Re: Toto Live Stream Concert
Date: November 24, 2020 12:15AM
Can see a little bit of both sides with regard to Steve P. For example, if he took a cash-out when he left in 1987, then he would not automatically be entitled to a piece of the company NOW unless he paid in to the buyout of the name from the two widows. And by the same token, if and assuming that both Jeff and Mike P. were full members in the corporation, then I think the widows WOULD be entitled to said buyout.
This makes me think there's a little more to it, including accurate payout of live performance royalties or video sync royalties to "Africa" (their cash cow). The fact that there was only a one-day mediation and that Paich/Lukather had to pay out suggests that Susan P. had at least some of that right in a legal sense.
Steve P. has rather generously suggested that it's not at all likely that Lukather (who has been managing the group) was intentionally withholding revenues but rather that he likely got some bad/wrong advice when they re-structured the group management back during the Bobby K. reunion. Lukather himself has said more or less that (without many details) both in his book and in interviews. That has the ring of the truth.
While it's very true that Susan P. doesn't need any of the money, she does have remaining children, and I wouldn't begrudge her at least asking about what that share was worth for them. Likewise, not really fair to ask her current husband, who may have prior children, to separate out his wealth to support those young adults. (Presumably, they'll get some of that when she passes, though).
Steve P. and Steve L. have both obliquely referred to a huge management mistake by Fitz-Hartley, and it would now seem that failure to buy out the family shares at the time was a big part of that. This is business 101, and it needed to happen. There was unfortunately no written agreement such as the Steely Dan members had (and wisdom thereof I can now see).
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