Funk Legend Sly Stone Awarded $5 Million In Lawsuit Against Manager And Accountant
Funk legend Sly Stone got great news from an L.A. jury. He had sued his manager for breach-of-contract and a Los Angeles Superior Court has ruled Stone’s ex-manager Gerald Goldstein, attorney Glenn Stone and Even St. Productions Ltd. pilfered Stone’s fortune and cheated him out of his royalties. For this, the 71-year-old singer was awarded a whopping $5 million.
“It’s a good day for Sly, it’s a good day for entertainers in general,” said one of Stone’s attorneys, Nicholas Hornberger. “This was an important verdict for people who are artists, entertainers, music composers, etc.”
Stone headed the successful group Sly and the Family Stone, whose hits in the 1960s and early ’70s include Everyday People, Dance To The Music, Thank You, and Family Affair.
With fame, however, came major drug abuse by Stone, who eventually wound up living out of his van. “His lawyers say Stone’s 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,” reports USA Today.
Stone was to receive royalty rights to the company, but that didn’t happen. Stone testified in court that he didn’t receive royalty payments between 1989 and 2000.
“When Sly was on the skids, his former manager allegedly convinced him to sign over all his royalties to a company the manager picked … for tax reasons. Sly says the manager assured him he’d be protected,” reports TMZ.
But according to Gregory Bodell, the attorney for Goldstein and Glenn Stone, the performer approached his clients to revamp his career and said he would make comeback records that he never recorded. He also said his clients helped Stone pay off an IRS debt.
Jurors awarded Stone $2.5 million in damages against Even St. Productions, $2.45 million against Goldstein, and $50,000 against Glenn Stone.
Bodell said there will be an appeal.