FlyOnTheWall said:

FlyOnTheWall said:

YaThink said:

FlyOnTheWall said:

I'm getting that same feeling YaThink. Bremer Trust was only given, what six months? They appointed Londell and Koppelman to supposedly monetize his music assets, but I have yet to see any evidence of any such activity. When are they going to begin selling remasters and reissues? The estate taxes are due in January, for Chrissakes. I hate to say it, and I hope I'm wrong, but I'm starting to think the fix is in...

Frankly, they are a bank that was put in place because they were already being utilized by him prior to his passing to conduct ongoing financials. Seems they and others are only holding back the estate from doing anything but liquidation, since they are unable to strike long term deals to monetize. Simply put, the court NEEDS to begin to legally name heirs, which it continues to delay doing to keep in line with the law...objections and false claims. Once permanent heirs are in place, long term deals can be made to support his legacy.

I really need one of our Org lawyers-in-residence to help me fully understand what is going on here. I realize that heirship has not yet been determined...and, due to ongoing litigations, it might not be for the foreseeable future. So, in the absence of, "long term deals...to support his legacy," what can be done NOW, in the short term, other than preparing to sell off real estate, to at least generate enough monetization to pay off the estate tax bill that is due in January? That is what I am missing...and that is why I keep inquiring about Londell and Koppelman's purported role of monetizing Princes VAST music assets. I mean, Warner Bros. is issuing blu-ray remasters of his three seminal films, but what is the estate doing, along these lines, with his music catalog? Because, from my vantage point, the only music I see Londell selling these days is his daughter's new EP, "Sweet Tea." What the heck is going on? And the only mention I have seen of monetizing Prince's music assets was what I consider a trial balloon, of sorts, here on the Org about selling the contents of Prince's Vault--the value of which I think is incalculable--for a mere $20 million!!!!!! Based on this, it makes me wonder what is really going on here!!!!!! I mean, exactly who is guarding the proverbial hen house here...the hen house with the golden eggs, mind you? Is it the proverbial fox(es)?????

[Edited 8/6/16 4:18am]

FlyOnTheWall said:

YaThink said:

FlyOnTheWall said: Frankly, they are a bank that was put in place because they were already being utilized by him prior to his passing to conduct ongoing financials. Seems they and others are only holding back the estate from doing anything but liquidation, since they are unable to strike long term deals to monetize. Simply put, the court NEEDS to begin to legally name heirs, which it continues to delay doing to keep in line with the law...objections and false claims. Once permanent heirs are in place, long term deals can be made to support his legacy.

I really need one of our Org lawyers-in-residence to help me fully understand what is going on here. I realize that heirship has not yet been determined...and, due to ongoing litigations, it might not be for the foreseeable future. So, in the absence of, "long term deals...to support his legacy," what can be done NOW, in the short term, to at least generate enough monetization to pay off the estate tax bill that is due in January, other than preparing to sell off real estate? That is what I am missing...and that is why I keep inquiring about Londell and Koppelman's purported role of monetizing Princes VAST music assets. I mean, Warner Bros. is issuing blu-ray remasters of his three seminal films, but what is the estate doing, along these lines, with his music catalog? Because, from my vantage point, the only music I see Londell selling these days is his daughter's new EP, "Sweet Tea." What the heck is going on? And the only mention I have seen of monetizing Prince's music assets was what I consider a trial balloon, of sorts, here on the Org about selling the contents of Prince's Vault--the value of which I think is incalculable--for a mere $20 million!!!!!! Based on this, it makes me wonder what is really going on here!!!!!! I mean, exactly who is guarding the proverbial hen house here...the hen house with the golden eggs, mind you? Is it the proverbial fox(es)?????

[Edited 8/6/16 4:18am]

Also, is anyone working on an inventory of The Vault? Indeed, has The Vault actually even been opened yet? That would seem, to my lay mind, to be the mandatory first step(s) of Londell and Koppelman. The lack of transparency in this regard is very worrisome. Moreover, just as Bremer presented, in Exhibit A, a laundry list of Prince's real estate assets, when will we see a similar inventory of ALL of his VAST music assets? It would seem that this needs to happen sooner, rather than later. I would think that such a music inventory would not be contingent upon establishing the final disposition of his estate. As I said earlier, perhaps some of the lawyers on this site can help me to more fully understand what is doable right now, in the short term.

[Edited 8/6/16 4:38am]

rogifan said:

Londell knows a lot more than he'd ever say, especially on Twitter. I get the feeling he's involved in the tribute concert as someone asked him on Twitter about getting it on TV and he responded that those details were being worked out. Hopefully they'll have merchandise at this event and that can help raise money.

I sure hope Londell doesn't break the collective heart of The Purple Army.

I'd be sad if PP was sold but not heartbroken. As long as most of his memorabilia is preserved and put in the R&R HoF or in a MN museum for fans to visit, then I'd be fine. I mean, if Prince gave a damn about what would happen to the place after his death then he would've made provisions, especially as some want to speculate that he knew he was dying. Even if he didn't, he would've made some arrangements for it and his money, other properties, one would think.

endiadj said:

I'd be sad if PP was sold but not heartbroken. As long as most of his memorabilia is preserved and put in the R&R HoF or in a MN museum for fans to visit, then I'd be fine. I mean, if Prince gave a damn about what would happen to the place after his death then he would've made provisions, especially as some want to speculate that he knew he was dying. Even if he didn't, he would've made some arrangements for it and his money, other properties, one would think.

I think Prince did make arrangements, but they are somehow being suppressed. Nothing makes sense at this point. It would be a TRAVESTY and an OUTRAGE is PP were to be sold.

FlyOnTheWall said

Also, is anyone working on an inventory of The Vault? Indeed, has The Vault actually even been opened yet? That would seem, to my lay mind, to be the mandatory first step(s) of Londell and Koppelman. The lack of transparency in this regard is very worrisome. Moreover, just as Bremer presented, in Exhibit A, a laundry list of Prince's real estate assets, when will we see a similar inventory of ALL of his VAST music assets? It would seem that this needs to happen sooner, rather than later. I would think that such a music inventory would not be contingent upon establishing the final disposition of his estate. As I said earlier, perhaps some of the lawyers on this site can help me to more fully understand what is doable right now, in the short term.

[Edited 8/6/16 4:38am]

Charles Koppelman was spotted at Paisley Park within the past two weeks.

FlyOnTheWall said:

FlyOnTheWall said:

rogifan said:

FlyOnTheWall said:

rogifan said:

Londell knows a lot more than he'd ever say, especially on Twitter. I get the feeling he's involved in the tribute concert as someone asked him on Twitter about getting it on TV and he responded that those details were being worked out. Hopefully they'll have merchandise at this event and that can help raise money.

I sure hope Londell doesn't break the collective heart of The Purple Army.

It's just sad to me that so many seem to assume the worst from Prince's family and/or those involved with the estate.

ISaidLifeIsJustAGame said:

FlyOnTheWall said

Also, is anyone working on an inventory of The Vault? Indeed, has The Vault actually even been opened yet? That would seem, to my lay mind, to be the mandatory first step(s) of Londell and Koppelman. The lack of transparency in this regard is very worrisome. Moreover, just as Bremer presented, in Exhibit A, a laundry list of Prince's real estate assets, when will we see a similar inventory of ALL of his VAST music assets? It would seem that this needs to happen sooner, rather than later. I would think that such a music inventory would not be contingent upon establishing the final disposition of his estate. As I said earlier, perhaps some of the lawyers on this site can help me to more fully understand what is doable right now, in the short term.

[Edited 8/6/16 4:38am]

Charles Koppelman was spotted at Paisley Park within the past two weeks.

That is good to hear. There should be a team of archivists and appraisers, music and otherwise, working around the clock at Paisley Park. It is going to take a herculean effort to get The Vault audited and inventoried.

laurarichardson said:

rogifan said:

It's just sad to me that so many seem to assume the worst from Prince's family and/or those involved with the estate.

-/The MJ event has turned out find with the two people working as the admins. Breamer is a wealth mgmt firm that Prince banked with for over 30 years. I suspect that putting his money in real estate probably came from working with them on managing his money. So far we have seen plenty of Minnesota nice and I am sure they will work to liquid assets to be able to make a good payment on taxes as anything that they do not have can be paid on an installment plan. It is Londell and Koppelman's job to work on the music part and they have November to show some progress. [Edited 8/6/16 8:13am]

Thanks, laurarichardson! Where did you get the November date? Do you have a link to a source where I can read about that? Thanks in advance.

FlyOnTheWall said:

laurarichardson said:

FlyOnTheWall said:

Thanks, laurarichardson! Where did you get the November date? Do you have a link to a source where I can read about that? Thanks in advance.

-/ It was in the court docs and in the media. I will find it later and post. Breamer and Londell and Koppelman are on the job until November. I am not sure if it is the judge or the family that decided if they get to stay on but I suspect all parties need to show some progress. Looks like Breamer is moving to sell assets to get money coming in. Londell and Koppleman are going to have to have something in place before that November date. I would not want to be in their shoes has I doubt the idiots in the music industry have any idea what to do with it his music and music sales overall are dismal.

Oh, I see. You're referring to the six months for which Bremer is contracted. Thanks. I knew about that, I just had not attached a November date to it. It's true that music sales are at an historic low, but Prince's music is a special case altogether. There is a window of opportunity to sell a record number of reissues and remasters, but so far we have heard nothing from the estate. That is what worries me, as that window will soon slam shut. Sure the hardcore Purple Army will buy whenever music becomes available from the estate, but the general public is snatching up bootlegs left and right. In other words, Londell and Koppelman are leaving a vacuum. The bootleggers are on their toes, but it seems that the estate, for whatever reason, is flat-footed and paralyzed.

L. Londell McMillan~ Paisley Park is a National Treasure~

[Edited 8/6/16 10:20am]

FlyOnTheWall said:

laurarichardson said:

FlyOnTheWall said: -/ It was in the court docs and in the media. I will find it later and post. Breamer and Londell and Koppelman are on the job until November. I am not sure if it is the judge or the family that decided if they get to stay on but I suspect all parties need to show some progress. Looks like Breamer is moving to sell assets to get money coming in. Londell and Koppleman are going to have to have something in place before that November date. I would not want to be in their shoes has I doubt the idiots in the music industry have any idea what to do with it his music and music sales overall are dismal.

Oh, I see. You're referring to the six months for which Bremer is contracted. Thanks. I knew about that, I just had not attached a November date to it. It's true that music sales are at an historic low, but Prince's music is a special case altogether. There is a window of opportunity to sell a record number of reissues and remasters, but so far we have heard nothing from the estate. That is what worries me, as that window will soon slam shut. Sure the hardcore Purple Army will buy whenever music becomes available from the estate, but the general public is snatching up bootlegs left and right. In other words, Londell and Koppelman are leaving a vacuum. The bootleggers are on their toes, but it seems that the estate, for whatever reason, is flat-footed and paralyzed.

I understand that this stuff can't be done on the fly, but a fairly quick money maker could be putting out DVDs or downloads of old concert footage. A team can view the footage and decide which is best and make DVD/download packages of the best shows from his various tours. It wouldn't take too much time to do that. A documentary of his life from childhood through his final days as told by family, friends, and employees is always interesting as well. This could be done fairly quickly also.

These lawyers are dragging this stuff to milk every bit they can get from the estate it seems. Then when everything is settled, somewhat, and stuff starts being put out, cd's, dvd's, etc., the gp will have moved on, if they haven't already.

I'm beginning to think that Prince simply didn't give a shit about what happened after he passed. It boggles me, especially considering his artistic legacy, but it must be true, since nobody's turned up a will of any vintage or any directives.

PurpleBabied said:

I'm beginning to think that Prince simply didn't give a shit about what happened after he passed. It boggles me, especially considering his artistic legacy, but it must be true, since nobody's turned up a will of any vintage or any directives.

Same. There's no other explaination that makes sense.

tmo1965 said:

FlyOnTheWall said:

Oh, I see. You're referring to the six months for which Bremer is contracted. Thanks. I knew about that, I just had not attached a November date to it. It's true that music sales are at an historic low, but Prince's music is a special case altogether. There is a window of opportunity to sell a record number of reissues and remasters, but so far we have heard nothing from the estate. That is what worries me, as that window will soon slam shut. Sure the hardcore Purple Army will buy whenever music becomes available from the estate, but the general public is snatching up bootlegs left and right. In other words, Londell and Koppelman are leaving a vacuum. The bootleggers are on their toes, but it seems that the estate, for whatever reason, is flat-footed and paralyzed.

I understand that this stuff can't be done on the fly, but a fairly quick money maker could be putting out DVDs or downloads of old concert footage. A team can view the footage and decide which is best and make DVD/download packages of the best shows from his various tours. It wouldn't take too much time to do that. A documentary of his life from childhood through his final days as told by family, friends, and employees is always interesting as well. This could be done fairly quickly also.

That's my point, tmo1965. Why this is not being done is really a head-scratcher. I try not to be cynical, and give folks the benefit of the doubt, but things are just not adding up. Coupled with the supposed lack of a will, it raises all kinds of suspicions, at least in my mind. I can feel it in my gut: SOMETHING IS NOT RIGHT.

Since it appears there are few cash assets, when the heirs are documented, to receive anything things will have to be liquidated. The hard assets (property) and music etc . His siblings are older now with Tyka being the youngest at 55. Then it also seems no one has the expertise to manage such an estate with such income potential.

A RS article noted it cost $2.5 million a month to keep PP operational. That was in the 90's. Prince mentioned once jokingly about things going fine so long as he could "keep the lights on." That wasn't the question in the interview, but it was where his head was as shown in his answer.

Without cash flow, what do you do? I don't think you can borrow on "prospective assets" before the hearing. The family did the best thing in hiring Bremer to sort it out. They have the resources to float the project. Once it is done, the need for cash will be critical to sustain anything, but it could be the family wants their inheritance and together decide to liquidate everything take whatever is left and move on.

deerpath said:

Since it appears there are few cash assets, when the heirs are documented, to receive anything things will have to be liquidated. The hard assets (property) and music etc . His siblings are older now with Tyka being the youngest at 55. Then it also seems no one has the expertise to manage such an estate with such income potential.

A RS article noted it cost $2.5 million a month to keep PP operational. That was in the 90's. Prince mentioned once jokingly about things going fine so long as he could "keep the lights on." That wasn't the question in the interview, but it was where his head was as shown in his answer.

Without cash flow, what do you do? I don't think you can borrow on "prospective assets" before the hearing. The family did the best thing in hiring Bremer to sort it out. They have the resources to float the project. Once it is done, the need for cash will be critical to sustain anything, but it could be the family wants their inheritance and together decide to liquidate everything take whatever is left and move on.

In Prince's heyday, Paisley Park was fully staffed. There was still the retail staff, a team of tailors and seamstresses, security, engineers, musicians, domestics, lawyers, managers, etc. Not to mention travel and utilities, particularly "keeping the lights on," as P alluded to in RS. It should take a fraction of that amount to keep it operational until they decide what to do with it, long-term. With regard to the family's lack of expertise in running a potentially billion dollar empire, I concur. On the other hand, they have the financial wherewithal to hire the best management team that money can buy. Finding people that they can truly trust will be their biggest hurdle. There are wolves, in sheep's clothing, all around. As Ronald Reagan famously said, "Trust, but verify."

[Edited 8/6/16 13:41pm]

http://minnesota.cbslocal...t-be-sold/

Bremer confirm 'no plans to sell Paisley Park or the Purple Rain House'

Does it usually cost that much per month to keep a place such as PP operating? Seems awfully high. I thought it was 2 mil per year, even that seems high. I'm not familiar with such things though.

[Edited 8/6/16 13:38pm]

endiadj said:

Does it usually cost that much per month to keep a place such as PP operating? Seems awfully high. I thought it was 2 per year, even that seems high. I'm not familiar with such things though.

If this figure was monthly, that does seem high. But he did have a LOT of people to pay. As they say, he helped to pay a LOT of mortgages around Minneapolis.

rogifan said:

This is the statement from Bremer:

“Contrary to some recent media reports, Bremer Trust, the special administrator for the Prince Rogers Nelson estate, has no plans to sell either Paisley Park or the property referred to as the ‘Purple Rain’ house. There is no additional formation to share on this topic.”

I'm skeptical that it was costing $2.5M a month to run PP (in the last decade at least). I thought I read somewhere that it pretty much stopped being a recording studio for other artists and was run by a skeleton crew. Unless this figure included more than what he was spending on PP? [Edited 8/6/16 13:37pm]

Thanks, rogifan!! I'm really glad that Bremer issued an official statement. I don't put much stock in Twitter proclamations.