After a 5 year legal battle, the Los Angeles Supreme Court has found funk icon Sly Stone is owed $5 million in back royalties by his former manager and entertainment lawyer.
Sly Stone’s current lawyers claimed he had not received royalty payments for 20 years and that he was a victim of “shady accounting”.
Sly was convinced by his former manager Gerald Goldstein and his former entertainment lawyer Glenn Stone to become an employee and co-owner of a company called Even St Productions. Goldstein and Stone then used this company to pocket Stone’s royalties.
Goldstein and Glenn claimed that Sly Stone had not seen royalties from 1989 to 2000 because the money collected by Even St Productions was used to pay off Stone’s IRS debts. This didn’t sit well with the jury who found in favour of Stone. The Court has ordered Goldstein to pay $2.45 million and Glenn to pay $2.45 million. Goldstein’s lawyers have said that they will be challenging the ruling.
In 2010, Sly was broke and living out of a van in Los Angeles, so this is a happy ending for him. It may also prompt other individuals in the entertainment industry who feel they have been mismanaged or not received adequate legal advice to step forward.
Have a listen to one of Sly’s famous songs “If you want me to stay”: https://www.youtube.com/watch?v=TdorgC9qUkI