As Journey continues its stadium tour with Def Leppard and Steve Miller, two of its members have finally settled a legal dispute.
Jonathan Cain announced Wednesday that the Delaware Chancery Court has appointed a third independent director, former Vice Chancellor Joseph Slights, for his and bandmate Neal Schon‘s Freedom 2020 business subsidiary.
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“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,” Cain’s legal team shared in a statement. “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.”
After Schon agreed last week to Cain’s request to appoint a third party tiebreaker to manage the ongoing tour, Cain’s attorney Kasey H. DeSantis accused Schon of “now seeking to inappropriately limit the role of the custodian” in a recent petition.
With each owning a 50% stake in the company, Cain previously said in a petition that he and Schon “fundamentally disagree” on how to manage the company.
Cain accused Schon of taking a $1.5 million advance from promoter AEG to cover tour expenses, despite Cain’s request for a more modest $500,000 advance, in addition to ignoring the company limit of $1,500 per night for hotel accommodations and spending up to $10,000 per night for hotel rooms for him and his wife.
The legal resolution comes as Journey performs Wednesday in San Francisco, moving onto San Diego on Friday.
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