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Forums > Prince: Music and More > The Estate Discussion - Part 6 - Continued
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Reply #60 posted 01/12/17 8:35am

EnDoRpHn

You might have to go back to Estate thread part 2, but I know there was discussion last year about his break with Prince.

You don't all think he was really oblivious to people looking out for themselves before him, do you?

laurarichardson said:

rogifan said:

laurarichardson said: How can anyone really determine that as some of these deals are just starting to be put into place? Is there a specific deal that Tyka and/or Omarr object? And can they demonstrate that Van Jones would do a better job of securing good deals for the Estate? What experience does he have in the music industry? [Edited 1/12/17 7:11am]

Read what Tyka and Omarr are saying about Londell. If any of this is true he is out the door.

--------

Court will determine Prince's legal heirs, pick firm to oversee estate Thursday

Filings in Carver County District Court raised questions of conflicts of interest in the management of the estate.
., APThis photo provided by Heritage Auctions shows Prince playing his Yellow Cloud electric guitar.
A tempest is brewing in the Prince estate over the proposed appointment of a "personal representative" to help manage the late musician's vast financial interests pending their distribution to his heirs.

The issue is scheduled for a hearing at 9:30 a.m. Thursday in the courtroom of Carver County District Judge Kevin Eide, who is overseeing the probate case.

Prince's sister, Tyka Nelson, and half-brother Omarr Baker have filed objections to the proposed appointment of L. Londell McMillan, an entertainment lawyer who has been acting as a special adviser to Bremer Trust, the outgoing special administrator appointed by the court after Prince's accidental death from an overdose of painkillers in April.

Nelson and Baker alleged in court filings this week that McMillan has a conflict of interest because he gets a 10 percent commission on contracts the estate has signed thus far to market Prince's music and persona.

The court filings include an affidavit from Randy Jackson, a brother of the late rock star Michael Jackson. He says that when McMillan represented his mother, Katherine Jackson, he did not always act in her best interest but rather, acted at times to enrich himself.

Because Prince left no will, Tyka Nelson, and his half-siblings, Baker, Sharon Nelson, Norrine Nelson, John Nelson and Afred Jackson, are likely heirs to his fortune, which has been estimated at between $100 million and $300 million before taxes, which are expected to claim roughly half.

In a petition filed in December, Tyka Nelson asked for either Fiduciary Trust Co. International or Comerica Bank & Trust N.A. to replace Bremer Trust, which has served as special administrator since shortly after Prince's death. Fiduciary Trust recently withdrew from consideration without explanation. The presumptive heirs now agree that Comerica should oversee the estate. All of the siblings except Tyka Nelson and Baker also want McMillan appointed as co-representative. Baker has proposed having Van Jones, his attorney and a CNN political commentator, act as co-representative.

Attorneys for Tyka Nelson and Baker said that McMillan offered Tyka Nelson a $10 million "no risk" loan, ostensibly to convince her of his ability to act as a representative of the estate. They wrote that McMillan has not produced information needed to assess his ability to act in that capacity, and that he has outstanding judgments against him that raise questions about his financial suitability for the job.

The attorneys wrote that McMillan was retained as an entertainment industry adviser for the estate but "he views himself in a substantially larger role."

"Mr. McMillan has negotiated with the Heirs' counsel on behalf of himself with little input from the Special Administrator or its counsel, Stinson Leonard Street," the lawyers wrote.

They note that McMillan has known Traci Bransford, a partner in Stinson Leonard Street, long before Prince's death. They said they've asked repeatedly, to no avail, how Bremer Trust decided to employ McMillan and why he was allowed to play such a large role.

The attorneys for Tyka Nelson and Baker suggest that McMillan bungled a tribute concert for Prince in October, arranged an after-party using estate assets without informing the heirs, and leaked confidential information to Billboard magazine about the $35 million sale of Prince's "vault masters." (McMillan denied being the source.) They added that McMillan's "behavior on Twitter" — where he cited his ongoing work with the estate — could cause it substantial damage.

Star Tribune reporter Rochelle Olson contributed information to this report.

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Reply #61 posted 01/12/17 8:38am

1Sasha

Even though Prince went through lawyers like water, why do you think he got rid of Londell in the first place? Irving Azoff could tell them whom to hire. He is the top of the top in the music industry.

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Reply #62 posted 01/12/17 8:55am

laurarichardso
n

1Sasha said:

Even though Prince went through lawyers like water, why do you think he got rid of Londell in the first place? Irving Azoff could tell them whom to hire. He is the top of the top in the music industry.

Irving would be good as he has spoken out about artist rights and works to get artist their royalties. He also came and saved the day with the triubute concert.

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Reply #63 posted 01/12/17 9:01am

laurarichardso
n

Many of us questioned where he even came from and the bankrupt law firm he was a part of. His association with that Van Rascal character who is suppose to be a spy for TMZ. I also remember Dr. Funk talking about attending a 20 year anniversary party for Emanicpation in LA. Whose funds paid for that party and what was the purpose of it. Why did Pheadra get fired and why are they using Universal as an Admin when NPG LLC was the admin? Who leaked to TMZ that Tyka went to meet Jay-Z. People have been pointing the finger at Tyka as the bad person and now we are getting to what has been going on behind the sceans.

EnDoRpHn said:

You might have to go back to Estate thread part 2, but I know there was discussion last year about his break with Prince.

You don't all think he was really oblivious to people looking out for themselves before him, do you?

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Reply #64 posted 01/12/17 9:37am

nelcp777

Judge: Appeals holding up Prince estate determination

CHASKA, Minn. — The Minnesota judge overseeing Prince's estate says he will wait for appeals to be exhausted before making a final determination on who will inherit the estimated $200 million.

But Carver County District Judge Kevin Eide made it clear Thursday that the late superstar's six confirmed siblings are the likely inheritors.

Eide has rejected claims from several people to be Prince's child or sibling.

The judge said at Thursday's hearing that a few more people have DNA tests pending, but he expects them to be rejected.

Prince's sister, Tyka Nelson, and five half-siblings have asked Eide to declare that no will exists and formally name them as heirs.

Thursday's hearing is also considering a change in the executor of Prince's estate.

Link:http://www.startribune.com/minnesota-judge-holds-hearing-on-fate-of-prince-s-estate/410480645/

This will take a while. I am sure once the initial appeals court upholds Judge Eide's ruling, they will appeal to the highest courts possible.

Sounds like Judge Eide has unofficially released Corey's and NZ DNA results per the article.

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Reply #65 posted 01/12/17 10:07am

rogifan

I have no love for Londell (hate his cryptic tweets) but I don't see any evidence that Van Jones has the right experience to manage Prince's music empire. Just because he's Omarr's personal lawyer doesn't mean he's the right person to represent Prince's music empire.
Paisley Park is in your heart
#PrinceForever 💜
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Reply #66 posted 01/12/17 10:23am

1Sasha

I agree on Van. He is not even in the ballpark on this. I think I posted on the org somewhere that the estate needs a John Branca, one of the people who pulled MJ's estate together. Someone familiar with the industry at the top level.

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Reply #67 posted 01/12/17 10:24am

PennyPurple

avatar

nelcp777 said:

Judge: Appeals holding up Prince estate determination

CHASKA, Minn. — The Minnesota judge overseeing Prince's estate says he will wait for appeals to be exhausted before making a final determination on who will inherit the estimated $200 million.

But Carver County District Judge Kevin Eide made it clear Thursday that the late superstar's six confirmed siblings are the likely inheritors.

Eide has rejected claims from several people to be Prince's child or sibling.

The judge said at Thursday's hearing that a few more people have DNA tests pending, but he expects them to be rejected.

Prince's sister, Tyka Nelson, and five half-siblings have asked Eide to declare that no will exists and formally name them as heirs.

Thursday's hearing is also considering a change in the executor of Prince's estate.

Link:http://www.startribune.com/minnesota-judge-holds-hearing-on-fate-of-prince-s-estate/410480645/

This will take a while. I am sure once the initial appeals court upholds Judge Eide's ruling, they will appeal to the highest courts possible.

Sounds like Judge Eide has unofficially released Corey's and NZ DNA results per the article.

Wow, wonder how long this part will take?

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Reply #68 posted 01/12/17 10:25am

Mkilpatrick74

I just read in one of the docs on the probate court site that their goal (the heirs)is to have three people as representatives of the estate to ensure full disclosure and transparency moving forward. Tyra, Sharon and then the third being chosen between Van and Londell.
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Reply #69 posted 01/12/17 10:38am

laurarichardso
n

PennyPurple said:

nelcp777 said:

Judge: Appeals holding up Prince estate determination

CHASKA, Minn. — The Minnesota judge overseeing Prince's estate says he will wait for appeals to be exhausted before making a final determination on who will inherit the estimated $200 million.

But Carver County District Judge Kevin Eide made it clear Thursday that the late superstar's six confirmed siblings are the likely inheritors.

Eide has rejected claims from several people to be Prince's child or sibling.

The judge said at Thursday's hearing that a few more people have DNA tests pending, but he expects them to be rejected.

Prince's sister, Tyka Nelson, and five half-siblings have asked Eide to declare that no will exists and formally name them as heirs.

Thursday's hearing is also considering a change in the executor of Prince's estate.

Link:http://www.startribune.com/minnesota-judge-holds-hearing-on-fate-of-prince-s-estate/410480645/

This will take a while. I am sure once the initial appeals court upholds Judge Eide's ruling, they will appeal to the highest courts possible.

Sounds like Judge Eide has unofficially released Corey's and NZ DNA results per the article.

Wow, wonder how long this part will take?

The idiot spawn of Duane has no chance of becoming an heir and neither do the so called half other half siblings who are going to be ordered to take a DNA test. NO court is going to allow people to claim inheritence because the parents were friendly with the family or you think someone is related to you. I would be surprised if any of these people get lawyers to continue with their cases when they see little chance of getting any money.

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Reply #70 posted 01/12/17 10:40am

PennyPurple

avatar

laurarichardson said:

PennyPurple said:

Wow, wonder how long this part will take?

The idiot spawn of Duane has no chance of becoming an heir and neither do the so called half other half siblings who are going to be ordered to take a DNA test. NO court is going to allow people to claim inheritence because the parents were friendly with the family or you think someone is related to you. I would be surprised if any of these people get lawyers to continue with their cases when they see little chance of getting any money.

But if the judge keeps letting people file against the estate...it's going to take forever.

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Reply #71 posted 01/12/17 10:42am

laurarichardso
n

rogifan said:

I have no love for Londell (hate his cryptic tweets) but I don't see any evidence that Van Jones has the right experience to manage Prince's music empire. Just because he's Omarr's personal lawyer doesn't mean he's the right person to represent Prince's music empire.

if you look in the court docs one of the lawyers suggest that they set up a family LLC with members who vote on all decisons going forward. The also suggest bringing a guy from the Vikings to act as a mediator to work out the issues the family is having. If Londell has been doing the things Tyka and Omarr say he is going to be out. These things are just plain unethical and in know why should he be cutting deals for himself and offering loans.

At this point it is important to have someone ethical in charge and some of you realize that entertainment lawyers can be consulted on deals as they come along.

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Reply #72 posted 01/12/17 10:45am

laurarichardso
n

PennyPurple said:

laurarichardson said:

The idiot spawn of Duane has no chance of becoming an heir and neither do the so called half other half siblings who are going to be ordered to take a DNA test. NO court is going to allow people to claim inheritence because the parents were friendly with the family or you think someone is related to you. I would be surprised if any of these people get lawyers to continue with their cases when they see little chance of getting any money.

But if the judge keeps letting people file against the estate...it's going to take forever.

Well the family needs to raise a objection because the deadline has long passed. The only thing I can think is the judge lets people file their claims. The claims get tossed and they can then just ban them from filing anymore because they missed the initial deadline in the first place.

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Reply #73 posted 01/12/17 11:37am

1Sasha

Supposedly, MJ's brother said in an affidavit presented today that Londell was enriching himself at the expense of Mrs. Jackson when he worked with them.

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Reply #74 posted 01/12/17 11:54am

nelcp777

1Sasha said:

Supposedly, MJ's brother said in an affidavit presented today that Londell was enriching himself at the expense of Mrs. Jackson when he worked with them.

I read that too. Very interesting what is going on. Perhaps this is why Prince stopped working with him in the past. Just speculation on my end.

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Reply #75 posted 01/12/17 12:00pm

laurarichardso
n

nelcp777 said:

1Sasha said:

Supposedly, MJ's brother said in an affidavit presented today that Londell was enriching himself at the expense of Mrs. Jackson when he worked with them.

I read that too. Very interesting what is going on. Perhaps this is why Prince stopped working with him in the past. Just speculation on my end.

He might be good if the family can find out why Londell and Prince parted ways in the first place.

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Reply #76 posted 01/12/17 12:04pm

nelcp777

Bremer has been replaced with Comerica:

http://www.startribune.com/challenges-raised-in-hand-off-of-prince-estate/410513285/#1

Also per the article, more insight on Londell.

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Reply #77 posted 01/12/17 12:29pm

1Sasha

Honestly, I think Bremer wanted out because they could see what a trainwreck the estate was becoming. No amount of money was worth dealing with two warring sets of heirs, no will, apparently not a lot of liquidity and a need to raise money quickly.

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Reply #78 posted 01/12/17 1:43pm

laurarichardso
n

1Sasha said:

Honestly, I think Bremer wanted out because they could see what a trainwreck the estate was becoming. No amount of money was worth dealing with two warring sets of heirs, no will, apparently not a lot of liquidity and a need to raise money quickly.


// High net individual never have a liquidity the taxes alone can kill you. Prince had safe conservative investments that fit his needs. The music industry is very volatile he smart to have safe investments which also allowed him to give charity.
If what Tyka and Omarr are saying about Londell and Breamer is true they are both unethical at the least and may have committed theft. Bteamer's job is not to enrich itself off of the estate.
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Reply #79 posted 01/12/17 2:03pm

nisibee

Here's video of Van's Testimony. Not entirely sure when this is from but saw it pop up (not live). https://www.youtube.com/w...e=youtu.be

"There's something on the tip of my tongue got a taste 4 sin..."
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Reply #80 posted 01/12/17 2:14pm

Goddess4Real

avatar

So Prince's family contacted Randy Jackson (who also has a dodgy reputation) about Londell's business practices? hmmm

Keep Calm & Listen To Prince
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Reply #81 posted 01/12/17 2:45pm

rogifan

Clearly Londell is an idiot for some of the cryptic stuff he puts on Twitter. At least Van Jones knows to be quiet.
Paisley Park is in your heart
#PrinceForever 💜
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Reply #82 posted 01/12/17 3:22pm

laurarichardso
n

Goddess4Real said:

So Prince's family contacted Randy Jackson (who also has a dodgy reputation) about Londell's business practices? hmmm


--The Jackson family was a client and if they want to give a deposition that Londell was unethical
when he handled their affairs they are within their right to do so. You realize the stuff they are accusing him of is very serious.
[Edited 1/12/17 15:23pm]
[Edited 1/12/17 15:25pm]
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Reply #83 posted 01/12/17 3:45pm

1Sasha

Makes you wonder why Fiduciary dropped out. Train wreck. There has to be one hand steering the ship, and the heirs can't get along and can't agree on whose hand to select.
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Reply #84 posted 01/12/17 4:57pm

anangellooksdo
wn

nisibee said:

Here's video of Van's Testimony. Not entirely sure when this is from but saw it pop up (not live). https://www.youtube.com/w...e=youtu.be



This video said a lot.

Van Jones seems like a very sweet, sincere, socially/politically idealistic human being who really cares about his friend Prince. That is his motive, to serve the memory of his friend as best he can.

And I do think he is qualified and can bring in anyone he needs to for anything he and the new trust company can't resolve themselves. He doesn't need to be a one-man fix-everything shop.

Only thing: a better answer to whether he has interest in visibility (he doesn't; Prince trusted him in this way and he remains appropriate) would have been to say he's not seeking attention or accolades at all, rather than saying he gets enough of that on his own, lol.

I think he has very good relationship skills and operates somewhat from the heart and his feelings/emotions (we NEED someone like that so this doesn't become "just a business") but also is smart and capable and connected and will get tough sometimes if necessary.

He has heart and loves Prince very much and I think that's important.

Also love the way he puts his chin in his palm and leans his elbow on the table like a kid. Very endearing.

So he'll bring a colorful aspect and care to the agenda.

But make no mistake...Van Jones is a very well-respected man. He can get the job done.
[Edited 1/12/17 17:00pm]
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Reply #85 posted 01/12/17 5:00pm

rogifan

Hmm...Some tweets from Londell including a tweet of support from Prince's personal assistant Meron Bekure. 🤔

Image and video hosting by TinyPic
[Edited 1/12/17 17:00pm]
Paisley Park is in your heart
#PrinceForever 💜
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Reply #86 posted 01/12/17 5:10pm

PennyPurple

avatar

rogifan said:

Hmm...Some tweets from Londell including a tweet of support from Prince's personal assistant Meron Bekure. 🤔 Image and video hosting by TinyPic [Edited 1/12/17 17:00pm]

Of course Londell will call it false allegations. Prince's assistant on the other hand should probably stay out of it.

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Reply #87 posted 01/12/17 5:25pm

rogifan

PennyPurple said:


Of course Londell will call it false allegations. Prince's assistant on the other hand should probably stay out of it.


Agreed though I have a feeling if she was voicing support for Van Jones people wouldn't say that. wink Makes me wonder though what Kirk and Trevor's opinions are.
[Edited 1/12/17 17:26pm]
Paisley Park is in your heart
#PrinceForever 💜
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Reply #88 posted 01/12/17 5:31pm

laurarichardso
n

1Sasha said:

Makes you wonder why Fiduciary dropped out. Train wreck. There has to be one hand steering the ship, and the heirs can't get along and can't agree on whose hand to select.

Actually if you go back and read the court papers they family had got it down to two banks. Fiduciary and Comerica. It was stated in those papers that Tkya was okay with either one and the rest of the family liked Comerica. It appears Fiduciary dropped out because the family went with Comerica.

Notice how the media said for some unknown reason Fiduciary dropped out well maybe because they knew they were not getting the job. See how the media reports on things.

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Reply #89 posted 01/12/17 5:34pm

laurarichardso
n

PennyPurple said:

rogifan said:

Hmm...Some tweets from Londell including a tweet of support from Prince's personal assistant Meron Bekure. 🤔 [Edited 1/12/17 17:00pm]

Of course Londell will call it false allegations. Prince's assistant on the other hand should probably stay out of it.

If the court finds out he is getting a 10% cut of those deals he is going to be in a lot of trouble. I suspect he had made deals without speaking to all of the family members and perhaps if he would stop tweeting and be more transparent none of this would have happened.

You can't spend estate money on parties, cut yourself a deal, or offer any of the sibs a loan. It is not his money to spend. All he has to do is show the contracts and explain were the money came from for his after party. If the tweeting is upsetting the family he should stop doing it.

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