Back in August, a sad story started surfacing about how Sly Stone was living on welfare and in a trailer park because he’d been cheated by a former manager. The reports said that Stone couldn’t afford the money for an attorney, so he couldn’t fight back against the manager, who Stone claimed stole millions from him.
Well, apparently Stone got some paper together, because Spinner is reporting that he’s launched a $50 million dollar lawsuit against his former manager, Jerry Goldstein, that contains charges of breach of contract, fraud, unjust enrichment and misappropriating artis royalties and assets. The suit alleges that Goldstein registered the Sly and the Family Stone name to one of his companies, and then borrowed millions of dollars against future royalties, all while not paying anything out to Sly.
Sly and the Family Stone might be getting back together as this unfolds; Sly is set to perform at this year’s Coachella. [Spinner]