Former front man of iconic group “The “Sly And The Family Stone“, Sly Stone has reportedly been awarded $5 million in a lawsuit he filed against his ex-manager, (Gerald Goldstein), and entertainment lawyer, (Glenn Stone) back in 2010. Reports say,”… The lawsuit accuses Stone’s former business associates of diverting and misappropriating royalties that had been owed to him for more than 20 years…”
It basically appears as if the two associates took advantage of the fact that, Sly had a cocaine addiction. According to court documents, Goldstein reportedly persuaded him to sign over all of his royalties to a company that was handpicked by him for tax reasons. According to Goldstein’s lawyer, Gregory Bodell,”…Stone broke a 1988 agreement that he would revitalize his career and produce new music… The attorney also claimed Stone was given millions of dollars during his stint with both Goldstein and Glenn….”
Ultimately the defense (Goldstein and Stone) lost their case, damages were assessed as follows: Sly gets $2.5 million from Even St. Productions and the entertainment company formed by Glenn and Goldstein, and Goldstein has to give him $2.45 million, with Glenn paying more than $50,000 to Stone.
“…This case is a perfect example of how many celebrities are fleeced by the very same people they hire and trust to monitor their interests…“They just wanted to punch this poor guy in the face,” said one of Stone’s attorneys Nicholas Hornberger.
Artist have to be mindful when hiring individuals to handle their careers. Congratulations to Mr. Stone prayerfully he is able to utilize the money in a good way.