2 weeks ago
3
Journey‘s Jonathan Cain and Neal Schon have reached a resolution in a legal dispute regarding the management of their shared business subsidiary, Freedom 2020.
As previously reported, Cain sued Schon for mismanaging their shared business and overspending at the band’s expense — all this coming while Cain and Schon are actively sharing the stage for Journey’s summer North American tour with Def Leppard.
Cain’s lawsuit, publicly filed on July 30th, alleged that Schon maxed out an American Express credit card with a $1 million limit and blew past a $1,500-per-night hotel allowance, while also chartering private jets and hiring a friend as a security guard. The keyboardist also accused the guitarist of preventing the band from paying its debts.
As a resolution, Cain sought a third party to act as a deciding vote regarding future business disputes, with Cain’s legal team filing the lawsuit after “repeated efforts over several weeks to select a third, independent director amicably failed,” according to their statement. On Wednesday (August 28th), Schon apparently acquiesced and “ceded to Mr. Cain’s demand and stipulated to the Court of Chancery’s appointment of a third director of the Company,” per the statement from Cain’s attorneys.
The statement continued [via Classic Rock]:
“On August 28, 2024, the Delaware Chancery Court issued an order appointing former Vice Chancellor Joseph Slights as the Custodian.
The order aligns with Mr. Cain’s requested relief in the lawsuit. 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.
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.”
Court documents go on to state that Schon doesn’t oppose the appointment of the custodian, who will be able to enact the executive power of a company director while not actually being a director of the company.
Schon himself hinted at a resolution last week in a Facebook post, writing, “I’m so glad that Jon now agrees with me that the current dynamic can’t continue and it’s also why I’m pleased that we’re going to bring in someone impartial to help us resolve our disputes, bring clarity to what we’re doing and allow us, as a band, to get back to what we should all focus on – making music and performing for our fans.”
It’s hopefully a major step forward in repairing the rocky professional relationship between the two bandmates. Next up, Journey’s ongoing tour with Def Leppard and Steve Miller will stop at Petco Park in San Diego on Friday (August 30th), with two more US dates to follow in Seattle (September 4th) and Denver (September 8th). Pick up tickets here.
English (US) · 