New Move Made In Steely Dan Ownership Lawsuit
(hennemusic) The estate of the late Steely Dan cofounder Walter Becker has filed a motion to dismiss a November 2017 lawsuit brought by singer Donald Fagen over the rights to control the brand in the aftermath of the guitarist's passing last fall from esophageal cancer at the age of 67.
Pitchfork reports that Becker estate's lawyers cite wording in the initial 1972 agreement, which reportedly calls for the "automatic termination" of the buyout agreement "upon the occurrence of any event as a result of which all of the outstanding stock of the Corporation will be owned by a single stockholder."
They argue that Becker's death would result in Fagen being the sole stockholder, and therefore, the original buyout agreement has dissolved. They're motioning to dismiss, leaving the Becker estate to retain 50% ownership of Steely Dan, Inc.
Fagen's legal team responded by filing an opposition response to the Becker estate in court, calling the Becker estate's interpretation of the agreement "far-fetched," while claiming that it is meant to terminate after, not before, Fagen acquires Becker's shares.
Fagen's lawyers argue that the Becker estate "already received its fair share of Steely Dan's revenues based on Becker's contributions to the band while he was alive", while noting "It would be unfair for one band member - in this case Fagen - to continue to tour as Steely Dan and do all the work while a deceased band member's heirs reap half the benefits." They're asking the court to overrule the Becker estate's motion to dismiss the lawsuit. Read more here.
hennemusic is an official news provider for antiMusic.com.
Copyright hennemusic - Excerpted here with permission.