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Reply #180 posted 02/03/18 4:16am

laurarichardso
n

emby said:

Thoughts/knowledge of those sealed boxes labeled Prince Concert Tribute?

It is the October 2016 tribute concert.
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Reply #181 posted 02/03/18 6:19am

jdcxc

laurarichardson said:



rap said:




laurarichardson said:


Mumio said: —-Co-sign If they were smart they would make Lonnie cough up the cash.


These syblings (apart from Tyka), who is paying for the limousines, security, current lifestyle, etc?



I do not know if they are riding around in Limos but I believe they can get advances from the inheritence. It is there money and they can do as they please.



Who in the Family is providing the leadership on the decisions? Is there one person standing up for Prince? Who cares about a longterm business strategy, cultural significance, musical integrity? Or is it all an immediate $$$ sellout/cashout?
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Reply #182 posted 02/03/18 7:42am

laurarichardso
n

jdcxc said:

laurarichardson said:



rap said:




laurarichardson said:


Mumio said: —-Co-sign If they were smart they would make Lonnie cough up the cash.


These syblings (apart from Tyka), who is paying for the limousines, security, current lifestyle, etc?



I do not know if they are riding around in Limos but I believe they can get advances from the inheritence. It is there money and they can do as they please.



Who in the Family is providing the leadership on the decisions? Is there one person standing up for Prince? Who cares about a longterm business strategy, cultural significance, musical integrity? Or is it all an immediate $$$ sellout/cashout?

Right now Comerica is making the decision. I think we can see he did not have family members he could really count on.
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Reply #183 posted 02/03/18 1:53pm

laytonian

rogifan said:

So who was using these SUVs? Unless Prince liked driving SUVs? And where is the blue Bentley?


All the vehicles atre at Paisley in the undergroun parking. The Bentley has often been on display in the soundstage, alongside the Purple Prowler.
Welcome to "the org", laytonian… come bathe with me.
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Reply #184 posted 02/03/18 8:35pm

udo

avatar

jdcxc said:

Who in the Family is providing the leadership on the decisions? Is there one person standing up for Prince? Who cares about a longterm business strategy, cultural significance, musical integrity? Or is it all an immediate $$$ sellout/cashout?

.

For that, some of the `non-excluded` heirs depend on Lonny.

Pills and thrills and daffodils will kill... If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
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Reply #185 posted 02/03/18 11:02pm

Lovejunky

avatar

40 Million in Ca$h ?

Yep...he sure was a lousy business man.....

“LOVE IS THE MASTERPLAN”
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Reply #186 posted 02/04/18 1:07am

udo

avatar

Lovejunky said:

40 Million in Ca$h ?

Yep...he sure was a lousy business man.....

.

A low interest rate environemnt, caused by the policies of the FED (non governmental entity) and other 'central banks', causes people to hold cash out of banks as the interest rates do not outweigh the risk.

Why no questions about AML, shady business practices, etc?

Pills and thrills and daffodils will kill... If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
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Reply #187 posted 02/04/18 4:32am

Lovejunky

avatar

udo said:



Lovejunky said:


40 Million in Ca$h ?



Yep...he sure was a lousy business man.....



.


A low interest rate environemnt, caused by the policies of the FED (non governmental entity) and other 'central banks', causes people to hold cash out of banks as the interest rates do not outweigh the risk.


Why no questions about AML, shady business practices, etc?


I was being facetious. ...Sorry I couldnt find an approprizte emjoi thingy...
“LOVE IS THE MASTERPLAN”
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Reply #188 posted 02/04/18 8:55am

Nuernberg72

Lovejunky said:

40 Million in Ca$h ?



Yep...he sure was a lousy business man.....




Prince is the one!!!! 40 Million! Only prince can do the things prince
do:)
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Reply #189 posted 02/04/18 11:10am

CandyCool

udo said:



Lovejunky said:


40 Million in Ca$h ?



Yep...he sure was a lousy business man.....



.


A low interest rate environemnt, caused by the policies of the FED (non governmental entity) and other 'central banks', causes people to hold cash out of banks as the interest rates do not outweigh the risk.


Why no questions about AML, shady business practices, etc?



Somehow I doubt Prince had 40 million physically lying around... pretty sure it was cash in bank accounts, as opposed to e.g. investments.
Although he did have those gold bars lying around, of course. They were accounted for separately.
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Reply #190 posted 02/04/18 1:36pm

cloveringold85

avatar

CandyCool said:

udo said:

.

A low interest rate environemnt, caused by the policies of the FED (non governmental entity) and other 'central banks', causes people to hold cash out of banks as the interest rates do not outweigh the risk.

Why no questions about AML, shady business practices, etc?

Somehow I doubt Prince had 40 million physically lying around... pretty sure it was cash in bank accounts, as opposed to e.g. investments. Although he did have those gold bars lying around, of course. They were accounted for separately.

.

Prince said "invest in gold". biggrin

"With love, honor, and respect for every living thing in the universe, separation ceases, and we all become one being, singing one song." - Prince Roger Nelson (1958-2016)
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Reply #191 posted 02/04/18 7:28pm

udo

avatar

cloveringold85 said:

Prince said "invest in gold". biggrin

.

Although gold is more of an insurance.

Pills and thrills and daffodils will kill... If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
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Reply #192 posted 02/04/18 7:33pm

Marrk

avatar

Musicology Tour pulled in $80m alone in 2004. I'm surprised he had $40m in cash when he died. It's still a lot of money but considering his royalties for songwriting, far less than i thought he'd have.

Yeah, we'll, we'll try to imagine what silence looks like.
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Reply #193 posted 02/04/18 8:54pm

purplemist7777

udo said:



Lovejunky said:


40 Million in Ca$h ?



Yep...he sure was a lousy business man.....



.


A low interest rate environemnt, caused by the policies of the FED (non governmental entity) and other 'central banks', causes people to hold cash out of banks as the interest rates do not outweigh the risk.


Why no questions about AML, shady business practices, etc?


Who/what is AML? Does anyone know what Acquamarine Sunset LTD and Intelligentsia Studios LTD are about?
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Reply #194 posted 02/04/18 10:20pm

CandyCool

purplemist7777 said:

udo said:



Lovejunky said:


40 Million in Ca$h ?



Yep...he sure was a lousy business man.....



.


A low interest rate environemnt, caused by the policies of the FED (non governmental entity) and other 'central banks', causes people to hold cash out of banks as the interest rates do not outweigh the risk.


Why no questions about AML, shady business practices, etc?


Who/what is AML? Does anyone know what Acquamarine Sunset LTD and Intelligentsia Studios LTD are about?


AML = Anti Money Laundering. No idea about the LTDs.
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Reply #195 posted 02/05/18 2:42am

laurarichardso
n

Marrk said:

Musicology Tour pulled in $80m alone in 2004. I'm surprised he had $40m in cash when he died. It's still a lot of money but considering his royalties for songwriting, far less than i thought he'd have.


—The promoters of that tour said they cut him a check for 40 million the taxes had to be taken out as well as expenses. Remember he has another 50 million in Real Estate holdings.
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Reply #196 posted 02/05/18 2:43am

laurarichardso
n

CandyCool said:

udo said:



Lovejunky said:


40 Million in Ca$h ?



Yep...he sure was a lousy business man.....



.


A low interest rate environemnt, caused by the policies of the FED (non governmental entity) and other 'central banks', causes people to hold cash out of banks as the interest rates do not outweigh the risk.


Why no questions about AML, shady business practices, etc?



Somehow I doubt Prince had 40 million physically lying around... pretty sure it was cash in bank accounts, as opposed to e.g. investments.
Although he did have those gold bars lying around, of course. They were accounted for separately.

It was not laying around it was in various corporations he had.
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Reply #197 posted 02/05/18 4:19am

laurarichardso
n

udo said:

Lovejunky said:

40 Million in Ca$h ?

Yep...he sure was a lousy business man.....

.

A low interest rate environemnt, caused by the policies of the FED (non governmental entity) and other 'central banks', causes people to hold cash out of banks as the interest rates do not outweigh the risk.

Why no questions about AML, shady business practices, etc?

The only questions about shady business practices concerns PC, the stolen property and the missing 8 milion. Someone Prince trusted helped loot L4OA as I doubt PC worked alone.

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Reply #198 posted 02/05/18 8:26am

laurarichardso
n

ISaidLifeIsJustAGame said:

PennyPurple said:

So these 2 borrowed money from Prince?

It could have been a loan or a promissory note to record at the studio??

We have nothing but a notation of a promissory note and/or a note receivable.

It could be anything.

Do you really thing this had anything to do with studio time? Come on now.

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Reply #199 posted 02/05/18 9:22am

Mumio

avatar

laurarichardson said:

ISaidLifeIsJustAGame said:

It could have been a loan or a promissory note to record at the studio??

We have nothing but a notation of a promissory note and/or a note receivable.

It could be anything.

Do you really thing this had anything to do with studio time? Come on now.


I think ISLIJAG is speaking as an attorney. We don't know what the money was for, at least nothing I have seen anywhere. Have you seen something else?

[Edited 2/5/18 9:22am]

Welcome to "the org", Mumio…they can have you, but I'll have your love in the end nod
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Reply #200 posted 02/05/18 9:34am

laurarichardso
n

Mumio said:

laurarichardson said:

Do you really thing this had anything to do with studio time? Come on now.


I think ISLIJAG is speaking as an attorney. We don't know what the money was for, at least nothing I have seen anywhere. Have you seen something else?

[Edited 2/5/18 9:22am]

I do not see promissory notes for studio time. Prince was not even supportive of The Family using the name to get back together. The first thing that comes to my mind is money. If this was a loan from one of his corporations we are not going to find out anything about it at all unless the estate takes legal action to collect on the note.

We know Susannah had issues with her ex-husband running off on her. Divorces can ruin people finically.

Up and until the New Power Generation under Morris Hayes what had Kip been doing in the music world?

We have heard countless stories about Prince paying for funerals, handing out money, putting band members in rehab, assisting people out of recording contracts, and paying medical bills.

It is not too far fetched that he lent these folks money.

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Reply #201 posted 02/05/18 10:38am

Mumio

avatar

laurarichardson said:

Mumio said:


I think ISLIJAG is speaking as an attorney. We don't know what the money was for, at least nothing I have seen anywhere. Have you seen something else?

[Edited 2/5/18 9:22am]

I do not see promissory notes for studio time. Prince was not even supportive of The Family using the name to get back together. The first thing that comes to my mind is money. If this was a loan from one of his corporations we are not going to find out anything about it at all unless the estate takes legal action to collect on the note.

We know Susannah had issues with her ex-husband running off on her. Divorces can ruin people finically.

Up and until the New Power Generation under Morris Hayes what had Kip been doing in the music world?

We have heard countless stories about Prince paying for funerals, handing out money, putting band members in rehab, assisting people out of recording contracts, and paying medical bills.

It is not too far fetched that he lent these folks money.



You are right, it isn't farfetched at all. But we really don't know for sure unless that info is put out there.


Welcome to "the org", Mumio…they can have you, but I'll have your love in the end nod
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Reply #202 posted 02/05/18 11:08am

laurarichardso
n

Mumio said:

laurarichardson said:

I do not see promissory notes for studio time. Prince was not even supportive of The Family using the name to get back together. The first thing that comes to my mind is money. If this was a loan from one of his corporations we are not going to find out anything about it at all unless the estate takes legal action to collect on the note.

We know Susannah had issues with her ex-husband running off on her. Divorces can ruin people finically.

Up and until the New Power Generation under Morris Hayes what had Kip been doing in the music world?

We have heard countless stories about Prince paying for funerals, handing out money, putting band members in rehab, assisting people out of recording contracts, and paying medical bills.

It is not too far fetched that he lent these folks money.



You are right, it isn't farfetched at all. But we really don't know for sure unless that info is put out there.


Well it will be out if Comerica goes after them for whatever is owed.

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Reply #203 posted 02/05/18 11:21am

1Sasha

Laura, I don't know how to reference this, but The New York Times has an article on the James Brown estate today in the paper. It has been 11 years and the fighting over his assets - he had a will, like you have said - rages on.

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Reply #204 posted 02/05/18 11:42am

laurarichardso
n

1Sasha said:

Laura, I don't know how to reference this, but The New York Times has an article on the James Brown estate today in the paper. It has been 11 years and the fighting over his assets - he had a will, like you have said - rages on.

I will check it out. I actually have been following JB and Ray Charles's estates. They both had wills and look at what the stupid relatives have been doing.

Ray Charles's children are trying to stop the bulk of his money from going to charity despite the fact that they are got 1 million dollars. Even getting money did not stop them from trying to stop the royalties from going to charity by saying as heirs the royatlties should go to them due to copyright laws.

I do not care what any of you say Prince knew how those older sibs were going to cut up after his dad died so he let the court handle it. Sure money will be lost to taxes but so what he will not be here to deal with it. They have to deal with it and since they did nothhing to earn it in the first place so be it.

He had contracts in place that are going to make things go his way for a while and their is nothing his sibs can do about it. WB has the rights to license those soundtracks forever and I doubt that will ever change.

I will take a stupid hologram every now and then over the sibs selling his music off in a fire sale to line their pockets. Why do you think they keep screaming for money? They know they will never be able to find a buyer for the whole catalogue if the buyers cannot get all of the albums.

Prince knew what was doing. In addtion, they cannot even get the royalties from at least the last two albums and who knows were he assigend other royalties to.

I am glad the court is handling things and people like LM are not getting their grubby hands on anything and it looks like the estate got a fair judge who knows con artist when he see them.


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Reply #205 posted 02/05/18 11:56am

jdcxc

laurarichardson said:



1Sasha said:


Laura, I don't know how to reference this, but The New York Times has an article on the James Brown estate today in the paper. It has been 11 years and the fighting over his assets - he had a will, like you have said - rages on.



I will check it out. I actually have been following JB and Ray Charles's estates. They both had wills and look at what the stupid relatives have been doing.



Ray Charles's children are trying to stop the bulk of his money from going to charity despite the fact that they are got 1 million dollars. Even getting money did not stop them from trying to stop the royalties from going to charity by saying as heirs the royatlties should go to them due to copyright laws.



I do not care what any of you say Prince knew how those older sibs were going to cut up after his dad died so he let the court handle it. Sure money will be lost to taxes but so what he will not be here to deal with it. They have to deal with it and since they did nothhing to earn it in the first place so be it.



He had contracts in place that are going to make things go his way for a while and their is nothing his sibs can do about it. WB has the rights to license those soundtracks forever and I doubt that will ever change.



I will take a stupid hologram every now and then over the sibs selling his music off in a fire sale to line their pockets. Why do you think they keep screaming for money? They know they will never be able to find a buyer for the whole catalogue if the buyers cannot get all of the albums.


Prince knew what was doing. In addtion, they cannot even get the royalties from at least the last two albums and who knows were he assigend other royalties to.



I am glad the court is handling things and people like LM are not getting their grubby hands on anything and it looks like the estate got a fair judge who knows con artist when he see them.









Interesting observations.
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Reply #206 posted 02/05/18 4:49pm

Lovejunky

avatar

laurarichardson said:

1Sasha said:

Laura, I don't know how to reference this, but The New York Times has an article on the James Brown estate today in the paper. It has been 11 years and the fighting over his assets - he had a will, like you have said - rages on.

I will check it out. I actually have been following JB and Ray Charles's estates. They both had wills and look at what the stupid relatives have been doing.

Ray Charles's children are trying to stop the bulk of his money from going to charity despite the fact that they are got 1 million dollars. Even getting money did not stop them from trying to stop the royalties from going to charity by saying as heirs the royatlties should go to them due to copyright laws.

I do not care what any of you say Prince knew how those older sibs were going to cut up after his dad died so he let the court handle it. Sure money will be lost to taxes but so what he will not be here to deal with it. They have to deal with it and since they did nothhing to earn it in the first place so be it.

He had contracts in place that are going to make things go his way for a while and their is nothing his sibs can do about it. WB has the rights to license those soundtracks forever and I doubt that will ever change.

I will take a stupid hologram every now and then over the sibs selling his music off in a fire sale to line their pockets. Why do you think they keep screaming for money? They know they will never be able to find a buyer for the whole catalogue if the buyers cannot get all of the albums.

Prince knew what was doing. In addtion, they cannot even get the royalties from at least the last two albums and who knows were he assigend other royalties to.

I am glad the court is handling things and people like LM are not getting their grubby hands on anything and it looks like the estate got a fair judge who knows con artist when he see them.


Four Albums....AOA HITNRUN 1&2 and PLECTRUMELECTRUM..

“LOVE IS THE MASTERPLAN”
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Reply #207 posted 02/06/18 4:59am

laurarichardso
n

Lovejunky said:

laurarichardson said:

I will check it out. I actually have been following JB and Ray Charles's estates. They both had wills and look at what the stupid relatives have been doing.

Ray Charles's children are trying to stop the bulk of his money from going to charity despite the fact that they are got 1 million dollars. Even getting money did not stop them from trying to stop the royalties from going to charity by saying as heirs the royatlties should go to them due to copyright laws.

I do not care what any of you say Prince knew how those older sibs were going to cut up after his dad died so he let the court handle it. Sure money will be lost to taxes but so what he will not be here to deal with it. They have to deal with it and since they did nothhing to earn it in the first place so be it.

He had contracts in place that are going to make things go his way for a while and their is nothing his sibs can do about it. WB has the rights to license those soundtracks forever and I doubt that will ever change.

I will take a stupid hologram every now and then over the sibs selling his music off in a fire sale to line their pockets. Why do you think they keep screaming for money? They know they will never be able to find a buyer for the whole catalogue if the buyers cannot get all of the albums.

Prince knew what was doing. In addtion, they cannot even get the royalties from at least the last two albums and who knows were he assigend other royalties to.

I am glad the court is handling things and people like LM are not getting their grubby hands on anything and it looks like the estate got a fair judge who knows con artist when he see them.


Four Albums....AOA HITNRUN 1&2 and PLECTRUMELECTRUM..

That is so cool. It is too bad Ray Charles and James Brown did not do this rather then trying to get it done via a will.

[Edited 2/6/18 5:00am]

[Edited 2/6/18 10:17am]

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Reply #208 posted 02/06/18 9:21am

kmama07

What a disaster (Charles/Brown)
I'm not a lawyer so not understanding how family or anyone can contest a legal will for sale long. Anyone understand this? From the beginning I thoug it was ridiculous for Prince not to have a will in place but maybe this is why.
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Reply #209 posted 02/06/18 10:16am

laurarichardso
n

kmama07 said:

What a disaster (Charles/Brown) I'm not a lawyer so not understanding how family or anyone can contest a legal will for sale long. Anyone understand this? From the beginning I thoug it was ridiculous for Prince not to have a will in place but maybe this is why.

The Ray Charles saga most recent development can be found below. The children are trying to use copyright laws to obtain the royalties from the foundation despite the foundation being left the royatlites. The foundation cannot raise money privately and the royatltes are the only revenue stream. The do not want any of the royatlies going to charity and have gone out of their way to try and stop it from happening.

See bold parts. I hope by having the last four albums royalties transferred to Dream Corps directly will prevent the sibs from trying this.

Ray Charles' Foundation and Children Rekindle Copyright Fight

Copyright and estate planning laws collide

David H. Lenok | Aug 07, 2015

Late last week, the United States Court of Appeals for the Ninth Circuit issued a decision that breathed new life into a case highlighting an interesting intersection of the worlds of estate planning and copyright law. The case in question was initiated in 2012 by the Ray Charles Foundation, which supports the vision- and hearing-impaired, against 7 of the musician’s 12 children, to block their attempted terminations of copyrights in 51 of Charles’ songs, including “I Got A Woman” and “Hallelujah, I Love Her So.” The foundation was Charles’ sole heir and received the entirety of his estate, including the rights to receive royalties for his songs. It’s forbidden from accepting private donations and draws all of its revenue from these royalties. His children, on the other hand, each got a trust worth $500,000 apiece shortly before his death and were required to sign written contracts effectively waiving their rights to any other inheritance.

The termination right the children are attempting to assert is created under the Copyright Act of 1976 and allows an artist or his surviving heirs to terminate a copyright 35 years after it was granted. The intent of the provision is to protect artists and their families “because of the unequal bargaining position of authors, resulting in part from the impossibility of determining a work’s value until it has been exploited.” The Foundation is contesting the attempted termination based on the adverse effect it would have on their sole revenue stream.

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The respective courts’ decisions and reasoning speak to issues of standing (the copyrights under dispute are actually owned by Warner/Chappell, a subsidiary of Atlantic Records) and copyright law that are both complicated and, frankly, outside of the scope of this site. Suffice it to say that the lower court found in favor of the children and the 9th Circuit Court reversed this decision.

The aspect that’s mainly of interest to estate planners is the oddly restrictive definition of who holds the termination rights under the 1976 Act. It states that a deceased “author’s surviving children . . . own the author’s entire termination interest unless there is a widow or widower.” U.S. law generally bends over backwards to ensure that a decedent’s wishes and intent are being honored as accurately as possible. So it’s incredibly strange that the Act would so specifically define the holders of this right—which given the length of time that must pass before it vests, is highly likely to arise after the author’s death—effectively ignoring the tenets of testamentary freedom that we normally hold so sacrosanct.

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Ray Charles couldn’t have made it clearer that he considered the foundation to be his sole heir. It was the only entity named in his will and he even took the extraordinary step of having his children sign documents disclaiming any inheritances. If anything, this termination right should rest with the foundation, which Charles openly intended to be the beneficiary of his life’s labors. However, because the Act basically creates an inheritable asset whole cloth (the termination right) and then narrowly defines who can actually inherit that asset, completely contravening any testamentary documents, we end up with a situation like this, where the letter of the law acts in direct opposition to its stated intent.

Though this case is being contested largely in the fields of civil procedure and copyright law, its eventual result will have repercussions in the estate planning community as well, as it will ultimately define the rights held by non-family heirs in the face of such terminations. It’s certainly one to watch.

-----

The James Brown stituation most recent development is the kids going to California and filling claims that JBs last wife was not legally married to him despite a SC court already validating the marriage.

The kids seem to think the courts in SC are corrupt. eek Not sure why judges are not putting a stop to these needless filings.

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Forums > Prince: Music and More > The Estate Discussion - Part 12 - Continued