Re: When did AB Klein take over from Oldam in 1966?
Date: April 24, 2015 15:12
My understanding is that Klein's 'ownership' of RS recording masters and songwriting copyrights was done over a period of time.
Timeline
1965 August. Klein negotiates a new 5 year contract with Decca/London and at the same time secures a 5 year Management contract.
1967 Autumn. ALO bows out. Klein in Mick's view is just 'business' ; i.e the Stones manage themselves, artistically and career wise.
1968/69 ALO is being stung on a number of fronts: Collapse of Immediate Records; Tax demands, corporate and personal; being sued by former business manager and Stones Manager, Eric Easton. The latter is eventually paid off by Klein.
Consequently ALO sells his stake in RS Ltd to Klein for one million pounds. I understand that ALO continues (to this day) to receive some publishing income from ABKCO however.
So the ownership of the masters from Oldham/Decca is secured over a period of time, likewise the publishing (Oldham/ Essex).
In my opinion it is ALO who emerges as a bigger villan in this episide than Klein who was always 1. Himself 2. Client. ALO on the other hand had always said he was of the new breed of Manager ie 1. Artist 2. Record company.
The whole business is reminiscent of the way in which the Beatles songwriting copyrights were sold by their first music publisher.
At least they were given a chance, in 1969, to get them back. Klein of course failed his clients in respect of this.
I don't think Mick will ever forgive Oldham.
I have read all ALO's memoirs, they are an excellent read and amongst the very best in Stoneland literature.
However, he says very little about any of the above.
Scientology and a long period of drug use has perhaps blurred his inner conscience.