Veteran Funk artist Sly Stone won his court battle filed in Los Angeles Supreme Court versus his former manager Gerald "Jerry" Goldstein and lawyer Glenn Stone. The camp of 71-year old artist, best known as the leader of 70's hit group Sly and the Family Stone, fought for his royalty fee from 1989 to 2000 and claimed Goldstein used his money for personal gains.
In Sly's angle, the Rock n Roll Hall Famer approached Goldstein and Stone to help him to revive his career around 1989. Instead of getting him as a mere talent, the two let him signed a contract that made him shareholder as well of their entertainment company Even St. Productions Ltd. But instead of getting lucrative compensation the singer, real name Sylvester Stewart, couldn't hold his earnings. Stone filed his case in January 2010.
"It's a good day for Sly, it's a good day for entertainers in general," Stone's lead lawyer Nicholas Hornberger said on the result of thier case. "This was an important verdict for people that are artists, entertainers, music composers, etc."
On the other hand, Goldstein and Stone camp's, stated that the royalty that singer's was asking went to his debt during those times which approximately $10 million. They also claimed that they paid Sly, there's no trickery because he's full aware of the agreement, and accused of him of getting involve in a new company when in fact he still under their talent agency. Goldstein and Stone, who are represented by Gregory Bodell of Kozberg & Bodell, are set to defend their breach of contract case against Sly.
Meantime, the singer of "Family Affair" and "Hot Fun in the Summertime" will get $2.45 million from Goldstein, $50,000 from lawyer Glenn Stone, and $2.5 million from Even St. Productions as per Jury's verdict.
"It was a classic case of Hollywood accounting, but I guess it would have to be called record industry accounting," Hornberger said.
Reportedly, the singer who was rich and famous artist during his time got addicted to cocaine and had finance trouble later. It is also said that he experienced living in a van in Los Angeles and was only supported by a family nearby.
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