Post by Xman on Jul 6, 2005 0:00:53 GMT -5
Ahundred years from now I won't be blue... No but you will be DEAD TOO!
Well here is a snipit of the Prealey sale ol Lisa forgot to mention . I will enclose the link at bottm to the full disclosure.
The Graceland Lease
We have entered into a 90-year lease with The Promenade Trust for the Graceland mansion, under which we have the exclusive right to conduct all business operations of and at Graceland, including receipt of all revenue generated in connection with such operations. At the end of the term of the lease, The Promenade Trust has the right to reclaim the mansion property. We prepaid approximately $3.0 million of rent at closing of the acquisition of the Presley business, and will make monthly payments of $1.00 per month during the term of the lease. Under the terms of the lease, we are responsible for all costs and expenses arising from or related to the operation of Graceland. We have also acquired all worldwide rights, title and interest in and to the name "Graceland," which name may be used at additional themed locations as well as at the Graceland mansion in Memphis, Tennessee.
We have also entered into a license arrangement for the use of personal items which were owned by Elvis Presley at the time of his death and which are currently owned by The Promenade Trust. Under the terms of the license, subject to certain limitations, we have the right to use such items, including the right to move and display such items, in furtherance of the Presley business.
Series B Convertible Preferred Stock
As part of the consideration for the contribution of The Promenade Trust's assets, we issued 1,491,817 shares of Series B Convertible Preferred Stock valued at $22,825,000. The terms of our Series B Convertible Preferred Stock are described elsewhere in this prospectus under the heading "Description of Capital Stock–Series B Convertible Preferred Stock."
Series C Convertible Preferred Stock
As further consideration for the contribution of The Promenade Trust's assets, we issued to The Promenade Trust one share of Series C Convertible Preferred Stock valued at $10.00. The terms of our Series C Convertible Preferred Stock are described elsewhere in this prospectus under the heading "Description of Capital Stock–Series C Convertible Preferred Stock."
Priscilla Presley Transaction
In connection with the acquisition of our 85% interest in the Presley business, we acquired from Priscilla Presley all commercial rights held by Ms. Presley to use the name "Presley" in connection with our use and exploitation of the assets acquired from The Promenade Trust, as well as all of Ms. Presley's rights, if any, to the name Graceland. The purchase price for the rights acquired from Priscilla Presley was $6.5 million, with $3.0 million paid in cash at the closing and $3.5 million paid in the form of an eight year subordinated promissory note. The promissory note bears interest at a rate of 5.385% per year and requires annual payments of $550,000. We have also entered into a new ten year consulting agreement with Ms. Presley pursuant to which she will be paid $560,000 per year in exchange for consulting services.
ir.ckx.com/EdgarDetail.cfm?CIK=793044&FID=1047469-05-17840&SID=05-00
Well here is a snipit of the Prealey sale ol Lisa forgot to mention . I will enclose the link at bottm to the full disclosure.
The Graceland Lease
We have entered into a 90-year lease with The Promenade Trust for the Graceland mansion, under which we have the exclusive right to conduct all business operations of and at Graceland, including receipt of all revenue generated in connection with such operations. At the end of the term of the lease, The Promenade Trust has the right to reclaim the mansion property. We prepaid approximately $3.0 million of rent at closing of the acquisition of the Presley business, and will make monthly payments of $1.00 per month during the term of the lease. Under the terms of the lease, we are responsible for all costs and expenses arising from or related to the operation of Graceland. We have also acquired all worldwide rights, title and interest in and to the name "Graceland," which name may be used at additional themed locations as well as at the Graceland mansion in Memphis, Tennessee.
We have also entered into a license arrangement for the use of personal items which were owned by Elvis Presley at the time of his death and which are currently owned by The Promenade Trust. Under the terms of the license, subject to certain limitations, we have the right to use such items, including the right to move and display such items, in furtherance of the Presley business.
Series B Convertible Preferred Stock
As part of the consideration for the contribution of The Promenade Trust's assets, we issued 1,491,817 shares of Series B Convertible Preferred Stock valued at $22,825,000. The terms of our Series B Convertible Preferred Stock are described elsewhere in this prospectus under the heading "Description of Capital Stock–Series B Convertible Preferred Stock."
Series C Convertible Preferred Stock
As further consideration for the contribution of The Promenade Trust's assets, we issued to The Promenade Trust one share of Series C Convertible Preferred Stock valued at $10.00. The terms of our Series C Convertible Preferred Stock are described elsewhere in this prospectus under the heading "Description of Capital Stock–Series C Convertible Preferred Stock."
Priscilla Presley Transaction
In connection with the acquisition of our 85% interest in the Presley business, we acquired from Priscilla Presley all commercial rights held by Ms. Presley to use the name "Presley" in connection with our use and exploitation of the assets acquired from The Promenade Trust, as well as all of Ms. Presley's rights, if any, to the name Graceland. The purchase price for the rights acquired from Priscilla Presley was $6.5 million, with $3.0 million paid in cash at the closing and $3.5 million paid in the form of an eight year subordinated promissory note. The promissory note bears interest at a rate of 5.385% per year and requires annual payments of $550,000. We have also entered into a new ten year consulting agreement with Ms. Presley pursuant to which she will be paid $560,000 per year in exchange for consulting services.
ir.ckx.com/EdgarDetail.cfm?CIK=793044&FID=1047469-05-17840&SID=05-00
