Re: MJ Estate sues Tohme Tohme / Tohme countersues / Tohme's complaint @pg 14
Still looking into the legalities of "finders' fees." What I've found online so far, can refer to "finders" who work with investment companies, and what is "found" is properties to purchase. Or, the "finder" may find a buyer for a valuable piece of property. It would seem in the case of Tohme, he was taking on BOTH roles? "Finding" a buyer for N/L, and "finding" a property for Colony Capital?
Definition:
@font-face { font-family: "Times"; }@font-face { font-family: "Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: "Times New Roman"; }a:link, span.MsoHyperlink { color: blue; text-decoration: underline; }a:visited, span.MsoHyperlinkFollowed { color: purple; text-decoration: underline; }p { margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: "Times New Roman"; }div.Section1 { page: Section1; } Buying and selling is not always easy, especially if the item in question is a major company or a valuable parcel of real
estate.
Mortgage companies and other
lenders might be anxious to do business with a qualified buyer, but they can't always make the phone calls and do the legwork to find a buyer themselves. This is where a middleman might enter the picture, and his or her financial reward for locating a buyer is often called a finder's fee.
A finder's fee is an amount of money, usually calculated as a percentage, that is given to the person who brings the buyer, seller and possibly
lender together. For many transactions, this fee is negotiated ahead of time and put in writing before the sale is completed. Licensed real estate agents and
mortgage brokers commonly collect a referral fee, which is simply another form of finder's fee. Some fees can be as high as 10 percent of the total selling price, but it's far more likely to earn about 0.5-1.0 percent. This can still be a hefty amount if the transaction is a company buyout or an expensive land deal.
http://www.wisegeek.com/what-is-a-finders-fee.htm
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I remember in the early days after Michael died, Tohme was listed on the Colony Capital site as a PARTNER in the company. It was also stated there that he was an "ambassador," blah, blah. Weeks, or even days, after Michael died, everything related to Tohme
was removed from the Colony Capital site. But, we can assume he's still a partner in that company?
What seems to be at issue here is "double-dipping," in that Tohme "found" a buyer for Michael's property, in a company in which he was a
partner. So on that sense, he collected money from Michael in a percentage of the sale, but he is also an "investor" in the Neverland property. So, how much "finding" was there,
really?
The other huge sticking point is Tohme's refusal, so far, to turn over his financial accountings of MICHAEL'S MONEY, to the Estate. I don't see how anything can move forward with any accuracy, i.e. how much Tohme is "owed," without knowing how much he's already been paid, or TOOK? The Estate is managing Michael's finances, and it would seem they have a RIGHT to see any and all accounts of how that money was spent?
There were statements by Tohme (in media), that he was "taking no salary," and was "helping" Michael. But now we see that he WAS taking a salary, according to the Estate's claims, and finding many other ways to profit from Michael. The sketchy art-sale. The auction was an attempt at "taking." Various other fees and payments, in his multiple roles, i.e. "president of MJJProductions," and so on. The "finders fee," and I'm sure all this barely scratches the surface.