London - Jimi signs a contract with Yameta.

"On 1st December, a week after the Bag O’Nails gig, Mike Jeffery took Jimi Hendrix to the Mayfair office of solicitor John Hillman, the architect of Yameta. John Hillman and Mike Jeffery presented Jimi with another legal agreement, this one exclusively to do with him as a performer in all mediums. It gave Mike Jeffery 40% of Jimi’s gross performance earnings, a huge figure by any show business standard. Mike Jeffery explained that part of that percentage could pay for possible tour expenses. John Hillman told Hendrix about the Yameta tax shelter and tried to impress him by mentioning the name of Yameta director Sir Guy Henderson who he said was a very important person in the Bahamas. He told Hendrix that Sir Guy had helped start Yameta. Mike Jeffery and John Hillman convinced Hendrix that if he did well in America, the various Bahamas accounts would save him paying too much in taxes and would eventually support him for the rest of his life. Mike Jeffery didn’t offer Hendrix the opportunity to seek independent legal advice or to discuss the meeting and contract with Chas Chandler who hadn’t been present at the meeting. Hendrix raised the subject of the Ed Chalpin contract, and once again Mike Jeffery assured him that the paper he’d signed with Chalpin could be dealt with. The agreement that Hendrix signed that day would seriously affect him for years to come." Source.