Steely Dan's Donald Fagen Sues Walter Becker's Estate
Donald Fagen Sues
Steely Dan's Donald Fagen  is suing the estate of  his  late bandmate  Walter Becker  in order to retain control of the band. The crux of the suit is a Buy/Sell Agreement  Fagen  and Becker signed in 1972  not long before the release of their debut album  Can't Buy a Thrill. The contract stipulated that if a member of Steely Dan quit or died  the band would purchase all of that member's shares in the group.
"Fagen – acting on behalf of himself and on behalf of Steely Dan  as its sole remaining officer and director – hereby exercises the mandatory provision of the Buy/Sell Agreement requiring Steely Dan to purchase Becker's shares " the suit reads. "This lawsuit is required for Steely Dan and  Fagen  to obtain a judicial determination that Becker's shares must be sold to Steely Dan pursuant to the express terms of the Buy/Sell Agreement  so that Steely Dan and  Fagen  can go on as contemplated and provided by the Buy/Sell Agreement."
Along with Becker's Estate   Fagen  is also suing Steely Dan's longtime business management firm Nigro  Karlin  Segal  Feldstein & Bolno. NKSFB has also acted as the accountant for the group's touring company  Danette  and as a business manager for Becker and Delia Becker. Fagen's lawsuit alleges that NKSFB has been withholding pertinent information from him – such as royalty statements and records regarding tour income – and "engaging in other secretive behaviors."
As for NKSFB  the lawsuit further alleges that over the past few years  Fagen  has become aware of several "accounting errors by NKSFB  one of which involved millions of dollars  and another of which resulted in a lawsuit by a former member of the band." The suit also claims that NKSFB has hired a law firm on Steely Dan's behalf  without telling  Fagen . It argues  "Especially now  with the Becker Defendants taking a position adverse to Steely Dan and with the Becker Defendants retaining NKSFB  a full and complete accounting is necessary to protect [Fagen's] interests."
 Fagen  is seeking an official ruling that will hold up the Buy/Sell Agreement and force Becker's estate to sell the late musician's shares to Steely Dan.  He  is also seeking damages stemming from the "repudiation and breach" of the agreement. While the suit does not name a specific dollar amount  it suggests it could be in excess of $1 million.
Steely Dan's Donald Fagen  is suing the estate of  his  late bandmate  Walter Becker  in order to retain control of the band. The crux of the suit is a Buy/Sell Agreement  Fagen  and Becker signed in 1972  not long before the release of their debut album  Can't Buy a Thrill. The contract stipulated that if a member of Steely Dan quit or died  the band would purchase all of that member's shares in the group.
"Fagen – acting on behalf of himself and on behalf of Steely Dan  as its sole remaining officer and director – hereby exercises the mandatory provision of the Buy/Sell Agreement requiring Steely Dan to purchase Becker's shares " the suit reads. "This lawsuit is required for Steely Dan and  Fagen  to obtain a judicial determination that Becker's shares must be sold to Steely Dan pursuant to the express terms of the Buy/Sell Agreement  so that Steely Dan and  Fagen  can go on as contemplated and provided by the Buy/Sell Agreement."
Along with Becker's Estate   Fagen  is also suing Steely Dan's longtime business management firm Nigro  Karlin  Segal  Feldstein & Bolno. NKSFB has also acted as the accountant for the group's touring company  Danette  and as a business manager for Becker and Delia Becker. Fagen's lawsuit alleges that NKSFB has been withholding pertinent information from him – such as royalty statements and records regarding tour income – and "engaging in other secretive behaviors."
As for NKSFB  the lawsuit further alleges that over the past few years  Fagen  has become aware of several "accounting errors by NKSFB  one of which involved millions of dollars  and another of which resulted in a lawsuit by a former member of the band." The suit also claims that NKSFB has hired a law firm on Steely Dan's behalf  without telling  Fagen . It argues  "Especially now  with the Becker Defendants taking a position adverse to Steely Dan and with the Becker Defendants retaining NKSFB  a full and complete accounting is necessary to protect [Fagen's] interests."
 Fagen  is seeking an official ruling that will hold up the Buy/Sell Agreement and force Becker's estate to sell the late musician's shares to Steely Dan.  He  is also seeking damages stemming from the "repudiation and breach" of the agreement. While the suit does not name a specific dollar amount  it suggests it could be in excess of $1 million.