We remain the most disciplined and michael jordan business investments manager in a unique asset class, with a keen eye on portfolio diversification, focused on exemplary, low volatility returns. There is no ramp up period required to realize free cash flow. Additionally, music copyrights and master recordings don’t typically risk default or the potential for destruction. The Concord Music publishing team manages more than 380,000 songs acquired from hundreds of gifted songwriters, performers and producers.
Continuing advances in technology and global commercialization introduce still more opportunities to generate incremental licensing revenue. And growth of global distribution channels further contributes to incremental cash flow. 2015, now has 38 million paid users. 2017, now pacing 25 billion views per month.
Concord Music is its global operating company: an independent, worldwide music marketing, licensing and distribution trendsetter, dedicated to the content in which Alchemy invests. Our team has closed about 125 unique acquisitions since 2006, making Alchemy by far the most experienced independent manager in this royalty strategy. As global consumer and commercial demand for music rapidly expands and evolves, we are the most disciplined and resourceful manager in a unique asset class, with a keen eye on portfolio diversification and stability, focused on exemplary, low-volatility returns for our investors. Ex-ATO deputy commissioner Michael Cranston’s trial will take place on January 21, 2019. Former Tax Office deputy commissioner Michael Cranston, whose son and daughter are implicated in large-scale tax fraud, will stand trial for several weeks in January next year. Mr Cranston is not accused of being a co-conspirator to the alleged fraud but is facing charges of having sought to obtain information in his capacity as an ATO officer with the intention of “dishonestly obtaining a benefit for another person, Adam Cranston”. During a brief mention at the Downing Centre on Friday, Mr Cranston’s trial was set down for January 21, 2019, and is expected to run for two or three weeks.
100 million appears to have disappeared from Plutus Payroll, the company at the centre of the alleged fraud. Both Adam Cranston and Lauren Cranston are among those charged as co-conspirators. According to police documents, genuine wages from legitimate employers were siphoned through Plutus into a series of tier-two companies manned by straw directors. The syndicate allegedly kept some of the pay-as-you-go withholding tax and superannuation that should have been passed on to the ATO in these tier-two companies. The money was allegedly spent on luxury homes, cars, motorbikes and aircraft. As the scheme was unravelling, police allege Michael Cranston tried unsuccessfully to access information about an ATO investigation into Adam’s company, private equity firm Synep, which purchased Plutus in mid-2016.
Michael Cranston quit the ATO last June. But his association with the alleged fraud has rocked the organisation and Commissioner Chris Jordan last month announced the appointment of Simon Longstaff as the agency’s new integrity adviser. Dr Longstaff is currently the executive director of The Ethics Centre, a non-profit organisation that offers education, counselling and consulting services for people struggling with ethical questions. He will work with the ATO for a maximum of 35 days a year. Mr Jordan previously told a Senate committee that Mr Cranston’s alleged behaviour had damaged the ATO’s reputation.