Has anyone heard of the situation with R&B Superstar Toni Braxton?
Well, to make a long story short, she filed for bankruptcy twice in the past because of excessive debt.
In her last filing which was in 2010, she settled into a deal with her debtors which stated that she could purchase back 27 songs that were in her music catalog.
Doesn’t this sound like a great deal? Sure it was! What’s the catch?
Well, in bidding for the songs, the risk would be that she could be outbid by someone else who put up more money for them and would automatically own them leaving her with absolutely no rights to them.
This is usually a universal scenario and risk that most who are in her situation must face. But this wasn’t the shocking thing for me, what made me gasp was that they only required Toni Braxton to put up 20,000 dollars in her bid for her music and was outbid by an individual by the name of Ross M. Klein.
How much did this Mr. Klein put up? 500,000 dollars? A million bucks? More than that?
Ross M. Klein outbid the Great Toni Braxton by doubling up her bid and dropping down 40,000 dollars for her songs!
Now what is the first thing that you thought after reading my previous words?
I know what your first thought was…….it was that it shouldn’t be a problem for Toni Braxton to outbid HIM to get her music back right?
But it must have been, because Mr. Klein strolled off into the sunset as the sole owner of those 27 songs UNCHALLENGED!
So she couldn’t come up with a more money than him to keep the full rights to her own music?
We are talking about a person who isn’t a blue collar wage slave, we’re talking about a person who is on reality television shows and has a big family who is drowning in money?
so why wouldn’t one of her sisters jump in and save the day? I mean, even as a business investment it would have made sense to anyone! Heck! If I had a disposable 50,000 dollars I would have made that purchase because I’m willing to bet that her songs will continue to at least keep a slow trickle of money coming in, at worst maybe some company would use one of her songs as a commercial theme.
But why didn’t her family step up to the plate to help out the very person who HELPED THEM get to the world stage as performers?
Now I understand that Tamar is her sister and that after Toni fired Tamar’s husband Vince as her manager on the reality show it wasn’t his responsibility but come ON people!
Something is definitely wrong with them and although this is not a Black/White issue, you won’t find an affluent White family that would let something so precious as a family creation go out to a total stranger!
Now we know that it’s not technically anyone else’s responsibility to bail anyone else or even a family member out, but to lose out on those songs forever is a crime.
Maybe her family knows something that we don’t because she obviously has a problem handling her money after two bankruptcies. But that in itself doesn’t diminish the value of what came into the world musically through her talents. At least salvage the very thing that the world views as having great meaning and value.
But at the end of the day, maybe it’s a personal lesson that she had to learn the hard way, she can still come back and produce some new hits that could possibly put her back financially above and beyond where she was before but she is going to have to work hard to do it.
I’ve heard it mentioned that she might be broke because of her fight with Lupus or the fact that she has a special needs child to take care of. That’s a possibility but many feel that her highly visible lack of funds on her level is the fact that she really was naive about the business end of the music industry and/or what amounted to a slave contract from Babyface.
I can’t say if i know about that for sure but many rumors are circulating indeed about her eye opening story.
But this is to show all who aspire to be an entertainer that it is not about merely getting up on a stage and singing and getting paid. Very few make it to that level over an extended period of time and even if they do, they may still be a few bad decisions away from having to depend on the local soup line to chase away the hunger pangs.
The music business is seriously infested with shysters, sharks and leeches and one will have to make a point to master the business end of things just as much as they have conquered a difficult dance move or challenging vocal. It will surely save one from the embarrassment of a very public fall and ensure that long after the curtain falls that your bank accounts are secure enough to take care of you forevermore due to the fact that you own your own work!
Don’t be fooled! No matter WHAT industry or area of expertise that you intend to focus on, know that there are countless “Mr. Klein’s” lurking about just waiting for you to make a very costly mistake to benefit THEM!
Peace & Righteous Love Always,