One of the biggest names in the history of Soul Music, Sly Stone, who got reduced to be residing in a van parked in the neighborhood of L.A., eventually showering and be given food by a local family, looks set to be in the position to hopefully live in way more decent conditions from now on…
He said back in 2011 to the New York Post that his money troubles started in 2009 when he stopped receiving royalty checks from his manager, whom he had accused of fraud, suing him for US$ 50 million.
Sly who, not only foolishly sold his music publishing rights to Michael Jackson for just US$ 1 million in 1984, got convinced by his former manager – Gerald Goldstein – to sign over all his royalties to a company the latter picked, reputedly for tax reasons, ensuring him he would be protected.
“It’s a good day for Sly, it’s a good day for entertainers in general”, said one of his attorneys, Nicholas Hornberger as reported on The Daily Mail online. “This was an important verdict for people that are artists, entertainers, music composers, etc.”
Stone‘s lawyers explained his career was long eclipsed and he was destitute when Goldstein and Glenn Stone convinced him to become an employee of and co-owner of Even St. Productions with them in 1989. Stone assigned royalty rights to the company and was supposed to receive some of the money it collected for him, but Goldstein and Glenn Stone arranged to get it through shady accounting, Hornberger argued. “They met him, they signed him up, but what they really wanted was his royalties…”
The jury obviously agreed on Sly‘s allegations saying his manager fleeced him. As a result, Goldstein has been condemned to pay US$ 2.45 million to Sly & The Family Stone‘s frontman, Even St. Productions Ltd, US$ 2.5 million and Goldstein‘s lawyer US$ 50 grand.
Gregory Bodell, the attorney for Goldstein and Glenn Stone, said the award will be challenged…
front pic: At Coachella in 2010 © Charly Gallay/Getty Images