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Friday, January 30, 2015

Homeless & Living in a Van: Sly Stone Wins $5 Million in Lawsuit Against Former Manager

Sly Stone of the 60s/70s band  Sly and the Family Stone was awarded $5 million by a Los Angeles jury following a lawsuit he filed back in 2010 against his ex-manager,Gerald Goldstein, and entertainment attorney, Glenn Stone.  

The lawsuit accused the former business associates of  misappropriating royalties that had been owed to him for more than 20 years, according to Yahoo! News.

The 71-year-old, Sylvester "Sly Stone" Stewart, was reportedly living in a van, penniless, addicted to cocaine, and with electricity provided by a family in Crenshaw, Calif. 
According to court documents, Goldstein reportedly talked Stone in to signing over all of his royalties to a company that was handpicked by him for tax reasons. At the time, Stone thought he was making a savvy move that Goldstein sanctioned.  The jury ruled that this was wrong and Stone was conned.
Nicholas Hornberger, one of Stone’s attorneys, stated after the verdict that his client’s 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,” Hornberger said about his client’s former associates.
Stone’s damages were assessed as follows: $2.5 million were to be paid to the musician by Even St. Productions, an entertainment company formed by Glenn and Goldstein, and Goldstein has to dole out $2.45 million to his former client, with Glenn paying more than $50,000 to Stone.
I guess this is proof that the system can work in our favor.  

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