Hello Lizzie, I'm a lawyer, read my lips.

Jed, sorry, but you only retain non-exclusive rights to whatever you put on Myspace. So you do lose your intellectual property rights. You lose joint ownership in them to Rupie.

And do you think Rupie is scared of a lawsuit, no matter from whom? They are his hobby!

Read the contract before signing it. If it is not fair to you don't sign it.