<smachat@gmail.com> Mon, Dec 19, 2011 at 12:27 AM
To: Kelley Lynch <kelley.lynch.2010@gmail.com>
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Please email me that document. Thanks.
Sent from my Verizon Wireless BlackBerry
Marty Machat's Letter To Cannon Carter/Irv
Inbox
x
Inbox
Hi Steven,
I found another letter of your father's letter to Cannon Carter/Irving
Trust, NYC dated November 25, 1970. Let me know if you want me to
send you a copy. Content below. The letter I sent Boies Schiller
submitted the check for $30,000. Your father seems convinced that he
owns 15% and Bob Johnston owns 15%. This company then became (in
California) LC Stranger Music which Cohen sold to Sony.
Love,
Kelley
Dear Cannon:
The following are the relevant details on Stranger Music, Inc.
Stranger Music, Inc. is presently owned by a client of ours, Leonard
Cohen, who owns 70%. I own 15% and Bob Johnston of Sincere
Productions, Inc. owns 15%. In order to acquire this ownership we
recently purchased 49% of the stock of the company for $130,000.
Therefore, in my most conservative opinion, the company is worth in
excess of $300,000 but I believe it is worth in excess of $500,000.
We have paid $50,000 on account of the purchase and owe $30,000. The
$30,000 is due December 1st and the balance of $50,000 is payable
$25,000 on July 1, 1971 and $25,000 December 1, 1971. In 1971 we have
in excess of $85,000 in foreign advances coming in in addition to
current income for mechanicals and performances which exceed $50,000 a
year.
Since it is a recent acquisition and we have changed accountants it
will be a little while before I can get you a financial statement on
the company.
As I advised you, we intend to borrow $30,000 in order to meet the
payment due December 1st of $30,000. The $30,000 will be repaid as
follows:
a. I have been advised by Leonard Cohen that our French sub-publisher
has applied through his bank in France for the transmittal of $15,000
which should be in your hands momentarily;
b. The balance of $15,000 will be paid out of current earnings of the company.
Therefore, I would appreciate it if you would place the loan of
$30,000 on the books of Stranger Music Inc. for which I enclose a
promissory note.
Sincerely,
Martin J. Machat
Enclosure
hm
I found another letter of your father's letter to Cannon Carter/Irving
Trust, NYC dated November 25, 1970. Let me know if you want me to
send you a copy. Content below. The letter I sent Boies Schiller
submitted the check for $30,000. Your father seems convinced that he
owns 15% and Bob Johnston owns 15%. This company then became (in
California) LC Stranger Music which Cohen sold to Sony.
Love,
Kelley
Dear Cannon:
The following are the relevant details on Stranger Music, Inc.
Stranger Music, Inc. is presently owned by a client of ours, Leonard
Cohen, who owns 70%. I own 15% and Bob Johnston of Sincere
Productions, Inc. owns 15%. In order to acquire this ownership we
recently purchased 49% of the stock of the company for $130,000.
Therefore, in my most conservative opinion, the company is worth in
excess of $300,000 but I believe it is worth in excess of $500,000.
We have paid $50,000 on account of the purchase and owe $30,000. The
$30,000 is due December 1st and the balance of $50,000 is payable
$25,000 on July 1, 1971 and $25,000 December 1, 1971. In 1971 we have
in excess of $85,000 in foreign advances coming in in addition to
current income for mechanicals and performances which exceed $50,000 a
year.
Since it is a recent acquisition and we have changed accountants it
will be a little while before I can get you a financial statement on
the company.
As I advised you, we intend to borrow $30,000 in order to meet the
payment due December 1st of $30,000. The $30,000 will be repaid as
follows:
a. I have been advised by Leonard Cohen that our French sub-publisher
has applied through his bank in France for the transmittal of $15,000
which should be in your hands momentarily;
b. The balance of $15,000 will be paid out of current earnings of the company.
Therefore, I would appreciate it if you would place the loan of
$30,000 on the books of Stranger Music Inc. for which I enclose a
promissory note.
Sincerely,
Martin J. Machat
Enclosure
hm
