MEMPHIS, Tenn. -- A judge says Col. Tom Parker made so much money by molding truck driver Elvis Presley into an international singing phenomenon that it 'shocks the conscience of the court.'
Probate Judge Joseph Evans on Friday ordered Presley's estate to file suit against the cigar-chewing manager within 45 days to seek payments because of alleged fraud in Parker's dealings with Presley.
'The court finds that the compensation received by Colonel Parker is excessive and shocks the conscience of the court,' Evans said.
'The co-executors are directed and instructed to institute litigation against Colonel Thomas A. Parker within 45 days from the date of his order for recovery of such sums as shall be determined due and owing to the estate by Colonel Thomas A. Parker resulting from the business transactions heretofore subsisting between the said Colonel A. Parker and Elvis A. Presley or his estate,' the judge said.
Presley, who died Aug. 16, 1977, agreed to a 50-50 split with the now 70-year-old manager. Parker continued receiving those payments even after Presley's death. Evans ordered them stopped.
Acting on two reports prepared by attorney Blanchard E. Tual, Evans ordered the estate's co-executors, Priscilla Presley, Presley's accountant and a Memphis bank, not to enter into further agreements with Parker without court approval.
Tual was appointed last year to safeguard the financial interests of Presley's 13-year-old daughter and sole heir, Lisa Marie Presley.
In the two critical reports, Tual cited agreements between Presley and RCA Records. He claimed Parker negotiated side deals with RCA that defrauded Presley of $2.8 million.
Tual also said a 1973 agreement selling RCA 700 master recordings for $5 million made no sense for the 37-year-old entertainer, but was favorable to his aging manager.
Jack Magids, attorney for Parker, said his client 'emphatically denies' any wrongdoing. He said if a lawsuit is filed, Parker would take appropriate action. He did not say what that action would be.
