MOP TOP FLOP
June 2002
Arbitrator Denies Ringo's Claims
to Beatle Tontine
Liverpool, UK | Former Beatles' drummer Ringo Starr has been denied participation in a tontine contract dating back to 1961, before he officially joined the group. At stake was a four decades old investment portfolio in Berlin now worth an estimated £6.2 million.
Tontines, agreements by which the last surviving participant becomes sole beneficiary, are not recognized as legally binding under English law. Therefore, all parties agreed to have the matter decided before an arbitrator.
According to the final ruling, the only legitimate members of the tontine are Paul McCartney and original Beatle drummer Pete Best, who was ousted from the group just before their unprecedented rise to fame. Starr's entire case was based on the contention that he, not Best, is universally accepted as the true Beatle.
But one key piece of Ringo's own evidence may have been his undoing. Starr sited a recent Associated Press article which stated, "John was the soul of the Beatles, George was the spirit, Paul was the heart, and Ringo was the drummer."
Best's representative said Ringo's claims were groundless, explaining "Mr. Starr never made any actual monetary contribution to the original tontine. Plus, he was simply unable to produced evidence that he has any discernible talent."
