“A classic case of Hollywood accounting.” Duh. Below, revisit happier times.
By Blurt Staff
You can make it if you try dept.: Variety is reporting that Sly Stone, who in 2010 filed a lawsuit against manager Gerald Goldstein and attorney Glenn Stone over unpaid royalties, was earlier this week awarded a $5 million verdict by a Los Angeles jury. He had accused them of inducing him in the late ‘80s “to sign an employment and shareholder agreement” with the pair’s production company, Even St. Productions, but that they subsequently managed to “divert millions in royalties, leaving him unable to get the money he said was due him.”
The duo’s attorney, however, argued that they had indeed paid Stone millions and he then “broke an agreement to make new records… [claiming] that the singer was not tricked into signing the contract, but was aware of the terms and renewed the agreement 40 times over 15 years between 1994 and 2006.”
Apparently the Superior Court jury agreed with Stone, finding that he was “underpaid by $2.5 million under the employment agreement with Even St. Prods., and that the money was paid instead to Goldstein and Stone… The jury awarded $2.5 million in damages against Even St. Productions, $2.45 million against Goldstein and $50,000 against attorney Glenn Stone.”
“It was a classic case of Hollywood accounting, but I guess it would have to be called record industry accounting,” Nick Hornberger of Hornberger Law Corp. is quoted as saying. Hornberger was Stone’s lead attorney in the case.