Partnership Shares
by David Thomas
Posted August 2 2021
As the groundwork for a Master Agreement, which will be based on the June 20 2021 Agreement and will survive my demise, I allocated Partnership Shares / Votes.
The signatories to the June 20 2021 Agreement are Tony Maimone, Allen Ravenstine, Tom Herman, Mayo Thompson, Robert Wheeler, Michele Temple, Chris Cutler, the beneficiary of the Tim Wright and Peter Laughner estates, Graham Dowdall, Keith Moliné, Anton Fier, Eric Drew Feldman, Darryl Boon, Steve Mehlman and Dave Cintron. It embodies 'The Rules' of Ubu Projex as set out over the last 40 years.
The Shares / Votes are determined by
- Number of studio albums recorded;
- Cash contributed1;
- Work contributed2.
1 - Allen Ravenstine, Tony Maimone and myself contributed $15,000 each to buy back the first albums.
2 - For the last twenty years, as manager, I have borne the tax liability and all work of keeping Ubu Projex functioning. The previous manager took a 20% commission on all income as his earnings and deducted operating expenses from the balance of royalties and payouts due to musicians. I have taken nothing personally and from a 20% commission paid the operating expenses. Steve Mehlman and Robert Wheeler worked for our mail order arm.
The Partnership Shares / Votes are:
Henceforth, I will take 20% commission as personal earnings and deduct operating costs from the balance of royalties or other income owing to musicians in line with the arrangement for Manager of Ubu Projex as set out in the contract with Nick Hobbs.
