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Published on 04/11/2016
Published on 11/19/2015
Family Members Press Bossa Nova Star João Gilberto on R$ 5 Million Loan
06/30/2017 - 10h11
MARCO AURÉLIO CANÔNICO
Bossa nova star João Gilberto, 86, who has been facing financial difficulties, is being pressed in opposite directions by members of his family on whether or not to pay back a R$ 5 million (US$ 1.5 million) loan.
On one side of the argument is Claudia Faissol, the mother of Mr. Gilberto's youngest daughter. She believes that he should pay back the loan and has reached an agreement with the bank to broker the negotiation.
On the other side are his older sons: João Marcelo and Bebel Gilberto. They believe the contract's terms are exploitative and that Faissol has ulterior financial motives to settle, and have decided to hire lawyers to try to stop the negotiation.
In 2013, João Gilberto signed a contract with Opportunity and since he had canceled a tour back in 2011 it was a time of financial unrest. Since he had been given a million-dollar advance, he was sued and lost the lawsuit.
The contract stipulated a R$ 10 million (US$ 3 million) loan that would be paid back in two installments. The first installment was paid back the day the deal was signed; it's the second installment that is still pending and is the subject of the dispute.
According to the contract, the bank now owns 60% of the proceeds from Mr. Gilberto's first four CDs.
Opportunity also assumed the singer's legal expenses in his dispute with EMI for unpaid royalties and for releasing unauthorized CDs, in order to receive half of the settlement which has yet to be decided by the courts.
R$ 5 million (US$ 1.5 million) will be knocked off of JG's half, which doesn't include the 6% interest rate. For brokering the negotiation, Ms. Faissol will be entitled to 5% of Opportunity's half of Gilberto's legal settlement, as well as 10% of the bank's proceeds in connection to his CDs.
"She tricked an elderly man. She belongs in jail", said João Marcelo Gilberto. "All the rates were settled between the bank and the lawyer who was in charge at the time", said Ms. Faissol.
Translated by THOMAS MATHEWSON
|João Wainer - 29.set.1999/Folhapress
|Bossa nova star João Gilberto