Nine Inch Nails frontman Trent Reznor has filed a federal lawsuit against his longtime manager JOHN MALM, claiming his ex-pal fooled him into signing a contract allowing Malm to collect 20 per cent of his gross earnings rather than net earnings.
Goth rocker Reznor testified yesterday (16MAY05) that in 2003 he discovered he was left with just $400,000 (GBP760,000) despite his band's multi million dollar profits.
He also told jurors about his shock over the discovery, because Malm was a close friend who he trusted to handle his finances in the 1980s when Nine Inch Nails signed their first record contract.
Reznor told the court, "I felt I had an accountant I couldn't trust. John was the business guy, and I was the guy working for nothing in the studio."
But Malm's lawyer ALAN HIRTH insists his client was brutally honest with Reznor and worked for several years without a salary because he genuinely cared about the band.
He added, "Of the millions upon millions upon millions that Trent Reznor and Nine Inch Nails made, the vast majority went into his (Reznor's) pocket."17/05/2005 14:04