There are probably very few people who have not had dealings with insurance at some time in their lives. Homeowners insure their property and possessions and vehicle owners have to take out insurance to be able to drive on the roads. We even insure ourselves against injury or death to ensure that our loved ones are provided for.
A contentious relationship between musician Sly Stone and his former manager, Jerry Goldstein, has grown even more heated thanks to a recent bankruptcy filing, according to a report from the Wall Street Journal.
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Sources say Goldstein sent two of his music production companies into bankruptcy protection in order to block an effort by Stone’s lawyers to retake the rights to the musicians’ royalty payments.
And the ensuing legal battle promises to grow more interesting, as both parties seem determined to gain access to the music rights, according to reports.
According to reports, Goldstein helped Stone rise to prominence decades ago by co-writing songs like “My Boyfriend’s Back and “Hang on Sloopy.”
But after the two parties struck a management deal in 1989, Goldstein, through his company, Even Street Productions, assumed control over the rights to Stone’s royalties.
Stone’s attorneys, however, believe that Easy Street Productions, which was sent into bankruptcy protection this week along with Majoken, Inc., lacks “corporate formality,” and is merely a shell company designed to hold Goldstein’s assets.
Interestingly, after Goldstein filed for bankruptcy, Stone’s lawyers bought a $1.7 million judgment against the business manager from First California Bank, which won the judgment after Goldstein defaulted on a loan.
The purchase was a savvy move by Stone and his legal team, because it allows them to potentially file for foreclosure against Goldstein’s assets, including the royalties that Stone believes belong to him.
But Goldstein’s attorneys have challenged the validity of Stone’s tactics, accusing the former singer and his attorneys of “attempting an end-run around the royalty litigation, to obtain by purported foreclosure that which they have not obtained in the royalty litigation.”
In response, Stone’s attorneys say the 70-year-old entertainer, who has launched several failed comebacks and has been homeless off and on for several years, is simply trying to recover rights he unwittingly relinquished in 1989.
Before this fight is resolved, however, Goldstein must take care of his bankruptcy, which includes his companies, Majoken and Even Street.
During the bankruptcy, though, Goldstein will also have to contend with a $50 million lawsuit filed by Stone against his former manager. In the lawsuit, Stone alleges that
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A good number of people will agree to come across the words fix the debt although some might not necessarily know what it’s all about. O
Ok, so this post will probably sound like a gripe session here and there. But Im okay with that.
I was reading an article online earlier this week (from a reliable source) about used cars and saving money. But the writer took a u-turn and basically instructed the reader to buy a new car if you couldnt secure a greater than 20% savings on a 1-3 year-old used car.
What?
Saving money isnt worth saving if you cant save a substantial amount?
What became increasingly clear as I continued to read this diabolical personal finance post is that the writer did not have the best interest of the reader in mind or even on the radar. In
Have you ever applied for a loan for a home, car, or for personal reasons? Chances are, if you have, you have been uncomfortable with the application process. There are lots of questions that you are asked on a loan application: questions about income, mortgage, occupation, place of employment, savings and checking accounts, and so on. Loan applications are meant to be grueling: in order to award a loan, the company (whether a bank or department store) must see your ability to pay and measure that against their decision to risk.
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In today’s day and age, the financial world is abundant with job opportunities for young minds who aspire to make a career in it, the only criterion being a wide range of knowledge and understanding this field, acquired through training in business schools. The business education is the most popular program, not only in the country but also around the world. Actually, it is not only the most demanding, but also one of the most difficult. Full article…
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Economists are still searching for answers to the slow growth of the United States economy. Some are now focusing on the issue of “financialization,” the growth of the financial sector as a share of gross domestic product. Financialization is also an important factor in the growth of income inequality, which is also a culprit in slow growth. Recent research is improving our knowledge of financialization, which has yet to get the attention of policy makers.
Perspectives from expert contributors.
According to a new article in the Journal of Economic Perspectives by the Harvard Business School professors Robin Greenwood and David Scharfstein, financial services rose as a share of G.D.P. to
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