laurarichardson said:

http://www.startribune.com/prince-relatives-say-musician-s-tribute-concert-was-seriously-mismanaged/411817796/

The Minneapolis Star Tribune is reporting that Tyka and Omarr feel the Oct. 13 tribute concert was mismanaged and are seeking at least $7 million that should have gone to the estate.

bilbolives said:

http://www.startribune.com/prince-relatives-say-musician-s-tribute-concert-was-seriously-mismanaged/411817796/

The Minneapolis Star Tribune is reporting that Tyka and Omarr feel the Oct. 13 tribute concert was mismanaged and are seeking at least $7 million that should have gone to the estate.

Prince heirs say musician's tribute concert was mismanaged

New court filings allege promoters took funds that should have gone to estate.

By David Chanen Star Tribune

January 26, 2017 — 12:07am

The two heirs expected to receive a significant share of Prince’s massive estate are seeking at least $7 million more from a botched tribute concert in October.

In a court document filed Wednesday, Prince’s sister Tyka Nelson and his half-brother Omarr Baker accused Bremer Trust and well-known entertainment lawyers L. Londell McMillan and Charles Koppelman of mismanaging the star-studded concert and refusing to turn over profits.

In an estate court hearing several weeks ago, an attorney for Nelson accidentally mentioned a confidential figure of $7 million that was supposed to be a guaranteed payment to the estate from concert proceeds.

The dollar figure that the estate did get from the concert was redacted, as was the amount they expected to get.

Nearly 100 musicians, including Stevie Wonder and Chaka Khan, performed at the five-hour concert at Xcel Center in St. Paul. The concert originally was planned for the much larger U.S. Bank Stadium, and many artists dropped out along the way.

Bremer Trust, McMillan and Koppelman didn’t return telephone calls for comment Wednesday.

Prince died of an accidental fentanyl overdose at Paisley Park studio on April 21. During court hearings in January, attorneys for Bremer Trust and the six relatives expected to be heirs said the Prince estate is the most complex in Minnesota history. No will has been found, and Carver County District Court has received more than one thousand filings in his case.

Earlier in January, Bremer Trust was discharged as special administrator of Prince’s estate, which is conservatively estimated at nearly $300 million. Bremer Trust was replaced by Comerica Bank & Trust. McMillan and CNN commentator Van Jones, each with the backing of certain family members, applied to be co-executor of the estate with Comerica, but Judge Kevin Eide rejected both men.

Ongoing issues in Prince’s estate also were detailed in another court filing Wednesday from attorney Laura Halferty, whose firm provided legal services and advice for Bremer Trust. She asked the court to approve payment of nearly $1.6 million in fees for work done from October to December. Five other law firms also asked for fee payments totally nearly $400,000.

The fees were reasonable because of the time and labor required, Halferty argued. Her firm’s work included negotiating entertainment deals and legal issues related to the Paisley Park Museum, licensing, intellectual property and real estate.

Nelson and Baker are asking Eide to delay Bremer Trust’s discharge until Bremer can give a more complete accounting of Prince’s estate. Most of the items listed in the accounting report said “valuation in process.”

“For an estate that involves highly complex entertainment deals and substantial music holdings, this is insufficient,” the court document said.

The filing said that Bremer Trust breached its fiduciary duty by mismanaging the tribute concert and failing to fire McMillan and Koppelman when the original concert plans were falling apart. Jobu Presents backed out of the concert, but still paid McMillan a consulting commission, the document said.

After Bremer “bungled” the tribute concert deal and McMillan took estate assets before and after the concert, Bremer claimed they weren’t a party to any of the concert contracts, the document said.

Jobu said that McMillan and Koppelman failed to secure promised talent. When Jobu Presents backed out, McMillan stepped in and promoted the concert himself.

The court document said Bremer should have terminated McMillan and Koppelman for their “misrepresentations” or at least reigned them and exercised more control.

“To date, we have no clear way of knowing who profited from ticket sales, parking, television rights, radio/streaming rights, merchandising, concessions, etc. of the concert,” the document said. “Mr. McMillan profited greatly from the sold-out concert and the after party from the use and exploitation of estate assets.”

rogifan said:

Hmm...

Dr. Funk was a big supporter of Londell so he really has egg on his face. If they find out Londell stole the money from the concert I would be very surprised if he keeps his law license if not face jail time.

I realize it was overwhelming to them back in April, but in the interest of getting their hands on money ASAP, the non-excluded heirs did not step back and proceed cautiously. Anyone with a computer can locate representation of the largest acts in the world. Why couldn't they have called any of those management groups? I am not saying there has not been possible fraud and/or theft involved, but there was absolutely no reason to rush opening PP, rush anything else, except to make money.

1Sasha said:

laurarichardson said:

rogifan said:

laurarichardson said:

Dr. Funk was a big supporter of Londell so he really has egg on his face. If they find out Londell stole the money from the concert I would be very surprised if he keeps his law license if not face jail time.

I wonder why he was so supportive. Prince's PA, Meron Bekure tweeted support for Londell too. I wonder if he promised them something?

There is a rumor that Meron works for Londell and we know Kirk Johnson works at Paisley Park.

It is possible that all of these people are being taken care of and that they really believed that Londel was doing the right thing by the estate.

What is disturbing is the fact that Breamer did not oversee Londell's or Koppleman's activities?

Assests from the concert do not appear on the inventory sheet. Tyka and Omarr are doing the right thing questioning where the money went to since he should have gone to the estate.

The question about the funds should have been asked by Breamer.

I think Conamerica will go out and find a Estate lawyer and a Entertainment lawyer to put things right. It took a long time but once the right people were put in place on the Jimi Hendrix estate things started to get down and revenue started to come in.

Unfortunatly, it only takes one greedy ass person to wreck things and it is good that Londell only has a six month reign.

rogifan said:

1Sasha said:

I realize it was overwhelming to them back in April, but in the interest of getting their hands on money ASAP, the non-excluded heirs did not step back and proceed cautiously. Anyone with a computer can locate representation of the largest acts in the world. Why couldn't they have called any of those management groups? I am not saying there has not been possible fraud and/or theft involved, but there was absolutely no reason to rush opening PP, rush anything else, except to make money.

Is there an issue with Paisley Park? Seems to me that's going smoothly for the most part.

From what people have said who have gone there, there are very few complaints except for the lack of knowledge on behalf of the tour guides (understandable) and the merchandise tent (a tent?). I thought it should have taken a year to get everything in place, to settle all claims, determine the heirs and make the appropriate deals to distribute the music, DVDS, etc. I am fortunate - I have dealt with money all of my life (not Prince-size money, but a substantial sum) through my business. I see things differently than most people.

1Sasha said:

1Sasha said:

1Sasha said:

laurarichardson said:

rogifan said:

laurarichardson said:

laurarichardson said:

PurpleDiamonds1 said:

rogifan said:

laurarichardson said:

--It is interesting that the museum idea that Prince had and his people are working out fine. While the asshat that the court appointed are screwing up.

Funkenberry claims The Grammys wanted to broadcast a 2 hour Prince tribute on CBS in December but it didn't happen because of all the chaos with the official tribute concert. That really pisses me off. Now we'll probably get some half assed tribute during the Grammys (ala what Lady Gaga did for Bowie last year) when we could have had a proper tribute that was more than a few minutes in the middle of an awards ceremony.

rogifan said:

laurarichardson said:

--It is interesting that the museum idea that Prince had and his people are working out fine. While the asshat that the court appointed are screwing up.

Funkenberry claims The Grammys wanted to broadcast a 2 hour Prince tribute on CBS in December but it didn't happen because of all the chaos with the official tribute concert. That really pisses me off. Now we'll probably get some half assed tribute during the Grammys (ala what Lady Gaga did for Bowie last year) when we could have had a proper tribute that was more than a few minutes in the middle of an awards ceremony.

I guess we can blame Londell. He screwed the pooch.

PennyPurple said:

rogifan said:

laurarichardson said: Funkenberry claims The Grammys wanted to broadcast a 2 hour Prince tribute on CBS in December but it didn't happen because of all the chaos with the official tribute concert. That really pisses me off. Now we'll probably get some half assed tribute during the Grammys (ala what Lady Gaga did for Bowie last year) when we could have had a proper tribute that was more than a few minutes in the middle of an awards ceremony.

I guess we can blame Londell. He screwed the pooch.

My sentiments exactly, Penny

Lesson learned. Now it is time for the big dogs to get in there and maximize revenue and legacy.

Kiran was his manager until 2014 which was about the time Phaedra took over.

Kiran spoke out on Twitter when Judith Hill ran to the press for an interview.

I dont understand how Bremer racked up over $1.6 mil in fees and expenses from October 1 through December 31. I wonder if they got free tickets to the Tribute Concert?

Omarr and Tyka have filed Objections to the fee request.

ISaidLifeIsJustAGame said:

ISaidLifeIsJustAGame said:

Kiran was his manager until 2014 which was about the time Phaedra took over.

Kiran spoke out on Twitter when Judith Hill ran to the press for an interview.

I dont understand how Bremer racked up over $1.6 mil in fees and expenses from October 1 through December 31. I wonder if they got free tickets to the Tribute Concert?

Omarr and Tyka have filed Objections to the fee request.

I was optimistic with Bremer at the beginning, but now after reading the court docs, I am dissappointed with some aspects of how Bremer handled the Estate.

I can see early in the handling of the Estate, Bremer racking up fees for the massive effort in searching for a will, collecting financial data and so forth. I hope Comerica does a better job.

Van and Londell out may be the best thing for the heirs and Estate. Does that mean Koppleman is out as well? Between Cousins actions and Londell's, I can see why Prince had some distrust.

Seems like Judge Eide is pushing the Estate in the right direction, but I am sure he is limited to what he can do. Hopefully with the bad apples out of the bunch, the Estate can move forward and more smoothly for Prince's legacy and the for the heirs.

nelcp777 said:

laurarichardson said:

ISaidLifeIsJustAGame said:

Kiran was his manager until 2014 which was about the time Phaedra took over.

Kiran spoke out on Twitter when Judith Hill ran to the press for an interview.

I dont understand how Bremer racked up over $1.6 mil in fees and expenses from October 1 through December 31. I wonder if they got free tickets to the Tribute Concert?

Omarr and Tyka have filed Objections to the fee request.

-- Considering the fact that they Londell ran unchecked, did nothing about Patrick Cousins, and only put 3 deals in place one of which has caused a lawsuit I would bet they are not going to get all of that million. Crooks !!! [Edited 1/26/17 11:25am]

Maybe that's why these people were Prince's former managers/lawyers. Prince probably did not relay all of his business situations to his family, so they did not know why Prince was no longer dealing with these folks.

Why can't people just do right and stop being so greedy. No wonder Prince did not trust anyone.

.

Some things to keep in mind:

1--The $7 million to the estate would help pay the tax bill that was due to be filed on January 21st.

Despite the claims about "greedy relatives", they will likely get very little UNTIL the tax bill is finalized and the first (substantial) payments made to the IRS and State of Minnesota. Bremer (correct spelling) actually had the tax documents ready to be filed. It will be only a partial payment with more assets (and income) adjudicated over time. There's no way the entire bill will be paid all at once.

2--The tribute concert was put together hastily, at likely great expense, due to fan outcry. It kept falling apart because too many people were involved. Londell was everyone's hero when he finally got it going, and now he's the bad guy. With the high expenses AND the smaller venue, it's likiely that there IS no $7 million for the estate. Only a full accounting will tell the truth and that's what Tyka and Omarr are trying to force. In a big fight like this, I'm not going to demonize any side.

.

When John Mayer and Christina backed out, it was a red flag that something was amiss.

laurarichardson said:

nelcp777 said:

I was optimistic with Bremer at the beginning, but now after reading the court docs, I am dissappointed with some aspects of how Bremer handled the Estate.

I can see early in the handling of the Estate, Bremer racking up fees for the massive effort in searching for a will, collecting financial data and so forth. I hope Comerica does a better job.

Van and Londell out may be the best thing for the heirs and Estate. Does that mean Koppleman is out as well? Between Cousins actions and Londell's, I can see why Prince had some distrust.

Seems like Judge Eide is pushing the Estate in the right direction, but I am sure he is limited to what he can do. Hopefully with the bad apples out of the bunch, the Estate can move forward and more smoothly for Prince's legacy and the for the heirs.

Prince got attacked for being paranoid but he was paranoid for a reason. He made Londell's career and this is how you show your gratitude.

I am in agreement with you.