Colonel Tom Parker - After Elvis

After Elvis

Following Presley's death, Parker set up a licensing operation with Factors Etc. Inc, to control Presley merchandise and keep a steady income supporting his estate. It was later revealed that Presley owned 22% of the company, Parker owned 56%, and the final 22% was made up of various business associates. Due to an ill-advised agreement between Parker and Presley that gave RCA sole ownership of all his recording royalties prior to 1973, the estate was relying heavily on the income from Factors Etc. Inc. However, because Parker was still entitled to 50% of all Presley's income, and after taxes were taken off, the overall amount going towards the upkeep of the estate was less than $1 million a year.

In January 1979, it was discovered that Presley had lost out on royalties for songs on which he had been listed as an author and/or composer because Parker had advised him not to sign up to the American Society of Composers, Authors and Publishers or its younger competitor, Broadcast Music Incorporated. Experts in the field at the time estimated that it had potentially cost Presley millions of dollars.

By 1980, the cost of running the estate was estimated to be as much as $500,000 a year. Priscilla and the Trust were prepared to let Parker continue to handle Presley's business affairs, and petitioned the court to that end. However, Judge Joseph Evans, aware that Lisa Marie Presley was still a minor, appointed attorney Blanchard E. Tual to investigate Parker's management. Tual, once appointed as Lisa Marie's guardian ad litem, chose to investigate the entire period of Parker's management of Presley; his preliminary finding was that Parker's management deal of 50% was extortionate compared to the industry average of 15–20%. He also noted that Parker's handling of Presley's business affairs during his lifetime, including the decision to sell off past royalties to RCA for $5.4 million in 1973, was "unethical" and poorly handled. During a second, more detailed investigation, Tual discovered that all earnings were paid directly to the Trust instead of Parker. By this time, with the IRS demanding almost $15 million in taxes, the estate was facing bankruptcy. The truth about Parker was now known.

On August 14, 1981, Judge Evans ordered EPE to sue Parker for mismanagement. In response to this, Parker countersued. The case against Parker was settled out of court in 1983, with the estate paying him $2 million, and the termination of his involvement in any Presley related earnings for five years. He was also ordered to hand over any Presley audio recordings or visual images that he owned.

Parker had worked as a "consultant" for Hilton Hotels since Presley's death, with some believing he was working to pay off debts owed to the casino from his gambling during Presley's performances there. Part of this role resulted in Parker keeping the same fourth-floor suite he occupied when Presley was alive, but by 1984, with his gambling debts reportedly rising again, he was evicted. On the surface, however, relations between the two were as good as ever, with Parker helping the Hilton to commemorate the tenth anniversary of Presley's death.

The disputes with the Presley estate did not terminate his association with his most high-profile client. Parker appeared at posthumous events honoring Presley, such as the 1993 issuing of the United States Postal Service stamp honoring the King of Rock and Roll. He also became friendly with the estate again, attending special ceremonies and events in Memphis, invited by Priscilla. However, he did occasionally step on their toes by commenting negatively on some of their decisions. In 1994, following the marriage of Lisa Marie and Michael Jackson, Parker stated that Presley would not have approved, and in 1993, interest in Presley's enduring legend, interest that is sometimes notable for its obsessiveness, provoked Parker to remark, "I don't think I exploited Elvis as much as he's being exploited today."

In 1994, a Golden Palm Star on the Palm Springs, California, Walk of Stars was dedicated to him.