Andrew Loog Oldham's assets are frozen...

Former [/a] manager ANDREW LOOG OLDHAM faces crippling court costs of several hundred thousand pounds after losing a legal battle over ownership of early recordings by ROD STEWART, FLEETWOOD MAC, SAM COOKE, JIMMY PAGE and others.

A London High Court judge ruled this morning (February 7) that Oldham’s assets of up to £125,000 be frozen until next week in order to protect the money he might have to pay in legal fees.

Mr Justice Pumfrey ruled that Oldham was not entitled to the rights to early recordings made on his Immediate Records label, founded in 1965.

Oldham had claimed that a US-based company he is involved with (Immediate Records Inc.) own the rights to tracks recorded for his Immediate Records label between 1965 and 1970. The label went into liquidation in 1970.

The action was fought by a group known as Sanctuary – an umbrella group for Charly Acquisitions, Charly Trademarks Ltd and Castle Copyrights Ltd – who claim they own the recordings having been passed the copyrights when Immediate Records folded. They have been releasing compilations of the tracks, by artists who also include The Small Faces, Eric Clapton and The McCoys – who gave Immediate it’s first hit with ‘Hang On Sloopy’.

Loog Oldham, who became a teenage millionaire guiding the early career of [a], argued that in 1972 he assigned to the copyrights to Thomas Cavalier, who in turn assigned them to Immediate Records Inc. in 1999. In February 2000, he announced he planned to re-release the recordings through a US based website. Sanctuary immediately sought and gained a temporary injunction against Loog Oldham’s new company until legal action was completed.

Loog Oldham, visibly upset as he left court today, said he would not make any statement until a hearing to find just how much he would have to pay in costs on Monday (February 11).