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Someone's Pimping Britney's Ride

3/19/2008 8:37 PM PDT BY TMZ STAFF

TMZ has obtained documents in the Britney Spears conservatorship case, and what's clear is that Brit has too many wheels spinning.

The commissioner signed an order giving the co-conservators the power to sell some of Brit's cars. And get this, the Britster owns seven -- count them -- seven cars.

According to the documents, the cost of maintaining the vehicles is steep, what with insurance, maintenance and storage costs. The conservators say selling some of the rides "will save substantial expenses to the conservatorship estate."

The company that will sell the cars is going to make a sweet 5% commission.

111 COMMENTS

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76.

Not sure about all of this    

Ok, I don't understand some things. First let me say that I am glad that her parents stepped in and took over before she ended up with nothing. I just don't understand why her dad needs 2500 a week to take care of her and another 1500 a week for a car. They seem so worried about her going broke but yet he takes 16000+ a month for himself. Why does he need that much? Also, are they really allowing him to buy a restaurant with that dumb ex-husband of hers or is that just rumor because I don't think that she should have to pay any of that, I really hope someone is watching her money and that she is not getting taken advantage of. I can't imagine a family doing that to their own child but money can make people evil.

2352 days ago
77.

MartinD28    

I wonder when this pop, rap, and hip hop era will finally be over. All genres end eventually. Perhaps only the bad ones take longer. If you like this stuff please realize that you are listening to a digitally enhanced monotone repetitive drone vocal layered on top of a drum machine dominated computer generated rhythm track. Success and wealth should only be bestowed on true artists such as singer songwriter virtuoso instrumentalists.

2352 days ago
78.

.....    

Very sad and very true MartinD28. With all the equipment anyone, ANYONE, even those who are mute, can be a singer.

2352 days ago
79.

marilyn    

Hey kids..her net worth supposedly has depreciated from 120 mil to 40 mil since her craziness began.

Say what you want about dad and the other conservators but since he stepped in...she is actually behaving in a somewhat normal life and most importantly... SHE IS SEEING HER KIDS!

Someone has to clean up the mess she has made. As I said before.. she has no concept on money,

Good loord.. she was staying at expensive hotels nitely and she had 2 homes in the area. There was a lot of looniness going on there to be straightened out. And dad is only getting paid about what he was making as a chef (according to L&S )

Those of you who are parents would understand that you love your child more than money ( tho she was supporting her mom aka manager ) but not Dad. He was on his own.

If there is any hope for this girl....he is the answer.

That said....what happens after he leaves. I don't think , when even sane, that she is the smartest cookie ....plus her reality is not ours.

Be interesting to see what happens as K-fed is going to starring on Broadway in Legally Blonde and there is that taking the kids out of state thing. Supposedly the grandparents are going to help out. At least he is getting a job. Maybe she will get to see them even more tho I think she still has to have her dad an a monitor there.

2352 days ago
80.

tigerlepord6    

she should not have more than 2 cars that crazy person. take away 5 of them. and if she fails insurance payments big deal. just put her stinkin car in impound.

2352 days ago
81.

tigerlepord6    

WHO DIED AND MADE BRITNEY QUENN OF THE WORLD.

2352 days ago
82.

Bella    

While everything lawdawg and other posters stated is correct, and the conservatorship is currently making positive strides in getting Britney and her life back on track, the efforts are only temporary. I question her ability in the future to make sound decisions long after the conservatorship ends. She is young, and has a long life ahead of her. Unless "she" changes her past way of thinking (and only she can do this), begins to "trust" again, ends the defiant, stubborn attitude, and accepts the professionals put in place now, and retains them to assist her in the future, she will relapse into past behaviors, and all current efforts will be lost. These obstacles will be life long battles for her, and I hope she can find the strength within to change her thought processes. If she does not, all phases of her life both professionally and personally, will dissipate along with the children and funds. Bella

2352 days ago
83.

OCD    



Although it sounds intrusive and mean-spirited on the surface, the Conservators are obviously trying to get a handle on her financial security. It's fine to have a fleet of cars if you are Jay Leno and can afford it, but when the funds are gushing out and trickling in, there's going to be an inevitable drought unless someone sticks their finger in the dam.

It is unfortunate that Britney is personally unable to handle her affairs herself and that she has put her trust in "advisers" who apparently either gave no thought to where the money was going. Who knows? Maybe they gave up trying to get her to see reason....like all of her attorneys.

She needs help and one would hope that she (eventually) is thankful for it.

2352 days ago
84.

Dee    

Yeah Becky #59 -- that is what I was trying to say too. Thia person, citizen - human being, Britney Spears, is entitled to the return of her personal estate in the same condition as when she lost control & right on to your brother being an honorable man for your dad's estate.

And rancelot at #68 makes a great point - there actually is a possibly, logically, pretty good reason for Britney buying all those cars - and not just the 'she must have been crazy' excuse that Paris Nauseates Me came up with. Lots of people posting point out that maybe she bought the cars when she was not having these problems - with a legit purpose - and isn't the the United States of America? Why are you so certain that she bought the cars because she was "drugged" and why is buying a fleet of really hot cars "to prove you can" such a bad thing? They cost only a small fraction of her net worth- and an even smaller part of that to keep them.

And it seems to me, when Paris says that Britney is "addicted to litigation" -- she is defending the legal issues. Did you see how much the lawyers are charging, for god's sake? I know about what would be reasonable, and the charges were way off - no matter how famous she is. She kept spending and spending to fight for custody of her kids - wouldn't you? And the current fees are from the conservatorship. She does not want that - no one would - and that's for sure.

Who knows - maybe Britney reads these things.
Hey Britney - while it is not practical for you to go to college -- get into acting lessons or something new and good. Not to insult you that you can't act - but every great actor/actress takes lessons and has coaches after they make it. Prove to everyone that you can re-invent yourself. And in my personal opinion, you should lay off the hooker themes for your songs. Get some music/dance/style consultants and start again. You're young.

2352 days ago
85.

it takes a molester    

Keep the home fires burning marilyn, britaculous, lawdawg, DIANE T. and ParisNauseatesMe.

2352 days ago
86.

sandykay    

She may have Sam and the other loser's in her life driving them and Daddy wants to stop it. Or maybe it is costing to much money,

2352 days ago
87.

ParisNauseatesMe    

Re comment Posted at 4:08PM on Mar 20th 2008 by Dee
“And it seems to me, when Paris says that Britney is "addicted to litigation" -- she is defending the legal issues. Did you see how much the lawyers are charging, for god's sake? I know about what would be reasonable, and the charges were way off - no matter how famous she is. She kept spending and spending to fight for custody of her kids - wouldn't you? And the current fees are from the conservatorship. She does not want that - no one would - and that's for sure.”
Oh puh-leeze. B Spears started all these proceedings all by herself, didn’t show up when she was supposed to half the time, didn’t keep appointments, and kept jerking everyone around.......and she sure as hell wasn’t fighting for custody of her kids. She was doing everything in her power to make it “look” that way, but the reality is that it just made good press. And the end result of her petulant tantrums is the high attorney bills.
And just what do you think will happen, Dee, if the court disbanded the conservatorship. Think it out and let us know.
This saying has a lot of merit: “You made your bed, now you lie in it.”

2352 days ago
88.

Stop Blaming the Paps For Everything Brit Does    

To Dee ... Just a quick note before I start the commute home. I appreciate your views. You do make some fair observations, and I would be honored to be your adversary in court. However, I don't think we are going agree on this.

You argue that my analysis in my post last evening is flawed, but don't elaborate. I made a number of points, so you need to be more specific about what you think is deficient. The use of discounted cash flow as a valuation of an income stream is pretty much Finance 101 taught at all the B-schools and is the foundation for appraisals, solvency opinions, and fairness opinions rendered by Merrill Lynch, J.P. Morgan, Houlihan Lokey and everyone else in the financial industry. Many court opinions recognize the validity of the method as a valuation. So unless I'm mistaken, you aren't taking issue with the DCF analysis.

You ask why aren't the co-conservators doing anything to improve Britney's business interests, to improve her bottom line on the P&L, but from my vantage point that is preisely what they are doing. Britney doesn't have a lot of investments, as discernable from the financial statement she filed last year in the DR proceeding. She clearly doesn't really have many hard assets - the timber land, three or four houses in fee simple, those kinds of assets. The overwhelming majority of her income is royalties, and that is why I beleive her net worth is being estimated from projected future income. I (and many others) see those revenue streams as declining. I think the co-conservators and co-trustees are restructuring her assets with the goal of providing greater investment income, out of concern that Britney's career may not be revived or she may never again attain what she earned in her peak years. They want to make sure that her investments will provide for her in the event she cannot work again.

What a lot of people have lost sight of (or never understood in the first place) is the role of the SJB Revocable Trust in all this. The goals of a trust are very different from those of a conservatorship. The trustees are charged with investment of the principal, and are empowered with very broad authority manage and grow the assets, including the power -- and even the obligation -- to convert assets to more productive use. The goal of the conservatorship, as you noted, is simply to preserve the estate as it is. Here, we have the intersection of the two -- from the dcouments filed in connection with the requst to appoint Bryan and that other successor trustee (I forgegt his name), it is clear that the trust holds the bulk of Britney's income-producing asst, apparently through ownership of the various entities that hold music and/or producing rights. As you will notice in the application that TMZ posted above, some of the automobiles are actually held by the trust, and the application to sell is made on behalf of the co-trustees as to those vehicles. The proceeds from teh sale of trust assets, of course, are remitted to the trustees and become trust principal. I believe they will be re-invested. I don't share your skepticism, and that is where I think our fundamental disagreement lies.

I respect and can understand your views about Commissioner Goetz. I don't practice in LA, so I will take your word about her arly performance on the bench. However, her experience in corporate litigation probably gives her a leg up in understanding what the co-conservators and co-trustees are trying to accomplish, and it may well be that she is in her element here. We don't have the benefit os hearing or reading the argument made or evidence proffered during the closed door part of the hearing, so I think you have to agree with me that we don't have any insight into what she based her ruling on.

Anyway, we have different perspectives and will simply have to agree to disagree. So long for now, I'm heading home from the office.

2352 days ago
89.

Stop Blaming the Paps For Everything Brit Does    

And I sincerely apologize for the many typos in my previous post. Hey, that is why I don't do my own word processing.

2352 days ago
90.

Lily    

I'd really like to start my comment off by thanking lawdawg for some very intelligent conversation on this blog...Thank you...!

I do believe that Commissioner Goetz is moving this conseratorship in the right direction for Britney Spears. I believe her father has her best interest at heart. There have been checks, and balances put into place by the court to also monitor Mr. Spears.

Hopefully Britney is on the right path, and is getting all the help she needs......Thank God her parents stepped in before something tragic happened.

2352 days ago
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