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.
Stonewall were a heavy rock quartet from New York City. The band members were Bruce Rapp (lead vocals/harmonica), Bob Dimonte (guitar), Ray Dieneman (bass), and Anthony Assalti (drums). In 2017, Assalti did an in-depth interview with the magazine, It’s Psychedelic Baby, in which many of the unknowns surrounding the band were revealed. As Assalti tells it, in 1972, Stonewall were put in touch with Jimmy Goldstein, the proprietor of a Manhattan recording studio. Goldstein offered the group free studio time, if they’d be willing to record after normal business hours. Before the evening sessions, the Stonewall guys would smoke a ton of hashish, then show up to the studio, where they’d smoke even more with Goldstein. Then, with Goldstein on keyboards, they’d start recording.
Stonewall and Goldstein would jam for hours, then use the best sections as the basis for songs. After half a year of experimenting and recording, Goldstein and the band’s manager took hold of the tapes, telling the group they would shop them around to prospective record companies. Eventually, Goldstein told them there were no takers. The band would soldier on for a period before breaking up.
Years later, after Assalti had relocated to Florida and started a family, he received a phone call from a European collector who had questions about the Stonewall album—which Assalti hadn’t known existed. He was stunned. “It’s kind of sad,” Assalti confessed during the It’s Psychedelic Baby interview. “We were four young guys that were ripped off and never got the recognition I believe we deserved.”
Jimmy Goldstein is credited as the copyright holder of the tapes—a strong indicator he was Tiger Lily’s source. The Stonewall LP came out in 1976, the only year the label issued records.
The back cover.
So, what does a $14,000 record sound like?
2019 remaster.
Like the rest of the album, “Try & See It Through” finds the band balancing the heavy blues rock of Led Zeppelin with the heavy metal riffage of Black Sabbath. Goldstein’s organ is featured prominently in the mix, so there’s an added Deep Purple element, too. Rapp’s raw vocal comes off like a cross between Robert Plant’s guiding light for Zep, Terry Reid, and the raspy singer from Black Oak Arkansas, Jim Dandy. The highpoint of “Try & See It Through” is when Dimonte steps up and throws down an eye-popping guitar solo.
Assalti is now a grandfather. He doesn’t play the drums much anymore, telling It’s Psychedelic Baby, “Seems like most of the bands around here rather save the money and use a drum machine.”
*****
Sadly, guitarist Bob Dimonte didn’t live to see the reissue of the Stonewall record; he passed away last year. The remaining members of the band are still with us, though, and it’s very cool they are around to witness a formal release of their incredible work. Finally.
Permanent Records’ authorized LP edition of Stonewall is now available in a limited edition of 500 copies. 100 of those are pressed on metallic gold vinyl. Get it via Permanent’s webstore.
And you want a Stonewall t-shirt, too, right?
We’ll leave you with another killer track from the Stonewall LP.
Previously on Dangerous Minds:
What’s Up Tiger Lily?: The wild story of the tax scam record label run by the notorious Morris Levy
Tiger Lily Records: The wild story of the tax scam label run by the notorious Morris Levy (Part II)