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Thread started 04/27/16 9:20pm

feeluupp

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VAULT DRILLED OPEN

Many media outlets reported Prince's Vault has been drilled open today and all the remains that were in the Vault are now legally owned by Trust Company (Bremer Trust).

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Reply #1 posted 04/27/16 9:21pm

irresistiblebi
tch666

feeluupp said:

Many media outlets reported Prince's Vault has been drilled open today and all the remains that were in the Vault are now legally owned by Trust Company (Bremer Trust).



What is Bremer trust?
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Reply #2 posted 04/27/16 9:26pm

feeluupp

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irresistiblebitch666 said:

feeluupp said:

Many media outlets reported Prince's Vault has been drilled open today and all the remains that were in the Vault are now legally owned by Trust Company (Bremer Trust).

What is Bremer trust?

a TRUST company the judge ordered today to control Prince's assests, temporarily.

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Reply #3 posted 04/27/16 9:32pm

delinquent

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All that stuff is going to be tied up for so long. sad

This is the only kind of love
That I've been dreaming of
The kind of love that takes over your
Body, mind, and soul
Love to the nines
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Reply #4 posted 04/27/16 9:38pm

piemel

https://ww2.kqed.org/arts/2016/04/27/princes-estate-to-be-temporarily-managed-by-trust-company/

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Reply #5 posted 04/27/16 9:41pm

piemel

A Minnesota judge appointed a corporate trust company on Wednesday to temporarily oversee Prince’s multimillion-dollar estate, saying the emergency appointment was necessary because the superstar musician doesn’t appear to have a will and immediate decisions must be made about his business interests.

Judge Kevin Eide granted a request from Prince’s sister to appoint Bremer Trust as special administrator, giving the company authority to manage and supervise Prince’s assets and identify his heirs. Eide said Prince had no appointed personal representative but had substantial assets and owned businesses that require immediate attention and ongoing management.

The judge also noted that identities and addresses of Prince’s heirs need to be determined. Prince’s only full sibling, Tyka Nelson, requested the move Tuesday, telling the court she believed her brother didn’t have a will. Prince also has five surviving half-siblings who could share in the estate.

Eide wrote that Prince died “intestate,” meaning he did not have a valid will, and said there was no pending application or petition for probate of a will in any court. However, someone could still come forward with a will or trust document, which happened after Michael Jackson died in June 2009. Jackson’s longtime lawyer John Branca filed a will six days after his death, upending moves by Jackson’s mother to become his estate’s executor based on her assumption there wasn’t a will.

For now, Bremer Trust will act as special administrator for six months or until a personal representative is appointed, whichever is less.

Later Wednesday, the estate already had its first claim against it, with a filing from a California man who claimed that Prince had transferred ownership of his music catalog to him in 1995.

Prince, 57, died last week at Paisley Park, his famous home and recording studio complex in suburban Minneapolis. His cause of death hasn’t been released. An autopsy was conducted Friday, but results aren’t expected to be released for weeks.

The value of his estate isn’t known. Prince made hundreds of millions of dollars for record companies, concert venues and others, and the outpouring of grief and nostalgia after his death prompted fans to buy 2.3 million of his songs in just three days.

Prince also owned a dozen properties in Minnesota, most of it undeveloped land and some houses for relatives, worth about $27 million, according to public records. He also sold more than 100 million albums, and concert industry magazine Pollstar reported that in the years Prince’s tours topped the charts — 10 years over four decades performing — they raked in $225 million in ticket sales.

But it’s not clear how much money Prince had when he died, given that he had to pay record labels and staff and cover other expenses.

On Wednesday, Eide said Bremer Trust was in the best position to handle Prince’s estate. The judge noted that its affiliate, Bremer Bank, had worked with Prince and has knowledge of his personal and business finances.

The judge said Nelson and one of Prince’s half-brothers, Omarr Baker, were part of the telephone conference that prompted his decision Wednesday. The judge said no one objected to appointing a special administrator.

Under Minnesota law, if a person dies without a will — and with no surviving parents, children, or grandchildren — the next people in line to share in the estate are the surviving siblings, including half-siblings. Prince wasn’t married and had no known living children.

___

Copyright 2016 The Associated Press. All rights reserved.

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Reply #6 posted 04/27/16 9:51pm

violectrica

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Is it possible a will is in there?!?!

Genius!
Trufax: My daddy told me the he and mom went to Purple Rain in a Seattle Theater. They were so moved by the movie that they went into the record store and bought the album immediately. They went home and conceived me.
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Reply #7 posted 04/27/16 9:56pm

spiritualnoise

Only Prince knew the combination to the safe...I had been wondering about that.

http://kstp.com/news/prince-received-out-patient-treatment-bank-trustee-drills-princes-vault-open/4119830/

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Reply #8 posted 04/27/16 10:11pm

Xarina

Must not be much of an investigation going on if they are drilling rooms open.

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Reply #9 posted 04/27/16 10:14pm

babynoz

One week after..... sad

Prince, in you I found a kindred spirit...Rest In Paradise.
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Reply #10 posted 04/27/16 10:17pm

TrivialPursuit

Xarina said:

Must not be much of an investigation going on if they are drilling rooms open.

That sentence doesn't make sense. A murder investigation has nothing to do with the bank taking hold of things temporarily. He didn't die in the vault.

.

This experience will cover courtship, sex, commitment, fetishes, loneliness, vindication, love, and hate.
http://bit.ly/1D3FG2U
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Reply #11 posted 04/27/16 10:30pm

Xarina

Tonight I've seen reports that the DEA is investigating due to drugs found, and also that the bank is drilling open his vault. That doesn't make sense to me, wouldn't the DEA have done that?

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Reply #12 posted 04/27/16 10:32pm

Thizz

. . if a will is in there what incentive would this trust company have for turning it in?

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Reply #13 posted 04/27/16 10:47pm

jstar69

What the... Later Wednesday, the estate already had its first claim against it, with a filing from a California man who claimed that Prince had transferred ownership of his music catalog to him in 1995.

How could he have transferred ownership in 95 - ownership was still with WB back then? Said californian man = fruit loop

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Reply #14 posted 04/27/16 11:08pm

jtfolden

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WTF...

Ok isn't the Vault climate controlled to preserve the recordings? Is the contents actually being removed or is a new lock being installed????

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Reply #15 posted 04/27/16 11:16pm

luv4u

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Bremer Bank had to get in there quickly..................... http://kstp.com/news/prin...n/4119830/

I sure hope that no one, not a soul takes/steals anything from inside that vault.

Edmonton, AB - canada

Ohh purple joy oh purple bliss oh purple rapture!
REAL MUSIC by REAL MUSICIANS - Prince
"I kind of wish there was a reason for Prince to make the site crash more" ~~ Ben
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Reply #16 posted 04/27/16 11:18pm

Starlit

I still don't get it : why opening the Vault, only a week after his death ? If they want to sort the money business as soon as possible, I can understand. I guess someone has to decide what to do with all the money coming in from the suddenly increased album sales.... But, those songs in the Vault... Of course, I would love to hear them, I would love to know how many other treasures he created during his life, but releasing that music should be done with care... I don't know, to me it all feels a bit hasty and even disrespectful.

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Reply #17 posted 04/27/16 11:20pm

jtfolden

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luv4u said:

Bremer Bank had to get in there quickly..................... http://kstp.com/news/prin...n/4119830/

I sure hope that no one, not a soul takes/steals anything from inside that vault.

"Bremer Bank had to hire someone to drill through the lock to retrieve and take inventory of its contents."

I'm really concerned what "retrieve" means in this context.


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Reply #18 posted 04/27/16 11:22pm

luv4u

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Starlit said:

I still don't get it : why opening the Vault, only a week after his death ? If they want to sort the money business as soon as possible, I can understand. I guess someone has to decide what to do with all the money coming in from the suddenly increased album sales.... But, those songs in the Vault... Of course, I would love to hear them, I would love to know how many other treasures he created during his life, but releasing that music should be done with care... I don't know, to me it all feels a bit hasty and even disrespectful.


The bank prolly has to document everything that was in that vault on a list for the Judge.

Prolly they will be the ones distributing the wealth? .............

Edmonton, AB - canada

Ohh purple joy oh purple bliss oh purple rapture!
REAL MUSIC by REAL MUSICIANS - Prince
"I kind of wish there was a reason for Prince to make the site crash more" ~~ Ben
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Reply #19 posted 04/28/16 12:05am

GoldStandard

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luv4u said:

Starlit said:

I still don't get it : why opening the Vault, only a week after his death ? If they want to sort the money business as soon as possible, I can understand. I guess someone has to decide what to do with all the money coming in from the suddenly increased album sales.... But, those songs in the Vault... Of course, I would love to hear them, I would love to know how many other treasures he created during his life, but releasing that music should be done with care... I don't know, to me it all feels a bit hasty and even disrespectful.


The bank prolly has to document everything that was in that vault on a list for the Judge.

Prolly they will be the ones distributing the wealth? .............

Yes, I suspect the initial aim is to determine a more accurate estimate of the Vault's value. It's one thing to say there are thousands of unreleased songs in there, but the commerical value could be anywhere between a million and a billion dollars.

Sadly, I would assume that someone would probably be listening to the contents of the Vault this very second.

Nobody I know gun' bite
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Reply #20 posted 04/28/16 12:11am

GirlBrother

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I guess they need to value his assets for legal/tax purposes, and any unreleased music would be his biggest asset.

I wouldn't be surprised if Prince had been slowly clearing it out, if he knew he was dying. It'd be a really Prince-like thing to do.
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Reply #21 posted 04/28/16 12:12am

luv4u

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moderator

GoldStandard said:

luv4u said:


The bank prolly has to document everything that was in that vault on a list for the Judge.

Prolly they will be the ones distributing the wealth? .............

Yes, I suspect the initial aim is to determine a more accurate estimate of the Vault's value. It's one thing to say there are thousands of unreleased songs in there, but the commerical value could be anywhere between a million and a billion dollars.

Sadly, I would assume that someone would probably be listening to the contents of the Vault this very second.


Or leak some out there?

Edmonton, AB - canada

Ohh purple joy oh purple bliss oh purple rapture!
REAL MUSIC by REAL MUSICIANS - Prince
"I kind of wish there was a reason for Prince to make the site crash more" ~~ Ben
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Reply #22 posted 04/28/16 12:18am

NorthC

luv4u said:

Bremer Bank had to get in there quickly..... http://kstp.com/news/prin...n/4119830/

I sure hope that no one, not a soul takes/steals anything from inside that vault.


I hope so too, otherwise it'll be like The Black Album back in 1987 only with who knows how many different recordings. Bootleggers would lose no time taking advantage of that!
Never try to discourage thinking, for you are sure to succeed.
Bertrand Russell
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Reply #23 posted 04/28/16 12:45am

panpac777

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This is Extremely Alarming if this is True.Unless they are looking for the WILL, then that would make sense completely!If Tyka is having them get in there to find the WILL then I am ok with that for sure!Otherwise. "THIEVES R IN THE TEMPLE" 2nite!
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Reply #24 posted 04/28/16 1:02am

ComeHereLetMeC
utYourHair

it sounds like to me this is the best way to organize his catalogue!! Group it by date!! I think at the very least they will try to make money off releasing his unreleased tracks and it will be the best thing for everyone!! Tyka was always super jealous of Prince

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Reply #25 posted 04/28/16 1:07am

dolphinkiing23

Fuck this shit " come on out get a free t-shirt and some pizza, Prince's life and his work is nothing but a bottom line at the end of the day...." Im sorry but i dont have the stomach to see what they do to Prince's memory and his work..... he was simply just a neighbor and just a citizen of Chanhassen... ok...

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Reply #26 posted 04/28/16 1:18am

FunkiestOne

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ComeHereLetMeCutYourHair said:

it sounds like to me this is the best way to organize his catalogue!! Group it by date!! I think at the very least they will try to make money off releasing his unreleased tracks and it will be the best thing for everyone!! Tyka was always super jealous of Prince

I doubt the trust company is going through his unreleased songs and listening to them and grouping them by date. Hopefully they will just put them back under safekeeping. But they have to document all the assets of the estate. That's their job. But they can just say 100 reel to reel tapes and 10 hard drives. They aren't going to count the songs on them.

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Reply #27 posted 04/28/16 1:28am

PurpleHigh

For the purposes of executing the estate and expedience, they might just assign an estimated value per tape, count the number of tapes physically in the vault, and then reach a figure that way.

It's kinda like when I bought renter's and home insurance. I didn't insure my media collection based on what it could fetch on ebay. The insurance company just wanted a number of items and multiplied it by a dollar amount to reach an estimated value.

Of course, this being Prince and considering the potential commercial value of the recordings, it could be a whole other ballgame. I could see how they could estimate the value of the already-released stuff, but not sure how they'd reach a reasonable figure for the unreleased.

But, they still had to get in there and see what they're working with.

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Reply #28 posted 04/28/16 2:35am

TraSoul82

FunkiestOne said:



ComeHereLetMeCutYourHair said:


it sounds like to me this is the best way to organize his catalogue!! Group it by date!! I think at the very least they will try to make money off releasing his unreleased tracks and it will be the best thing for everyone!! Tyka was always super jealous of Prince




I doubt the trust company is going through his unreleased songs and listening to them and grouping them by date. Hopefully they will just put them back under safekeeping. But they have to document all the assets of the estate. That's their job. But they can just say 100 reel to reel tapes and 10 hard drives. They aren't going to count the songs on them.



The money is in the music. The songs will definitely counted and cataloged. Those drives will probably be scanned for damaged and "deleted" files as well. I'm sure a top tier digital forensic team will go to work on everything. I'm also sure those reels will be scanned thoroughly. Don't forget there's a DEA investigation ongoing as well.

Unless there was a self-destruct function (as in a literal bomb) on the vault, a privileged few will know everything very soon. The only question is how much of it will "officially" see the light. With all the rumors about P having his house mic'd, who knows what they'll find.
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Reply #29 posted 04/28/16 3:05am

vladimir

I don't see how that much material (if the upper-limit rumours are true) will ever be releasable. If he left 2000 songs unreleased, that's something like 150 to 200 CDs.

Are they going to release a 150-CD box set? And what would it cost?!

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