This band hasn’t gone away (because there’s too much money on the table) but they are in crisis.
Journey keyboardist asks judge to resolve deadlock with band’s lead guitarist
The latest in a series of legal disputes with band founder and lead guitarist Neal Schon, longtime keyboardist Jonathan Cain is asking a Delaware judge to resolve a deadlock involving Freedom 2020, a company formed three years ago to oversee tour-related finances.
According to court filings, Schon is president of Freedom 2020, but he and Cain each holds a 50% stake in the company. In a petition filed last week, Cain said he and Schon “fundamentally disagree” on the management and operation of the company. He wants the court to appoint a custodian to act as an independent, deadlock-breaking director.
Cain says Schon’s desire to take a $1.5 million advance from promoter AEG Presents LLC to cover tour expenses, and his opposition to Cain’s proposal for a more modest advance of $500,000, has caused “a major rift.” He also accuses Schon of “exorbitant and wasteful spending” on hotels and airfare for band and crew members. Schon, for example, has ignored the company limit of $1,500 per night for hotel accommodations and has spent up to $10,000 per night for hotel rooms for him and his wife, according to Cain.
Cain also alleges that Schon allows crew members to stay in hotel rooms during tour stops in or near their home cities, and to fly in business class. Schon also has used the company credit card for personal expenses and incurred hundreds of thousands of dollars in costs for private jets for himself, his wife and various crew members, according to Cain.