For a music-based celebrity bond, the issuer seeks to put together intellectual property rights of one or various artists to "songs that have stood the test of time", typically "top-40 greatest hits across genres from jazz to rap to rhythm and blues".
[8][9] The downgrade was prompted by lower-than-expected revenue "due to weakness in sales for recorded music" and that an unnamed company guaranteed the issue.
[1] A month later in October, Pullman added to that same bond Duane Hitchings, a songwriter behind popular songs of diverse artists such as Rod Stewart, Tupac Shakur, and Kim Carnes.
[1] The 2005 success of Apple's iTunes and other legal online music retailers has led to a renewed interest in celebrity bonds.
[10] However, a 2011 offering by Goldman Sachs for SESAC bonds based on, among others, Bob Dylan and Neil Diamond, was delayed and ultimately canceled due to lack of investor interest.
[8] Also, Pullman and competitor Parviz Omidvar as of 2012[update] have filed at least 11 lawsuits and countersuits against one another related to songwriter clients.