Support truly
independent journalism
Support Now
Our mission is to deliver unbiased, fact-based reporting that holds power to account and exposes the truth.
Whether $5 or $50, every contribution counts.
Support us to deliver journalism without an agenda.
Louise Thomas
Editor
Journey members Neal Schon and Jonathan Cain have finally settled a longstanding legal dispute.
The news comes while the band are continuing their 50th anniversary tour of the US, with Def Leppard and Steve Miller.
The band members, most famous for their song “Don’t Stop Believin’”, have been at war over their joint business Freedom 2020. They each own a 50 per cent stake in the company, which was set up to deal with tour-related finances.
In a petition filed earlier this month, keyboardist Cain said that he and guitarist Schon, who is current president of the business, “fundamentally disagree” on the management and operation of the company and requested the court appoint a custodian to act as an independent, deadlock-breaking director.
On Wednesday, Cain announced he had been successful in his request, confirming that the Delaware Chancery Court appointed Vice Chancellor Joseph Slights as a third independent director to break any ties.
“Mr Schon is prohibited from unilaterally acting on behalf of the Company and all future deadlock between Mr Cain and Mr Schon will be broken by the vote of the Custodian,” Cain’s legal team said in a statement.
“Mr Cain is elated with the outcome and looks forward to moving beyond this matter so that Journey can continue the band’s 50th Anniversary Freedom Tour.”
Cain’s attorney Sidney Liebesman had previously told the court that the setup had been “dysfunctional” according to the Associated Press.
“It is in crisis,” Liebesman said. “The damage is taking place during the tour.”
Liebesman complained that Schon is wasting company assets and believes that, as president of Freedom 2020, “he can do whatever he wants.”
“It is his self-interest that is driving his decision-making,” Liebesman said.
In a court, Schon’s attorneys said many of Cain’s allegations had no basis. They specifically rejected allegations that the tour’s production company and vendors weren’t being paid on time.
Enjoy unlimited access to 70 million ad-free songs and podcasts with Amazon Music
Sign up now for a 30-day free trial
Sign up
Enjoy unlimited access to 70 million ad-free songs and podcasts with Amazon Music
Sign up now for a 30-day free trial
Sign up
“Petitioner’s allegations that the company faces imminent irreparable harm from a purported inability of the company to meet its financial obligations has no basis in fact,” said Schon’s attorney Jack Yoskowitz at the time.
“Our client denies that there’s been any mismanagement,” Schon’s attorney Jack Yoskowitz told Laster, adding that any dysfunction has been caused by Cain acting in his own self-interest, including making allegations to the press that harm the band.
Cain and Schon had previously been in a legal dispute over Cain’s performance at a Donald Trump rally. Schon sent a cease and desist letter to the keyboardist following the performance, and insisted that the band should not be “political”. However Schon, disagreed with the view saying, “I’ve won one case in court with Cain and the residing one has not been heard yet.”
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
