I departed Elektra after four months as Vice President in charge of A&R. I had signed one band (Stranger, whose album included a song called “There’s a Party in My Pants and You’re Invited”) and agreed to produce three Elektra albums per year for two years; I would receive an advance fee that would be collateralized against any future royalties (if the album recouped its recording costs), and I would receive a number of percentage points per album, based on the retail price (I can’t recall the number exactly, but I know it was quite acceptable to me after seven years of being underpaid for producing). I was happy with this, as it was competitive with the best production deals at the time. If I could be fortunate enough to produce a platinum album with these terms, I stood to make half a million dollars.

Before exiting the label, I attended the Grammys with Bob and a few other executives – a pretty boring affair lasting four hours (it’s actually recorded “live on tape,” which allows for reshoots), replete with orders to minimize the number of trips we made to the bathroom in order to avoid visibly empty seats. The next time I had an opportunity to attend the Grammys, I passed. I had one personally significant meeting at the office with a Mrs. Ellis McDaniel, who was Bo Diddley’s wife. I can’t recall the express purpose of our meeting, but Bo Diddley was such a heavy musical influence on me in my teenage years that I count this as one of the more significant meetings I had while at Elektra. (more…)