According to the BBC, Watkins will NOT be receiving any kind of pay out from the Goonies Touring Company liquidation.
Turns out that they were not able to pay back the thousands of pounds that were owed to those creditors and the company was just dissolved.
When former Lostprophets frontman Ian Watkins was sentenced to 34 years in prison for heinous crimes against children, those following the story from the beginning sighed with relief with the sentencing that he deserved.
Now, it appears that Watkins truly isn’t getting all the he deserve. According to NME, the jailed singer will be getting a pay-out of roughly £150,000 (almost $175,000) once he is released from prison thanks to the liquidation of a touring company he and his former bandmates were involved in.
The remaining members of Lostprophets (or current members of the recently formed No Devotion) instructed accountants to liquidate a firm called Goonies Touring Company Ltd. which reportedly handled all the band’s affair including concerts and merchandising.
Once Watkins was indited, money from the company started to dry up and that’s when the rest of the members realized it was time to give it up and attempt to pay back all the creditors that they owed money to.
It was reported that the company had almost £200,000 (a little over $235,000) in cash and more than £500,000 (about $589,000) in assets at the time of sale. The money made from the sale of the company would be split five-ways, resulting in each member of Lostprophets getting a cut of the money including Watkins.
A source told the Mirror that “[Watkins] is entitled to the money because it is cash earned by the band before this scandal broke. Many people will feel revulsion that he will have a nice little nest egg waiting for him when he’s freed but it is his cash and it will go to him.”
It’s not like that’s the only way Watkins has been earning money during his sentencing. The disgraced singer has also been earning royalties from Lostprophets’ music during his time in prison
Watkins was jailed backed in December 2013 for 29 years plus six years for a series of child sex offenses including the attempted rape of a baby. Last July, he attempted to appeal his prison sentence, but lost after judges ruled that the “shocking depravity” of his crimes justified the lengthy sentence.