Time – 1970’s – 1990’s
Place- London
Aim – Avoid Having A Hit Record.
Why – The company Would Go Bankrupt
Onest Records
commenced its journey in the early 1970s. At first glance, Onest seemed like any other record label, with one significant distinction it was built around the unusual goal of avoiding producing hit records.
Heading the company was “Buck Holder,” a small man with a notably robust midsection, somewhat reminiscent of Billy Bunter. His head appeared to sit directly on his shoulders, devoid of a visible neck. Buck sported oversized black-rimmed glasses, which he habitually removed when engrossed in reading. His beard concealed his naturally imperfect face.
Remarkably, he never wore socks, attributing this to his difficulty in bending down to put them on. He possessed a booming, authoritative voice, which created the impression that he was perpetually right. Buck also saw himself as utterly irresistible to women, a characteristic of his vivid Walter Mitty-like existence. In the music industry, where individuals often indulge in elaborate daydreams and fantasies of their own accomplishments, Buck Holder was an exceptional member of this fraternity.
He boasted about his involvement in the success of virtually every major music event from the era of the Beatles onward. No matter what topic came up in conversation, he would assert his substantial influence in its origin or ultimate outcome. His claims became the stuff of legends.
The inception
Onest Records came while Buck attended Midem, the renowned international music networking event held annually in Cannes every January. This journey began after he had recently lost his job at a record company due to a mishandling of petty cash. In search of fresh opportunities, he embarked on a trip to The south of France.
It wasn’t long before he crossed paths with a relatively small yet successful European record company. Employing his distinctive approach, Buck persuaded them of the prestige that would come with establishing a UK office and becoming an outlet for their music. This proposition greatly impressed the prosperous European organisation, leading to the swift establishment of an office in London and the recruitment of staff.
Buck voluntarily accepted a modest salary, which conveyed his dedication to the new venture and pleased the investors. However, he wasted no time in supplementing his income by discreetly allocating extra expenses from the company’s funding budget, initially designated for office operations, staffing, and product development.
This arrangement enabled Buck and Onest to secure direct licensing agreements with other record companies across Europe from their UK base. During those times, a London-based record company held a prestigious status second only to those in the USA. Territories like Germany and France were willing to offer substantial advances for three-year deals on UK music products, hoping that a hit would emerge during that period. Countries such as Italy and Holland provided only modest advances, but the cumulative effect of multiple small advances was significant.
Once Onest Records had solidified these agreements, the same strategy could be employed with publishing companies across Europe, bolstering their financial resources. With funding in place, the revival of the record company was in full swing.
The next objective was to further boost Buck Holder’s salary. Exploiting the fact that the head office was based in mainland Europe, invoices for manufacturing could be easily manipulated. Despite a minimal number of actual records being pressed and stored in the office basement, the invoices portrayed substantial quantities being manufactured and distributed.
The Publishing Fiddle
Additionally, a generous promotion budget, which was even more susceptible to manipulation, contributed to the rapid growth of Buck’s personal income, now securely in place. As product flowed in from the head office, Buck went through the motions of a full release. A small mail-out was sent to regional commercial radio stations, allowing Buck to report exaggerated claims of interest from obscure UK locations, unverifiable by the head office.
A One Man Band
Every decision rested with Holder; there was no room for input or influence from within the UK company. This was undeniably a one-man operation, and no one suspected anything. Buck had meticulously orchestrated the entire organisation for his personal gain. However, there was one glaring vulnerability in this master plan. If a hit emerged in the UK, it would almost certainly find success in many other global territories. While there would be sufficient revenue to pay artists their UK royalties, the licensees had already paid Onest in advance, which would be offset against any payments owed from them to the UK label.
Consequently, there would be no way to fulfil the artists’ full royalties from international sales. Buck understood that with the prospect of failure, he could ultimately achieve great success. Buck’s plan had some exceptions that also played to his advantage. For instance, when the head office in Europe had a hit that they then passed on to Onest Records in the UK for release, and that record entered the charts, Onest only had to share the UK revenue.
Not Always
This scenario did occur on occasion, bringing joy to the European company as they celebrated a chart entry in the UK. It also reaffirmed their confidence in Holder’s capabilities, further elevating the label’s reputation. In the early 1970s, I issued a lease to Onest for a record that I recently produced. I received a modest advance and was delighted to secure a release through them.
A Taste of Honey
Buck had recently hired a young and attractive woman named “Honey” to promote. their records to radio stations. Despite her limited experience in record promotion, this proved to be a significant asset for the label. Honey had a strong affection for the record I had entrusted to Onest, and she assured me that she would put in considerable effort to get it on the radio. In just two weeks, she called me with exciting news — she had successfully secured a spot for the record on Radio One’s playlist.
Every day, I tuned in to hear my record playing on the radio. In next to no time, we found ourselves at the top of numerous radio playlists across the UK, and I became increasingly convinced that we would soon secure a place on the charts. Eager to see my record in stores, I visited numerous record shops in London, hoping to purchase a copy, only to be met with the disappointing news that they didn’t have it in stock. I reached out to several friends living in different parts of the UK, asking them to check their local record stores for a copy, yet none of the stores had the single available.
Frustrated by this situation, I called Buck to apprise him of the issue. His response was an impassioned monologue about how shops ordered from distributors, deliveries occurred on specific days, and the logistical challenges of getting records into every shop across the country, among other explanations.
After a few weeks, the radio ceased to play the record, and it transformed into what was commonly referred to as a “radio hit. It did strike me as peculiar that other record companies could consistently supply their records to stores with ample radio play support.
Hearing is Believing
Unaware of Onest’s operational master plan at the time, I accepted Buck’s explanation. I went on to release several more records with Onest, only to encounter the same problem of the records failing to reach the stores. This situation left me with a growing sense that something was amiss, although I had no inkling of what that might Honey grew increasingly frustrated as the records she managed to get on the radio failed to chart.
Honey Leaves The Nest
After two years, Honey received a job offer from a new, small independent label. Coincidentally, this opportunity came at a time when her husband was angered by rumours circulated by Buck, insinuating a more intimate relationship between Honey and the company.
In an attempt to dissuade her from leaving, Holder claimed to possess insider information about the new label’s impending bankruptcy. However, this alarming suggestion did not deter Honey.To her credit, the small label she joined soon became one of the most successful in the world, with Honey establishing herself as one of the country’s finest record pluggers. In 1982, Honey transitioned to freelance work and remained at the pinnacle of her profession until her retirement.
Keeping The Grip
Holder had a deep passion for travel and dedicated a substantial amount of his time visiting various licensees worldwide. His interests extended beyond travel to include fine dining, wine, pursuing romantic interests, and enthusiastically boasting about his delusional life achievements. He routinely phoned the UK office several times a day to maintain a tight grip on his empire.
Curtains Close Down The Ego
On occasion, he would invite a staff member to accompany him on his travels, although it seemed only male colleagues accepted his invitations. Ted, the office product manager, found himself invited to spend a week in Holland with Buck. During their trip, Holder insisted on visiting the De Wallen district, Amsterdam’s largest red-light area.
As they observed the women in the windows, Holder became particularly interested in one of the young ladies. He discreetly suggested to Ted that they should reconvene at the hotel later. Nevertheless, Ted feigned heading back to the hotel and secretly observed from a distance to see if Buck would indeed enter the establishment. As Buck approached the window, the young lady promptly closed her curtains, leaving Holder in an awkward and embarrassing situation, prompting him to walk away.
The Secret To Insomnia
While most people couldn’t sleep at night if they had wronged another person, Buck was the complete opposite. He found solace in a peaceful night’s sleep only when he had taken advantage of someone during the day. Remorse was a foreign concept to him. His avarice knew no bounds.
Merry Humbug
When Christmas bonuses arrived from the head office for the staff, he would pass on only a fraction of the total amount, hoarding the rest for himself.
A Car For Two
Holder had patiently waited for three years to purchase a new black Range Rover with a matching interior. Upon finally receiving it, he promptly sold the vehicle within the first week, turning a profit higher than what the company had paid for it. Recognising the extraordinary waiting list for this car, he knew it would sell immediately at an inflated price without any hassle. On the same day, he repurchased the same make of car from a local dealer, forgoing the matching interior and pocketing a tidy sum of five thousand pounds.
During a particularly indulgent lunch, Holder attempted to impress a young woman he believed he had a shot with. Inebriated, he rashly offered to buy her a new car, leading him to devise a scheme to fulfil this promise. Ted, who regularly renewed his company car every August, was instructed to meet the young lady at the car dealership. Ted was to trade in his car valued at nine thousand pounds, while the young lady’s car, worth only five hundred pounds, was also traded in. Ted bought a new car for eleven thousand pounds and a second car for twelve thousand for the young lady.
The total cost added up to twenty-three thousand pounds, minus the deposit from the trade-in, leaving Ted to write a company check for thirteen thousand five hundred pounds, which, on the books for the European head office, appeared reasonably priced for a new company car.
The young lady was overjoyed but made it clear she had no intention of giving Holder what he desired, emphasising that not even for a million pounds and a ton of the Devil’s dandruff would she entertain such a notion.
Praise & Insults
Ted was never a staunch supporter of Holder, but his need for the job compelled him to endure. During a Christmas office lunch, as the festive spirit filled the room, various staff members made speeches. Some of his colleagues, keen on securing their positions for the upcoming year, raised their glasses to toast Buck, praising him for being a wonderful leader and claiming that their jobs hinged on him.
They emphasised how fortunate they were to work for him. Although, things took an unexpected turn. Ted, who had been quietly consuming a bit too much alcohol, watched as another staff member compared Holder to the long- standing leader Fidel Castro. The speech concluded with a call to raise their glasses to ‘Fidel.” At the end of the table, Ted blurted out, “I agree, let’s hope we can all share in the fiddle one day.”
Buck left the lunch a bit earlier than most of the staff. By that point, Ted, inebriated, rose to his feet and declared, “I would also like to make a toast to Holder, without whom none of this would have been necessary.”
Happy Hoildays
Buck managed to persuade the head office that Onest should organise a competition to motivate the representatives from the sales and distribution company they employed. The prize was a Caribbean holiday for two. The head office agreed to this idea, and the competition was put into action. Strangely, the winner was never announced, yet Buck and a companion enjoyed a paid vacation in Barbados.
Music Scales Around The World
Buck’s rhetoric never ceased to astonish me. On one occasion, he played me a terrible record he was about to release, which the head office had licensed from Brazil. He asked for my opinion, and I pointed out that the singer was singing out of tune. His response was rather baffling, as he retorted, “KD, don’t you know anything? She is singing in the Brazilian scale.” I couldn’t help but quip, “It’s a shame the musicians weren’t playing in the same scale.”
Time To Make Real Money
In the late seventies, I frequently encountered a young producer named Larry at the Onest office. He operated a small record label from his home and sought Buck’s assistance in distributing his music through Onest’s European licensees.
Whenever Larry released a new record, he would play it for Holder in an attempt to persuade him to secure a European release. Initially, Buck showed little interest because Larry already had his own setup in the UK, and the contemporary electronic music Larry was creating was not on his radar.
Once the music publications began to sing praises of Larry’s work, Holder saw an opportunity. Realising that he couldn’t use his existing European outlets for Larry’s music, Buck devised a plan. He suggested to Larry that it would be more advantageous to establish a new venture outside of Onest’s European licensing agreements.
This marked the beginning of a prosperous era for Holder, as Larry was unfamiliar with the workings of the European music industry and relied heavily on Buck’s guidance.
Larry’s dedication to his artists soon paid off, and Holder gained significant control over overseas deals. Larry’s artists and productions became global hits, and the substantial royalties, including publishing rights, poured in from all corners of the world.
The Jackpot
Over the next decade, millions of pounds came under Buck’s control. With royalties being paid quarterly into various accounts in different territories, it was relatively easy to syphon off thousands of pounds without drawing any attention. In the early days, concealing money from smaller territories like Portugal was remarkably straightforward. Artists would receive royalties from Spain and mistakenly assume that Portugal’s income was combined with that of Spain.
Where There’s a Will There’s a Relative
As Holder expanded his property and business ventures in Portugal, his personal wealth became increasingly conspicuous. The European head office grew curious about the source of all this wealth. In response, Holder swiftly fabricated a story about a wealthy aunt who had recently passed away, leaving him a significant inheritance.
The Money Runs Out
For many years, Holder shielded the international business side from Larry. However, as Larry gained more industry knowledge over time, he began to uncover various irregularities in the accounting. This eventually led to Buck relinquishing control, handing over everything to Larry, along with a substantial sum of money.
An Offer I could Refuse
It’s nearly impossible to determine the exact amount of money that flowed through Holder’s personal accounts. I distinctly remember witnessing him negotiate a deal worth fifty-thousand dollars in a single phone call with an American film company seeking to use one of Larry’s records in a movie. After the call ended, Buck made me an offer: to redirect the funds to my company account, with the agreement to split the money between us at the end of each year. Given my differing ethical principles, I declined the proposition. I later learned that he did manage to find someone else willing to partake in this unethical financial arrangement.
Making a profound Impression
With Larry no longer in the picture, and the head office being absorbed by a major label, things appeared bleak for Buck Holder. Although, the financial ride of opportunity was far from over. Buck’s claims of being the driving force behind Larry’s success left a profound impression on a major German record company. They were so impressed that they extended an offer for him to have his own label under their wing, complete with funding of five million pounds over a five-year term.
Time To Start Again
Without hesitation, Holder. swiftly established this new label. It would be a problem to manage artists signed to your label as this could present a conflict of interest, raising concerns about potential exploitation. To circumvent this issue, Holder enlisted the help of an American friend to create a management company that would oversee the artists he intended to sign.
Buck lured artists by exaggerating the advantages this manager would offer, particularly in the American market. He also made it clear that signing with this management company was a prerequisite for any deal with the new label. The artists remained unaware that Holder owned the management company.
Over time, it became evident that Buck’s true talent lay in generating profits for himself, despite his profound lack of understanding about music. He selected acts for the new label based on his ability to easily manipulate them or, as he crudely put it, “Get his leg over.” One particular young lady he signed had a singing voice that could only be described as akin to the sound of someone ironing a cat.
The initial twelve months went by in a whirlwind of extravagance as Buck spent a million pounds with unprecedented speed. Three or four artists had been signed, and multiple albums were nearing completion. As the first year drew to a close and the initial advance had vanished, Buck sent an invoice to Germany for the second million.
Regrettably, he overlooked a significant clause in the contract. It stipulated that his label needed to deliver and release six singles and four albums to fulfil the terms of the first period before receiving the second payment.
The Buck Stops Here
With less than fifty-thousand pounds left in the bank, covering overhead costs and fulfilling the recording commitment became an insurmountable challenge. The new label met an abrupt end as swiftly as it had begun. With no money left and no more individuals willing to buy into his extravagant tales, Buck took on a three- day-a-week job working for one of the most notorious lawbreakers in the industry a label profiting from pirated CDs distributed globally.
After ten months, he faced termination, and the company owner didn’t mince words, labelling him “the most egregious crook he had ever:encountered.”
Rumours circulated
Buck Holder could orchestrate a fiddle even within a brass band. There were individuals that secretly admired his extraordinary talent for devising and executing astonishing scams for so many years .
He took everything he could from the industry, offering in return his unwavering expertise in embezzlement.
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