A Sometimes Homeless Sly Stone Sues Ex-Manager, Claims IP Theft
Sly Stone has sued his former manager for $50 million, claiming the businessman kept up to $30 million in royalties and leveraged Stone’s intellectual property.
The suit says Stone, whose real name is Sylvester Stewart, has been homeless at times and lives on Social Security, the Associated Press reports. The complaint alleges former manager Gerald Goldstein, his companion Claire Levine and lawyer Glenn Stone set up several companies to divert royalty payments and borrow against the Sly and the Family Stone name, the story says.
The suit claims Goldstein registered the Sly and the Family Stone name with the U.S. Patent and Trademark Office as owned by a Goldstein company, according to a press release and Reuters. Goldstein was then able to borrow millions of dollars secured by Stone’s future royalties, Stone’s lawyer, Robert Allan, alleges.
In a statement, Allan said, ”Some of these artists are being robbed of their intellectual property and the fruits of their genius by unscrupulous people who prey on their trusting nature and lack of business and legal knowledge.”
According to Reuters, Stone’s band “fell apart in the 1970s because of heavy drug use and erratic behavior.” He is reportedly working on a new album.
