anguyen92 wrote:Ubik wrote:That sucks heavily. Wonder what the repayment terms are like, whether it's just fixed payments or based off band income.
I think the way I believe it could be set up is this. They have a statement from a bank on how much they need to pay off plus interest where the interest has to be made in payments whether it is monthly or yearly. The bank is not too worried about when the whole sum is paid off as long as the interest keeps getting paid off.
Eventually, whatever piece of that pie is left that they made from touring should go towards the band to do what they please with it, and they, like regular average joes, has other stuff to deal with before chipping off that debt, like paying bills like house and car, supporting their families, etc. Only after all of that is said and done, whatever is left of that pie can be used to chip away of that debt and given the state of this bloody music industry, no wonder after 10.5 years of buying out of that contract and getting that loan, they are only halfway through. That's a harsh reality.
Just a random bump. You know, after me and my family decided to take in a car loan in my name in order for us to get a new car, I sorta finally figured out why the loan, that AB took in to pay off the Windup contract, is taking more than 10 years to get only halfway there. I mean I would not be surprised that to get the loan to pay off Windup, they talked with their bank and negotiate that they will pay off this loan off within 20 years making equal monthly payments at a certain interest rate. This way, the band would not be resorted to go broke broken where they cannot support their families. I think I am surprised, given the volatile nature of this music industry, that the bank did gave AB the loan thinking that these guys would be good for it to pay off the monthly installments.
I mean at this point, given that we are over 12 years after they left Wind-Up, if they have the funds to pay the remaining debt in full, they have the option to do so, but given, once again, the unpredictable nature of this music industry, and given that their priorities when it comes to making a living is supporting their families first, I'm sure that the AB camp is content with making the monthly payments on time for the time being.
Here's to hoping that the "A Dying Machine" novel can go beyond selling 3,000 copies of the novel via Fret12 and that it gets a publishing deal and any other lucrative opportunities (like a tv series, movie, whatever) comes its way.
In hindsight, that post that Abw1987 made when Windup got bought by Concord Bicycle Music when talking about the loan to pay off Windup in 2006 makes much more sense now.