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Gregg Allman had been working on “My Only True Friend” with guitarist Scott Sharrard for a few months when they met for a songwriting session in Mr. Allman’s New York hotel room in March 2014. The Allman Brothers Band was in the midst of its final year of performances, after which Mr. Allman would dedicate himself to performances with his solo band, for which Mr. Sharrard was the musical director.

As they settled down with acoustic…