streisand and John Anderson, who Britney also tried to hire in 2008, Eardley solicited. That's likely why he was disbarred. Soliciting clients is not allowed.

The mention of the conservatorship he would have gotten straight from Sam Lutfi. The two of them were working together.

Britney should thank her lucky stars she dodged that bullet, IMO.