[Aktungbby]

 

After 43 years, the scorching hard rock record by New York group, Stonewall, has been given a proper release. First issued in 1976 as part of a tax shelter deal—and without the knowledge of the band members—the LP languished in obscurity for decades before becoming one of the most sought after “tax scam” albums. Various unauthorized editions of the self-titled platter have been put out since the ‘90s, but the new reissue from Permanent Records marks the first time the recordings have been officially licensed from the band.

Last year, Stonewall were featured in Part II of my article on Morris Levy’s tax shelter label, Tiger Lily. A slightly revised and updated version of the text is below. It begins with the introduction for the post.

*****

Last week, Dangerous Minds shined a light on the shady Tiger Lily Records, the tax shelter label owned and operated by the infamous Morris Levy. We explained that the albums released by the company were meant to lose money, resulting in higher tax breaks for investors. We also told readers about some of the musicians that willingly signed deals with the label. Part two of our Tiger Lily exposé will focus on the artists who were wholly unaware—for decades—that an album of their material was released by the company. In each instance, just a few known copies of each LP are known to exist. Why so few? Well, that’s one of the mysteries surrounding the label, but it’s believed Levy shipped the majority of the Tiger Lily stock to the local landfill.

In record collecting circles, one of the biggest stories in recent years was the eBay listing for one of the rarest and coveted of all the Tiger Lily LPs. The 2014 auction of the album, credited to a little-known group by the name of Stonewall, ended with the winning bid of $14,100 (no, that’s not a typo). Incidentally, the seller found the record at a Goodwill store in New Hampshire; the purchase price was $1.