Sly Stone Wins $5 Million Lawsuit Against Ex-Manager After Becoming Homeless Truth rating: 10

[Baitball Blogger]

Sly Stone Wins $5 Million Lawsuit Against Ex-Manager After Becoming Homeless
Truth rating: 10

Sly Stone of Sly and the Family Stone fame was awarded $5 million on Tuesday after a jury found in favor of the (now homeless) singer, who sued his former manager and entertainment attorney for allegedly stealing his royalties. As Gossip Cop reported back in 2011, Stone (real name: Sylvester Stewart) filed the lawsuit, alleging the two business associates had been withholding his royalties for more than 20 years.

Stone did an interview with the New York Post at the time, saying he was spending his days sleeping in a van in Los Angeles, and was given a shower and a meal once a day, thanks to a generous couple. He admitted he had blown through lots of money during his band’s heyday and infamously sold his valuable music-publishing rights to Michael Jackson for just $1 million in 1984.

A jury determined, however, that did not excuse ex-manager Gerald Goldstein and lawyer Glenn Stone (no relation to the singer) from using Sly Stone’s royalties to fund their own lavish lifestyles from 1989 to 2009. The defense argued Stone had signed a contract with the Goldstein-affiliated company, Even St. Productions Ltd, to record new music, an agreement the defense claimed he broke in 1988. The respondents further said Stone owned an interest in the company and had received “millions,” but after just two days of deliberations, the jury didn’t buy it.

Even St. Productions Ltd now must pay Stone $2.5 million, with another $2.45 million personally from Goldstein and $50,000 from attorney Glenn Stone. While it’s a big win for the funk singer, he had initially sued for $50 million. The merits of other parts of the lawsuit will be decided by a judge at a to-be-determined date.

http://www.gossipcop.com/sly-stone-wins-5-million-lawsuit-manager-attorney-royalties-homeless/

[Manifestor_of_Light]

1. The guy needs a spendthrift trust set up by a lawyer.

I'm glad he won.

[JustABozoOnThisBus]

4. If he won 5 million, and hires a decent financial management crew ...

... the 3 or 4 million (after his lawyers take a cut) should set him up for life. But you're right, he should get some sort of protection for the money, so he doesn't spend it all or get swindled.

Hopefully, no more nights sleeping in a cold van.

[blogslut]

2. I've always been partial to this tune:

[rug]

3. That's good news.

He made good music. IIRC he was the first person to get a guaranteed one million dollar per album contract.

[LiberalAndProud]

5. I hope this improves his life.

[font size="1"]Don't forget this fact, you can't get it back
Cocaine[/font]

[KMOD]

6. Very nice to hear.

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