Bowie worked with the music investor David Pullman to create “Bowie bonds” in 1997, which securitised the artist’s American royalties into a financial asset.
The bonds offered a fixed annual return of 7.9pc over a 10-year period and raised $55m (£40m).
Rather, he borrowed the money in order to secure those rights.
It all becomes a horrible tangle with mechanical and songwriter rights etc. But certainly the way I recall it – and do correct me if wrong – those rights were up in the air at that time. So, he borrowed to secure them, the royalty flow from them once owned being the security for the bonds.