"I assume there are many things in the contract but I bet there are at least 2. He cannot record for release any song in the contract and he can still perform any song live for no or low charge."
ibmjunkman-That would be one interesting contract to actually read the "fine print."
Sell your catalog, now you need permission from the new "owner" to perform it?
For HALF A BILLION dollars, doesn't seem like much of an inconvenience.