Following the Money Pre CONservatorship : A Research Thread

[Ghoulia]

20 minutes ago, Steel Magnolia said:

Amazing find.

That's the branch of Britney Touring, Inc. that was registered by...Larry Rudolph. 

Here he is!  https://drive.google.com/file/d/1kki_FC_WF3KDt2cQehyhzfNiaF86kaeE/view?usp=sharing

Letters from each of the insurance companies addressed to Britney Touring/Reindeer Management 

[Steel Magnolia]

11 minutes ago, Ghoulia said:

Justification for the lawsuit being filed in New York:

This is gold.

We can now tie the Onyx Hotel tour lawsuit and the WEG lawsuit together via the Larry Rudolph-registered branch of "Britney Touring, Inc."

[Ghoulia]

Stacy Smith is here, too: https://drive.google.com/file/d/1uy_I6t74hi-BerGnqfZD6dsbP5sr3KjP/view?usp=sharing

[RebellionSparkles]

4 hours ago, Steel Magnolia said:

I wonder which branch of Britney Touring, Inc. received the payout?

We're up to five different branches now (I think?)

I'm still slowly picking away at that little angle of the story...I haven't even got to the Newswire stuff yet. 

It doesn’t even have to be Britney Touring. It could be SBJ Insurance Trust, for example.

[SumoCyco2017]

Wouldnt johnny need to get his money from the insurance co and not britney since she tech even if by default of medical reasons fulfilled her contract?

[Steel Magnolia]

2 hours ago, SumoCyco2017 said:

Wouldnt johnny need to get his money from the insurance co and not britney since she tech even if by default of medical reasons fulfilled her contract?

Johnny was under contract for 7.5% of "gross receipts" from all of Britney's LLC's (I think? The percentage went up with one of the amendments. The original contract is pasted further up in the thread).

So Johnny would have to wait to see what the "gross receipts" were at the end of each month to be able to receive his payout from the SJB Revocable Trust and/or the separate LLC's if it occurred prior to 2004.

[SumoCyco2017]

40 minutes ago, Steel Magnolia said:

Johnny was under contract for 7.5% of "gross receipts" from all of Britney's LLC's (I think? The percentage sent up with one of the amendments. The original contract is pasted further up in the thread).

So Johnny would have to wait to see what the "gross receipts" were at the end of each month to be able to receive his payout from the SJB Revocable Trust and/or the separate LLC's if it occurred prior to 2004.

So fishy business was happening before con happened basically

[blackingouthenegativity]

On 3/31/2022 at 6:30 PM, Steel Magnolia said:

Do we even know that it was Uncle Reggie who was the culprit?

That's what our "top cop" from 2003 to 2009, Bryan Spears, claimed in this interview (starts at 14:27)...But is Bryan a reliable narrator?

Was that audit by Ernst & Young provided to Lou M. Taylor when she did the accounting in 2008?

 

I'm trying to summarize the findings in this thread, but just to try and understand how her finances worked pre-Con, so I just have to ask clarifying questions/statements:

So, there were multiple Britney Touring, Inc's throughout the years as well as several other LLC's. Do we know who was in control of each? I noticed in another post that Jamie Spears was the original President of the first Britney Tour Inc in 1998. How long did he have control for pre-con? 

Are we to assume that her net worth has consistently stayed so low is because her family could have been funneling money left and right through the LLC's? 

Britney's uncle Reg was in charge of her finances up until the first year of the Con? 

Am I correct by summarizing that we know all of this information because of the WEG lawsuit? Did their professional relationship deteriorate because of the Onyx Hotel Tour fallout? I also noticed he started managing JT around their breakup. 

What real estate did Britney own during that time? I know Jamie sold a lot of undeveloped property in Louisiana right before he was removed as co-conservator. Britney built and maintained Serenity, owned her childhood home (?), had homes in NYC and LA, a condo in Miami. Am I missing anything? How much money would that drain each year? 

I know Britney invested in a restaurant in the early 2000s and that didn't go well. How much did that hurt her financially? Was there anything else she invested in pre-Con? 

On that note, Jamie Spears failed at so many business attempts. I would have to assume that some of that money must have come from Britney? 

I'm asking a lot of questions that people here may not know, but I just don't get how her finances were considered in "shambles" by Jamie and the Con in 2008. First of all, $40 million is a lot already, but we all know it should have been higher. I refuse to believe that between K-Fed to February 2008 that Britney blew all that much money. It seems like they were draining the money since the very beginning. I'm really hoping Rosengart and the forensic accountants will really weave together a clear narrative on what happened to her money pre and post-Con. 

 

[Steel Magnolia]

39 minutes ago, SumoCyco2017 said:

So fishy business was happening before con happened basically

Yes.

My theory has always been that the CON was created to cover up the fishy business...But that theory has yet to be proven.

The WEG suit has always been the glimmer of hope...It's hard to believe the documents are now available online!

[Steel Magnolia]

51 minutes ago, blackingouthenegativity said:

I'm trying to summarize the findings in this thread, but just to try and understand how her finances worked pre-Con, so I just have to ask clarifying questions/statements:

My answers with an ~~~~~> arrow:

So, there were multiple Britney Touring, Inc's throughout the years as well as several other LLC's. Do we know who was in control of each? I noticed in another post that Jamie Spears was the original President of the first Britney Tour Inc in 1998. How long did he have control for pre-con? 

~~~> Yes. There were multiple branches of Britney Touring, Inc. created after the original in 1998.

We don't know who was in control of each...yet. That's the information that Lou Taylor was tasked with sorting out (or covering up) after the CON was put in place. We know the names of Britney's multiple business managers, but we don't know which LLC they were responsible for, or during which periods of time.

Jamie didn't become the President of any of the LLC's until after the CON became a reality.

Are we to assume that her net worth has consistently stayed so low is because her family could have been funneling money left and right through the LLC's? 

~~~> That's a very strong possibility.

Britney's uncle Reg was in charge of her finances up until the first year of the Con? 

~~~> Bryan led us to believe that Reg was in control until 2003, but we can see that Britney had A+ business managers in place so that statement isn't exactly true.

Reg had Power of Attorney over the Louisiana assets until the CON (e.g. Serenity, the Florida condo, Bridgmore Timber, etc.)

Am I correct by summarizing that we know all of this information because of the WEG lawsuit? Did their professional relationship deteriorate because of the Onyx Hotel Tour fallout? I also noticed he started managing JT around their breakup. 

~~~> It appears that Johnny had always intended to stop being her manager at a certain point in time. The JT breakup seems like a bit of a coincidence, but I could be wrong about that.

We know more information because of WEG, but we already knew bits and pieces.

What real estate did Britney own during that time? I know Jamie sold a lot of undeveloped property in Louisiana right before he was removed as co-conservator. Britney built and maintained Serenity, owned her childhood home (?), had homes in NYC and LA, a condo in Miami. Am I missing anything? How much money would that drain each year? 

~~~> Real estate is an investment, so it wouldn't be a drain apart from maintenance costs (or unless she dumped properties to move them fast), and everything you've named was under the POA of Reg until the CON began.

I know Britney invested in a restaurant in the early 2000s and that didn't go well. How much did that hurt her financially? Was there anything else she invested in pre-Con? 

~~~> Good question! Maybe one of the other super sleuths might be able to help with this one?

On that note, Jamie Spears failed at so many business attempts. I would have to assume that some of that money must have come from Britney? 

I'm asking a lot of questions that people here may not know, but I just don't get how her finances were considered in "shambles" by Jamie and the Con in 2008. First of all, $40 million is a lot already, but we all know it should have been higher. I refuse to believe that between K-Fed to February 2008 that Britney blew all that much money. It seems like they were draining the money since the very beginning. I'm really hoping Rosengart and the forensic accountants will really weave together a clear narrative on what happened to her money pre and post-Con. 

~~~> Same! I can't wait to see Rosengart's forensic audit!

[blackingouthenegativity]

22 minutes ago, Steel Magnolia said:

My answers with an ~~~~~> arrow:

Thanks for answering this! There are so many threads to follow. I am also hoping we can unearth more about the restaurant investment and other business investments. 

[Ghoulia]

What real estate did Britney own pre-con is a good question.

NYC - 14 E. Fourth St. https://nypost.com/2006/07/13/gimme-shelter-79/ 

purchased in 2002 through One More Time Music, Inc  https://drive.google.com/file/d/1OqetwlorUsUBON80CGkmT1ZFAi48HVLB/view?usp=sharing (Bert Padell has Power of Attorney to sign in 02)

sold in 2006 https://drive.google.com/file/d/1OvhNAuzJqIhIeLHdZyfPNPuXPgEfOCPy/view?usp=sharing this time Barry Landsman signs for One More Time Music, Inc.

[Ghoulia]

This is really confusing.  So we already know that Britney owned a large apartment (#1109 & 1110) in the Silk Building 14 E 4th Street, NYC.

According to the land court records for NYC, One More Time Music, Inc sold a third unit (#803) in 2011.  This time, Jamie and Andew Wallet's signatures appear under seller.

I was googling to figure out what the heck was going on with this third apartment.  I didn't find any news/tabloid coverage of it but I did find something else.  

The same address (14 East 4th Street, suite 803) is the address for Dan Dymtrow's attorney in his lawsuit against Taylor Swift. https://drive.google.com/file/d/1Zu1yo8_PCw8hZuCUnUtuazaUjlVYwci8/view?usp=sharing

[SumoCyco2017]

2 hours ago, Steel Magnolia said:

My answers with an ~~~~~> arrow:

So, there were multiple Britney Touring, Inc's throughout the years as well as several other LLC's. Do we know who was in control of each? I noticed in another post that Jamie Spears was the original President of the first Britney Tour Inc in 1998. How long did he have control for pre-con? 

~~~> Yes. There were multiple branches of Britney Touring, Inc. created after the original in 1998.

We don't know who was in control of each...yet. That's the information that Lou Taylor was tasked with sorting out (or covering up) after the CON was put in place. We know the names of Britney's multiple business managers, but we don't know which LLC they were responsible for, or during which periods of time.

Jamie didn't become the President of any of the LLC's until after the CON became a reality.

Are we to assume that her net worth has consistently stayed so low is because her family could have been funneling money left and right through the LLC's? 

~~~> That's a very strong possibility.

Britney's uncle Reg was in charge of her finances up until the first year of the Con? 

~~~> Bryan led us to believe that Reg was in control until 2003, but we can see that Britney had A+ business managers in place so that statement isn't exactly true.

Reg had Power of Attorney over the Louisiana assets until the CON (e.g. Serenity, the Florida condo, Bridgmore Timber, etc.)

Am I correct by summarizing that we know all of this information because of the WEG lawsuit? Did their professional relationship deteriorate because of the Onyx Hotel Tour fallout? I also noticed he started managing JT around their breakup. 

~~~> It appears that Johnny had always intended to stop being her manager at a certain point in time. The JT breakup seems like a bit of a coincidence, but I could be wrong about that.

We know more information because of WEG, but we already knew bits and pieces.

What real estate did Britney own during that time? I know Jamie sold a lot of undeveloped property in Louisiana right before he was removed as co-conservator. Britney built and maintained Serenity, owned her childhood home (?), had homes in NYC and LA, a condo in Miami. Am I missing anything? How much money would that drain each year? 

~~~> Real estate is an investment, so it wouldn't be a drain apart from maintenance costs (or unless she dumped properties to move them fast), and everything you've named was under the POA of Reg until the CON began.

I know Britney invested in a restaurant in the early 2000s and that didn't go well. How much did that hurt her financially? Was there anything else she invested in pre-Con? 

~~~> Good question! Maybe one of the other super sleuths might be able to help with this one?

On that note, Jamie Spears failed at so many business attempts. I would have to assume that some of that money must have come from Britney? 

I'm asking a lot of questions that people here may not know, but I just don't get how her finances were considered in "shambles" by Jamie and the Con in 2008. First of all, $40 million is a lot already, but we all know it should have been higher. I refuse to believe that between K-Fed to February 2008 that Britney blew all that much money. It seems like they were draining the money since the very beginning. I'm really hoping Rosengart and the forensic accountants will really weave together a clear narrative on what happened to her money pre and post-Con. 

~~~> Same! I can't wait to see Rosengart's forensic audit!

Gotta also remember that the family home they lived in b4 serenity was built was sold to a fam member or sold to the estate and taken out of britney's name and put into estates name. 

[RebellionSparkles]

10 hours ago, SumoCyco2017 said:

Wouldnt johnny need to get his money from the insurance co and not britney since she tech even if by default of medical reasons fulfilled her contract?

good question, but no, because 2004 was a huge money making yea for B, even with the show cancellations due to the Ney injury.

The meat and potatoes of Johnny Wrights argument in WEG is "I know you didnt pay my 7.5% commission on a $7M royalty advance in 2002 ($525k), and EVERYONE knows Britney made wayyyy more $$ in 2004, so show me those receipts!

[RebellionSparkles]

12 hours ago, Ghoulia said:

Stacy Smith is here, too: https://drive.google.com/file/d/1uy_I6t74hi-BerGnqfZD6dsbP5sr3KjP/view?usp=sharing

Something was bothering me about this post and I just realized what it is...Johnny Wright's contract started in January 1999. Britney's knee surgery was March 1999. So if Stacy Smith was questioned, she must have been working at the same time as Johnny....maybe this is a stretch, but, to me this means that Stacy Smith is a Lou equivalent (AKA handling the accounting and finance portion of the business). 

However, Team CON lists Bert Padell as the financial/accounting business manger from 1997-March 2003. THIS is actually the part of the story that doesnt sit right with me. 

Believe it or not, Bert Padell is a rather famous (infamous in some circles) accountant. I knew about him, and I dont work in entertainment at all. So, it doesnt make a lot of sense that Britney was Bert's client in 1997, when she wasnt famous yet.  If she were a client, it would have been a favor to a more powerful person.

Bringing it back to my original point, maybe Stacy was the Lou/Bert equivalent through 1999 (or potentially later). If this is true...a BIG IF...that would imply that TEAM CON (in the WEG lawsuit) was trying to hide the relationship with Stacy Smith (AKA, she was helping the family to access britney's cash).

I know this is all fully speculation; but I'm having trouble filling in the story gaps for the early britney careers years.

[RebellionSparkles]

9 hours ago, Ghoulia said:

This is really confusing.  So we already know that Britney owned a large apartment (#1109 & 1110) in the Silk Building 14 E 4th Street, NYC.

According to the land court records for NYC, One More Time Music, Inc sold a third unit (#803) in 2011.  This time, Jamie and Andew Wallet's signatures appear under seller.

I was googling to figure out what the heck was going on with this third apartment.  I didn't find any news/tabloid coverage of it but I did find something else.  

The same address (14 East 4th Street, suite 803) is the address for Dan Dymtrow's attorney in his lawsuit against Taylor Swift. https://drive.google.com/file/d/1Zu1yo8_PCw8hZuCUnUtuazaUjlVYwci8/view?usp=sharing

ohhh wowww this is good sleuthing. we know Dan Dymtrow is related to Taylor Swift. He sued Taylor at one point. I'm going to have to spend some time looking into 803.

But its funny youre bringing up the Silk building because I did a similar search, but for different reasons.

We know from the 2003 Britney Spears Foundation tax return that Reigndeer Entertainment paid for rent directly with Britney's money (rent was ~$50K). This eventually led me to the Silk building as well. Do we know for sure that it was 1109 & 1110? Not 1108 & 1109? There is activity with the apartment 1108 that suggests a straw buyer (not illegal at all...just means someone buying something on behalf of another person. Its not illegal, but it also definitely is not average)...so it stuck out to me.

 

apartment 1108 is currently owned by Believe114e41108 LLC

[Ghoulia]

8 minutes ago, RebellionSparkles said:

Believe114e41108 LLC 

Okay WHAT?????

[RebellionSparkles]

14 minutes ago, Ghoulia said:

Okay WHAT?????

Right????

 

I must confess, I do believe this LLC is related to CON

[RebellionSparkles]

11 hours ago, Steel Magnolia said:

I know Britney invested in a restaurant in the early 2000s and that didn't go well. How much did that hurt her financially? Was there anything else she invested in pre-Con? 

~~~> Good question! Maybe one of the other super sleuths might be able to help with this one?

@blackingouthenegativity the restaurant

It seemed like the restaurant lost $1m-$1.4M; $1M on refurbishments and $350k over budget.

https://www.mashed.com/305303/the-real-reason-britney-spears-restaurant-nyla-flopped/

https://www.nytimes.com/2002/06/19/dining/britney-spears-not-yet-a-woman-already-a-restaurateur.html