Well what they should or shouldn't do, I haven't a clue, but from reading that I'm not getting the impression that they want to take their portion of the money and run so that's a plus. I'm sure they all have their own ideas, that's a given. But Comerica will be over the estate for 14 years? Now that I don't understand at all, but then again somebody will have to manage the Estate especially if they are not just dividing up the money and moving on.

morningsong said:

I don't know about Sharon's testimony but I was waiting for someone or even all of the heirs to object to coamerica's new memorandum and proposition to the court about 'the application of orders and protocols' when I read it last week. In this coamerica take various approaches to limit the need to inform and consult with the heirs. This includes wanting to limit what confidential info they share with heirs about genetic testing and business transactions. Plus basically they want the authority to continue to monetise the estate and to consult with the heirs only on business transactions worth more than 2 million. If I were one of the heirs I'd be looking at this very carefully too, as this seems very bold and overstepping their authority. Imagine the types of deals that could be made and implications of this if only a bank is making decisions about Prince's estate. I could imagine feeled duped by the bank as they promised more consultation when they pitched for this job. And surely no heir would want to give over control to coamerica in such a way? Especially when it seems this is going to drag on a long time nad perhaps crucial business decisions are going to need to be made about Prince's music etc.

http://www.mncourts.gov/m...tative.pdf

If this is all true with Coamerica, I feel for the family. This is a huge mess, that looks like it has no ending. 14 years? WTH?

morningsong said:

I don't know about Sharon's testimony but I was waiting for someone or even all of the heirs to object to coamerica's new memorandum and proposition to the court about 'the application of orders and protocols' when I read it last week. In this coamerica take various approaches to limit the need to inform and consult with the heirs. This includes wanting to limit what confidential info they share with heirs about genetic testing and business transactions. Plus basically they want the authority to continue to monetise the estate and to consult with the heirs only on business transactions worth more than 2 million. If I were one of the heirs I'd be looking at this very carefully too, as this seems very bold and overstepping their authority. Imagine the types of deals that could be made and implications of this if only a bank is making decisions about Prince's estate. I could imagine feeled duped by the bank as they promised more consultation when they pitched for this job. And surely no heir would want to give over control to coamerica in such a way? Especially when it seems this is going to drag on a long time nad perhaps crucial business decisions are going to need to be made about Prince's music etc.

http://www.mncourts.gov/m...tative.pdf

-

laurarichardson said:

-/She seems to think Comerica bank is plotting to take over. I am not sure how that is possible if the bank signed an agreement to allow them to have a say. At some point the probate will end and they will inherit everything so the 14 years puzzles me. Why would the sibs agree to a 14 year contract? The getting the estate settled quickly I doubt that is all on Comerica. Can the legal eagles weight in. Can Comerica take over for 14 years or is Sharon bonkers? [Edited 3/14/17 16:34pm]

Im just now reading through the voluminous pleadings.

-Sharon wants a partial distribution of assets (as in now!)

-Sharon said when they were interviewing Comerica they "promised a

swift and expeditious process to distribute the estate to the non-excluded heirs."

-Sharon's attorney states Sharon was told by Comerica that a distribution would not take place

until the maximum period allowed by the IRS which is a 5 years deferral (which could be up to 15 years just as Laytonian says below)

-If the meeting was as volatile as Sharon says it was I would think the other siblings

would also file affidavits to back up her up.

-This is a clusterfuck.

So now I know why Prince didnt have a will.

Prince made sure his music was safe in the LLC's.

Prince knew it would be too easy to leave his siblings his Estate in a will.

Prince decided to let them work hard for his money.

And working hard they are.

NOTICE OF MOTION AND MOTION TO QUASH

Omarr issued a subpoena to Londell requesting records.

The other 3 siblings' attorney filed a Motion to Quash Subpoena.

So is their attorney representing Londell too?
Sounds like a conflict of interest.

Londell needs to get his own attorney, or represent himself.

laurarichardson said:

ISaidLifeIsJustAGame said:

Omarr issued a subpoena to Londell requesting records.

The other 3 siblings' attorney filed a Motion to Quash Subpoena.

So is their attorney representing Londell too?
Sounds like a conflict of interest.

Londell needs to get his own attorney, or represent himself.

--I know the subpoena is for Londell. Why are the sibs trying to help him? We need popcorn I think a snake or snakes are about to be exposed.🌽

So the siblings are seriously split over a specific attorney being involved. Now it's gotten messy.

morningsong said:

laurarichardson said:

ISaidLifeIsJustAGame said:

-

Im just now reading through the voluminous pleadings.

-Sharon wants a partial distribution of assets (as in now!)

-Sharon said when they were interviewing Comerica they "promised a

swift and expeditious process to distribute the estate to the non-excluded heirs."

-Sharon's attorney states Sharon was told by Comerica that a distribution would not take place

until the maximum period allowed by the IRS which is a 5 years deferral (which could be up to 15 years just as Laytonian says below)

-If the meeting was as volatile as Sharon says it was I would think the other siblings

would also file affidavits to back up her up.

-This is a clusterfuck.

So now I know why Prince didnt have a will.

Prince made sure his music was safe in the LLC's.

Prince knew it would be too easy to leave his siblings his Estate in a will.

Prince decided to let them work hard for his money.

And working hard they are.

-//Couple of questions. 1) Why would Comerica want to wait the 15 years to distribute the estate. Is there really a need to do it this way. Or is it just an option? 2) Why would Sharon think she would get her money immediatly when the sibs have not even declared heirs because of appeals? Why would Comerica bank put forth a proposal were the bank would make decisions under 2 mill without the families input? Do you think the court will allow this? 3) How does the music being in the LLC protect it from whatever plans the heirs and Comerica bank have in mind? I thought the LLC was just a part of the estate since the consensus was Prince did not have it set up to stand alone from the probate?

See the red bolded above.... Reading all this mess that statement seems to be putting it lightly!!!

morningsong said:

lunabelle said:

I don't know about Sharon's testimony but I was waiting for someone or even all of the heirs to object to coamerica's new memorandum and proposition to the court about 'the application of orders and protocols' when I read it last week. In this coamerica take various approaches to limit the need to inform and consult with the heirs. This includes wanting to limit what confidential info they share with heirs about genetic testing and business transactions. Plus basically they want the authority to continue to monetise the estate and to consult with the heirs only on business transactions worth more than 2 million. If I were one of the heirs I'd be looking at this very carefully too, as this seems very bold and overstepping their authority. Imagine the types of deals that could be made and implications of this if only a bank is making decisions about Prince's estate. I could imagine feeled duped by the bank as they promised more consultation when they pitched for this job. And surely no heir would want to give over control to coamerica in such a way? Especially when it seems this is going to drag on a long time nad perhaps crucial business decisions are going to need to be made about Prince's music etc.

http://www.mncourts.gov/m...tative.pdf

I'll go back and read this.

Yeah, I got this:

The requested URL /msg/7/The Court should also specifically authorize the Personal Representative to limit disclosure of such confidential information to the Non-Excluded Heirs and their counsel as the Personal Representative deems 9 10-PR-16-46 Filed in First Judicial District Court 3/3/2017 5:47:55 PM Carver County, MN necessary or appropriate under the circumstances, when such disclosure is not otherwise required by a Court order. was not found on this server.

laytonian said:

laytonian said:

morningsong said:

Well what they should or shouldn't do, I haven't a clue, but from reading that I'm not getting the impression that they want to take their portion of the money and run so that's a plus. I'm sure they all have their own ideas, that's a given. But Comerica will be over the estate for 14 years? Now that I don't understand at all, but then again somebody will have to manage the Estate especially if they are not just dividing up the money and moving on.

. Taxes. There may be a 15-year plan to pay the estate taxes in installments, and the taxes come first. . The inheritance value of the estate is not known until all taxes are paid. . Plus, taxes on new income will be due annually. . [Edited 3/14/17 18:58pm]

I believe that the max number of years to pay a tax debt in the US is 10 years.

These lawyers' fees seem to be excessive to me. Unless the estate is worth significantly more than is being reported, most of the value will go to the lawyers.

Another possiblity is that maybe the lawyers are fronting the heirs money with the intent to recoup when the estate is settled and are trying to hide this fact by saying that the distributions are fees.

oliviacamron said:

PennyPurple said:

If this is all true with Coamerica, I feel for the family. This is a huge mess, that looks like it has no ending. 14 years? WTH?

Some of them might be dead by then

They all should make a will or trust right now because no one knows when their time will come.

morningsong said: