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Big Al
Is financial compensation not general practice, though? I'm not really founding this on anything in particular, but cannot imagine a prominent member of a group getting fired without some kind of a 'pay-off'
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thabo
I remember that I've read somewhere that the remaining Stones offered Brian a financial compensation for leaving the band. Does any one know something about this?
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stonehearted
Supposedly it was to be an initial sum of £100,000, then £20,000 per annum for as long as The Rolling Stones would exist as an active working entity.
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BlissQuote
stonehearted
Supposedly it was to be an initial sum of £100,000, then £20,000 per annum for as long as The Rolling Stones would exist as an active working entity.
This is what I recall as well.
This is what £100,000 is worth today -
£1,280,000 using the retail price index
£2,440,000 using average earnings.
How did they hope to pay that, since they were said to be broke with a big tax bill hanging over their heads?
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stoneheartedQuote
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stonehearted
Supposedly it was to be an initial sum of £100,000, then £20,000 per annum for as long as The Rolling Stones would exist as an active working entity.
This is what I recall as well.
This is what £100,000 is worth today -
£1,280,000 using the retail price index
£2,440,000 using average earnings.
How did they hope to pay that, since they were said to be broke with a big tax bill hanging over their heads?
Well, at the time, The Stones themselves weren't aware of their looming tax dilemma, which didn't become a huge albatross for them until 1971 or so, after they had rid themselves of Allen Klein and realized how their financial affairs were being (mis)handled.
The Stones received their money through ABKCO, so I imagine it was Klein and company that was given the duty of handing over the payments to Brian that The Stones themselves (or The Stones' office) agreed upon.
Because ABKCO took over all rights to Rolling Stones recordings and performances up to and including 1970, that would mean that they are still responsible for paying out royalties to the Brian Jones Estate.
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with sssoul
There was some agreement, but all I recall about it is that an amount was to be paid yearly.
I also recall an interview from the mid '60s where Bill said the agreement was that the compensation
would only go to members who were fired rather than quitting. I sure wish I could locate that interview again -
it would explain a lot. :E
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thabo
I remember that I've read somewhere that the remaining Stones offered Brian a financial compensation for leaving the band. Does any one know something about this?
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VideoJames
" He then reportedly tried to form a supergroup with John Lennon, who had stayed friendly with Jones after his firing".
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jlowe
It's probably fair to say his services were (or could have been)terminated on medical and competency grounds.
Not turning up to recording sessions would be classed as unauthorised absence and therefore misconduct. Ultimately RS Inc is a business like any other.
Financial terms are Commercial in Confidence, we can assume however:
1. Brian had a 20% share of 'the business' which would have a value based on fixed assets, past and future earnings (on product up to 1969), the brand etc. This would have to be taken into account.
2. ABKCO seemed to be holding in reserves, huge past recording royalties, as part of the '20 year payment plan'.
3. Brian left debts (1969 figures) of £160k and about £40k assets (essentially Cotchford Farm).
4. Brian's Estate paid off its debts by the 1990's...his parents and now his sister will receive whatever share has been agreed for the 1960's recordings.
The release of the 'BBC sessions' might prove a windfall for the Estate.Dependent on whats been agreed, it should receive 20% of 'profits" or share of, as agreed between the various parties.
Don't forget Pete Best apparantly earned a fortune from his rather modest input to the Beatles Anthology series.
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paulspendel
The Brian Jones estate is handled by an Oxford accountant. Brian's parents died in 2009/2011. His sister Barbara receives around 15000 pounds a year from air play royalties.
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jloweQuote
paulspendel
The Brian Jones estate is handled by an Oxford accountant. Brian's parents died in 2009/2011. His sister Barbara receives around 15000 pounds a year from air play royalties.
.....and £xxx per annum from ABKCO for his share of record royalties presumably?