Journey keyboardist Jonathan Cain has announced that he and longtime bandmate Neal Schon have resolved the legal dispute Cain launched in July against Schon. The lawsuit claimed that Schon’s exorbitant spending during Journey’s current stadium tour was putting undue financial strain on the group.
Videos by American Songwriter
The legal action sought to have an impartial mediator appointed to sort out Cain and Schon’s business dealings with regard to Freedom 2020, a company co-owned and co-directed by the two musicians that manages Journey’s tours.
Cain revealed that Schon, after some back and forth, had now agreed for a custodian to be appointed to break deadlocks when the bandmates are unable to agree on various business matters with regard to the company.
Cain’s Statement About the Resolution of the Dispute
Cain has issued a statement explaining the details of the agreement and the court’s ruling about the custodian’s appointment.
The announcement begins, “Jonathan Cain is pleased to announce the resolution of the recent legal dispute between him and Journey bandmate Neal Schon in connection with the deadlock in the management of their touring company, Freedom 2020, Inc. resulting from Messrs. Cain and Schon each owning 50% of the company and each serving as the company’s sole directors.”
The statement then explains that Cain filed his lawsuit in the Delaware Chancery Court on July 24, 2024, after he and Schon were unable to amicably agree on selecting an independent director to rule on disputes regarding the company. After the filing, the court set a trial date in early September 2024 to expedite the litigation.
“Mr. Schon ceded to Mr. Cain’s demand and stipulated to the Court of Chancery’s appointment of a third director of the Company,” the statement then reveals. “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.”
The announcement concludes, “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.”
More About the Legal Ruling
A copy of the ruling provided to American Songwriter by Journey’s rep explains in details the duties of the custodian.
According to the document, the custodian must act in the best interests of the company when exercising his authority to break deadlocks between Cain and Schon. The custodian also has the power to call and attend and preside over meetings of the company’s board of directors.
Other rights granted to the custodian include the power to delegate his authority to another qualified individual, and to retain advisers to help him in carrying out his duties.
About Journey’s 2024 Tour Plans
Journey and Def Leppard kicked off The Summer Stadium Tour on July 6 in St. Louis. The outing, which also has been featuring support acts the Steve Miller Band and Cheap Trick on select dates, is plotted out through a September 8 concert in Denver.
The next show is scheduled for Friday, August 30, at Petco Park in San Diego.
Journey will then team up with Deep Purple for two concerts in South America— on September 15 at the Rock in Rio festival in Rio de Janeiro, Brazil, and September 17 in Santiago, Chile. The band will follow those performances with four shows in Japan in October.
Journey also had been scheduled to tour the U.K. and Ireland in late October and November, but canceled that trek.
Tickets to Journey’s 2024 concerts are available now via various outlets, including StubHub.
When you purchase through links on our site, we may earn an affiliate commission.
Leave a Reply
Only members can comment. Become a member. Already a member? Log in.