independent and unofficial
Prince fan community site
Fri 13th Dec 2019 8:56am
Welcome! Sign up or enter username and password to remember me
Forum jump
Forums > Prince: Music and More > The Estate Discussion - Part 20 - continued
« Previous topic  Next topic »
Page 2 of 8 <12345678>
  New topic   Printable     (Log in to 'subscribe' to this topic)
Reply #30 posted 04/24/19 4:43pm

AnnaSantana

rogifan said:

Why should we believe anything Sharon says?


Exactly, I don't trust her at ALL. She definately has her OWN agenda...
finger DONALD TRUMP
  - E-mail - orgNote - Report post to moderator
Reply #31 posted 04/24/19 9:11pm

ISaidLifeIsJus
tAGame

avatar



This family cannot agree on anything so why would the Court hand over the Estate to them? They do not have an agreed upon plan in place once the Estate is handed to them. The Judge just smacked them down again today in their request to limit the decision making of Comerica.

Maybe the whole fiasco with allowing a 3rd party to buy out the Estate or partial part of the Estate is not such a bad idea?

Let's face the facts...most of the heirs were not close to P. They want their money.


  - E-mail - orgNote - Report post to moderator
Reply #32 posted 04/25/19 2:19am

SoulAlive

Kares said:

Billboard Exclusive:

Prince's Sister Sharon Nelson Accuses Comerica Bank of Mismanaging Estate: 'He Is Not Resting in Peace'


"Before the end of the year, Prince's estate will be bankrupt," Nelson tells Billboard

Good article, but sad to read. "Comerica continues to be paid $125,000 a month for administering the estate" and they are paying $90,000 a month for the vault storage at Iron Mountain. sad


eek it's time for the estate to be more aggressive! They gotta stop playing around and give the fans what they really want.They need to come up with some kind of music subscription service where fans can get concerts and unreleased songs.

Also,Purple Rain should be turned into a Broadway musical.That'll bring in big bucks for a long time.

  - E-mail - orgNote - Report post to moderator
Reply #33 posted 04/25/19 2:46am

Kares

avatar

SoulAlive said:

Also,Purple Rain should be turned into a Broadway musical.That'll bring in big bucks for a long time.

.

God, no. Please, NO. Who would write all the extra music that would be needed for a musical? Sorry, but that's a truly frighteningly bad idea.

Friends don't let friends clap on 1 and 3.

The Paisley Park Vault spreadsheet: https://goo.gl/zzWHrU
  - E-mail - orgNote - Report post to moderator
Reply #34 posted 04/25/19 4:06am

BartVanHemelen

avatar

"It’s Purple Raining Sanctions: Litigation Regarding Prince’s Estate Provides Framework for Determining When Sanctions Apply Under FRCP Rule 37(e)"

https://www.lexology.com/...bc37f0c988

© Bart Van Hemelen
This posting is provided AS IS with no warranties, and confers no rights.
It is not authorized by Prince or the NPG Music Club. You assume all risk for
your use. All rights reserved.
  - E-mail - orgNote - Report post to moderator
Reply #35 posted 04/25/19 7:05am

nelcp777

ISaidLifeIsJustAGame said:



This family cannot agree on anything so why would the Court hand over the Estate to them? They do not have an agreed upon plan in place once the Estate is handed to them. The Judge just smacked them down again today in their request to limit the decision making of Comerica.

Maybe the whole fiasco with allowing a 3rd party to buy out the Estate or partial part of the Estate is not such a bad idea?

Let's face the facts...most of the heirs were not close to P. They want their money.


The 3rd party is not a bad idea.

  - E-mail - orgNote - Report post to moderator
Reply #36 posted 04/25/19 8:19am

LenguaDePlata

Kares said:



SoulAlive said:






Also,Purple Rain should be turned into a Broadway musical.That'll bring in big bucks for a long time.



.


God, no. Please, NO. Who would write all the extra music that would be needed for a musical? Sorry, but that's a truly frighteningly bad idea.


They could use other songs from his catalogue (I can see The Time doing Housequake). And the background music in speaking scenes could be easily arranged based on many of his songs.
I actually quite like the idea...
Life is just a party, and parties weren’t meant to last...
  - E-mail - orgNote - Report post to moderator
Reply #37 posted 04/25/19 10:44am

stillwaiting

laytonian said:



Astasheiks said:


Interesting read...



Prince died three years ago, his estate is still unsettled: Here's why




https://amp.usatoday.com/amp/3344038002




Horrible article. None of their reasons are "why".

Here's why: from the start, the heirs have divided into separate camps, often shifting membership depending upon the issue. Rather than sitting down and working together TO GAIN THAT WHICH THEY DID NOT EARN, their arguments have resulted in innumerable attorneys spending P's money.


Now we learn that TAO (or maybe just TO) were engaged with an "advisor" who created a pitch book to sell off ALL the assets to investors....and apparently generated thousands of emails.



Tom Petty had a will and trusts. His wife and daughters are fighting/blocking music releases. James Brown died 12 years ago with a will and his heirs are still fighting. SO WHAT GOOD WOULD IT HAVE DONE P TO DO THAT? Nada.



Meanwhile, Paisley Park is profitable to the estate. Music is dribbling out. The memoir will come out in six months.

One thing to remember: Michael was broke when he died. His estate is now worth many hundreds of millions. The same will happen here, when the smoke clears.






Hundreds of millions of dollars? That Deluxe Rave just needs to sell 29 million then. And those Jughead outtakes? I love Prince more than I love MJ, but Michael was not broke, just on shakey ground. His assets and royalties on Thriller alone stood far ahead of Prince's in every posible comparison. For Prince's estate net worth to come close to even ten percent of MJ, something has to actually sell. Purple Rain Deluxe, the biggest possible cash cow, went nowhere, likely just breaking even. So what future release is raking in hundreds of millions of dollars? Sadly nothing.And what profit could be made selling to us die hards is passing with time, we are getting older and dying and with thousands of hours of tapes and we get a 34 minute cd. They may as well release a 100 disc set with one minute on each disc.
  - E-mail - orgNote - Report post to moderator
Reply #38 posted 04/25/19 12:28pm

ladygirl99

stillwaiting said:

laytonian said:

Horrible article. None of their reasons are "why".

Here's why: from the start, the heirs have divided into separate camps, often shifting membership depending upon the issue. Rather than sitting down and working together TO GAIN THAT WHICH THEY DID NOT EARN, their arguments have resulted in innumerable attorneys spending P's money.

Now we learn that TAO (or maybe just TO) were engaged with an "advisor" who created a pitch book to sell off ALL the assets to investors....and apparently generated thousands of emails.

Tom Petty had a will and trusts. His wife and daughters are fighting/blocking music releases. James Brown died 12 years ago with a will and his heirs are still fighting. SO WHAT GOOD WOULD IT HAVE DONE P TO DO THAT? Nada.


Meanwhile, Paisley Park is profitable to the estate. Music is dribbling out. The memoir will come out in six months.

One thing to remember: Michael was broke when he died. His estate is now worth many hundreds of millions. The same will happen here, when the smoke clears.

Hundreds of millions of dollars? That Deluxe Rave just needs to sell 29 million then. And those Jughead outtakes? I love Prince more than I love MJ, but Michael was not broke, just on shakey ground. His assets and royalties on Thriller alone stood far ahead of Prince's in every posible comparison. For Prince's estate net worth to come close to even ten percent of MJ, something has to actually sell. Purple Rain Deluxe, the biggest possible cash cow, went nowhere, likely just breaking even. So what future release is raking in hundreds of millions of dollars? Sadly nothing.And what profit could be made selling to us die hards is passing with time, we are getting older and dying and with thousands of hours of tapes and we get a 34 minute cd. They may as well release a 100 disc set with one minute on each disc.

I agree. Plus Michael used to own Sony/ATV catalogue before his estate sold his share. And don't forget he has his own catalogue that has his own hits and also he has some ownership to other people's songs include some were hits to his Mijac catalogue.

I am not sure about Prince is going to be worth hundreds of millions because I read Forbes last year that Prince just generate 13 million and he listed number 9 as the highest dead earning celebrity in 2018, while Michael Jackson earned 400 million due to the selling of MJ's Sony/ATV share. Michael Jackson's personal catalogue contains more hits than Prince so he is going to generate way more money. Prince's estate will be worth like hundred million level? I don't know because Prince didn't wrote a whole lot of hits for other people and I don't believe he owns thousands of other people's songs like MJ has but we shall see.

I always pray for the day people stop comparing Michael to Prince and tehy are doing again on this thread lol Just kidding lol.

[Edited 4/25/19 12:30pm]

  - E-mail - orgNote - Report post to moderator
Reply #39 posted 04/25/19 12:37pm

ladygirl99

ISaidLifeIsJustAGame said:



This family cannot agree on anything so why would the Court hand over the Estate to them? They do not have an agreed upon plan in place once the Estate is handed to them. The Judge just smacked them down again today in their request to limit the decision making of Comerica.

Maybe the whole fiasco with allowing a 3rd party to buy out the Estate or partial part of the Estate is not such a bad idea?

Let's face the facts...most of the heirs were not close to P. They want their money.


I admit I haven't read all the court documents and I need to read it when I have time.

But I think some of the family members want to cash out. It wouldn't be such a bad idea if Warner Bros would be the buyer. Prince was with them for nearly 20 years and he signed back toward them toward the end of his life like a full circle. I know some fams might have issues with them but since Prince went back with them in 2014 I have made peace that Warner Bros isn't so bad after all.

  - E-mail - orgNote - Report post to moderator
Reply #40 posted 04/25/19 2:38pm

SoulAlive

LenguaDePlata said:

Kares said:

.

God, no. Please, NO. Who would write all the extra music that would be needed for a musical? Sorry, but that's a truly frighteningly bad idea.

They could use other songs from his catalogue (I can see The Time doing Housequake). And the background music in speaking scenes could be easily arranged based on many of his songs. I actually quite like the idea...

nod yeah,flesh it out with more songs from Prince's catalog.If they do it right,this could be a very successful project.....generating big money for the estate.

  - E-mail - orgNote - Report post to moderator
Reply #41 posted 04/25/19 10:48pm

luv4u

Moderator

avatar

moderator

Ohhhhh the judge took a strip off of them!


Prince’s Family Shut Down in Attempt to Gain Control of Late Singer’s Estate

April 25, 2019 at 10:18 am PDT




Prince’s family was scolded by a judge in their attempt to take power away from the administrator of the late singer’s estate.


According to court documents obtained by The Blast, a Minnesota judge denied Prince’s heirs attempt to take more control, despite their claim millions were being wasted.

https://theblast.com/prin...MeUEzMWkYA

Edmonton, AB - canada
Mod Goddess of the SNIP & BAN Making Moves - OF4S
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
  - E-mail - orgNote - Report post to moderator
Reply #42 posted 04/26/19 3:56am

BartVanHemelen

avatar

© Bart Van Hemelen
This posting is provided AS IS with no warranties, and confers no rights.
It is not authorized by Prince or the NPG Music Club. You assume all risk for
your use. All rights reserved.
  - E-mail - orgNote - Report post to moderator
Reply #43 posted 04/26/19 3:57am

BartVanHemelen

avatar

SoulAlive said:

LenguaDePlata said:

Kares said: They could use other songs from his catalogue (I can see The Time doing Housequake). And the background music in speaking scenes could be easily arranged based on many of his songs. I actually quite like the idea...

nod yeah,flesh it out with more songs from Prince's catalog.If they do it right,this could be a very successful project.....generating big money for the estate.

.

Far too big a risk. You can lose millions on a failed musical.

© Bart Van Hemelen
This posting is provided AS IS with no warranties, and confers no rights.
It is not authorized by Prince or the NPG Music Club. You assume all risk for
your use. All rights reserved.
  - E-mail - orgNote - Report post to moderator
Reply #44 posted 04/26/19 5:01am

jdcxc

rogifan said:

Why should we believe anything Sharon says?


Her argument that his Vault could be physically preserved on the cheap was beyond ludicrous. The care of his music/vault is the most fundamental responsibilities of the Estate and it is the one right thing done by the Bank/Court.
  - E-mail - orgNote - Report post to moderator
Reply #45 posted 04/26/19 5:17am

Kares

avatar

SoulAlive said:

LenguaDePlata said:

Kares said: They could use other songs from his catalogue (I can see The Time doing Housequake). And the background music in speaking scenes could be easily arranged based on many of his songs. I actually quite like the idea...

nod yeah,flesh it out with more songs from Prince's catalog.If they do it right,this could be a very successful project.....generating big money for the estate.

.
(Just for the record: that is not a quote from me above and I totally disagree with it.)

Friends don't let friends clap on 1 and 3.

The Paisley Park Vault spreadsheet: https://goo.gl/zzWHrU
  - E-mail - orgNote - Report post to moderator
Reply #46 posted 04/26/19 6:38am

ladygirl99

luv4u said:

Ohhhhh the judge took a strip off of them!


Prince’s Family Shut Down in Attempt to Gain Control of Late Singer’s Estate

April 25, 2019 at 10:18 am PDT




Prince’s family was scolded by a judge in their attempt to take power away from the administrator of the late singer’s estate.


According to court documents obtained by The Blast, a Minnesota judge denied Prince’s heirs attempt to take more control, despite their claim millions were being wasted.

https://theblast.com/prin...MeUEzMWkYA

Good. It seems like Comerica is doing their job and following the law, the heirs need to chill. I understand their frustration but they are playing a role too of the spending as the judge pointed out.

  - E-mail - orgNote - Report post to moderator
Reply #47 posted 04/26/19 8:42am

LenguaDePlata

Kares said:



SoulAlive said:




LenguaDePlata said:


Kares said: They could use other songs from his catalogue (I can see The Time doing Housequake). And the background music in speaking scenes could be easily arranged based on many of his songs. I actually quite like the idea...

nod yeah,flesh it out with more songs from Prince's catalog.If they do it right,this could be a very successful project.....generating big money for the estate.



.
(Just for the record: that is not a quote from me above and I totally disagree with it.)


Just for the record too - it’s my quote and I stand by it wink
Life is just a party, and parties weren’t meant to last...
  - E-mail - orgNote - Report post to moderator
Reply #48 posted 04/27/19 2:59am

PURPLEIZED3121

bloody ridiculous situaton. Do we know who in the famiy is fighting against who?..seems like they are all at the current celebration?

  - E-mail - orgNote - Report post to moderator
Reply #49 posted 04/27/19 7:53pm

ladygirl99

PURPLEIZED3121 said:

bloody ridiculous situaton. Do we know who in the famiy is fighting against who?..seems like they are all at the current celebration?

I thought it was mainly the estate admintrator Comerica they are having issues with now? And also the siblings are having their disagreements with each other.

I am reading some of the court documents it is crazy. eek

  - E-mail - orgNote - Report post to moderator
Reply #50 posted 04/27/19 8:47pm

ISaidLifeIsJus
tAGame

avatar

PURPLEIZED3121 said:

bloody ridiculous situaton. Do we know who in the famiy is fighting against who?..seems like they are all at the current celebration?



The siblings keep splitting into factions. And it is ever changing.

  - E-mail - orgNote - Report post to moderator
Reply #51 posted 04/27/19 10:16pm

udo

avatar

ISaidLifeIsJustAGame said:

PURPLEIZED3121 said:

bloody ridiculous situaton. Do we know who in the famiy is fighting against who?..seems like they are all at the current celebration?



The siblings keep splitting into factions. And it is ever changing.

.

So this will NEVER end.

The Administrator, legal personnel, etc earn $$$ because of this.

The siblings do not get wiser over time...

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.
  - E-mail - orgNote - Report post to moderator
Reply #52 posted 04/28/19 9:34am

rogifan

The estate should be working with the city of Chanhassen and Lennar (home builder who bought Prince’s Galpin land) to build a Prince memorial on the property or near Lake Ann.
Paisley Park is in your heart
#PrinceForever 💜
  - E-mail - orgNote - Report post to moderator
Reply #53 posted 04/28/19 3:24pm

muchtoofast

avatar

rogifan said:

The estate should be working with the city of Chanhassen and Lennar (home builder who bought Prince’s Galpin land) to build a Prince memorial on the property or near Lake Ann.

Do you know how much they got for that property?
  - E-mail - orgNote - Report post to moderator
Reply #54 posted 04/28/19 7:18pm

rogifan

muchtoofast said:

rogifan said:

The estate should be working with the city of Chanhassen and Lennar (home builder who bought Prince’s Galpin land) to build a Prince memorial on the property or near Lake Ann.

Do you know how much they got for that property?

I don’t but I think all the parcels of land combined were valued at around $15-$20 million.
Paisley Park is in your heart
#PrinceForever 💜
  - E-mail - orgNote - Report post to moderator
Reply #55 posted 04/29/19 3:58am

margi

PennyPurple said:



DD55 said:




PennyPurple said:



Very sad, let's hope that this doesn't happen.



wave wave Hi Penny!!!



I'm at the point where I don't care about the estate anymore. Just release the music.



~Debbie



Hi Debbie!!


If they would release the music it would bring them much needed $$$


The Estate may well go broke and PP sold as Sharon says but that will never affect the income from the music going to the LLC that OWNS the masters and publishing rights. Prince's music is going to produce income for his projects and not the Estate which has the family as heirs. What everyone fails to take note of is that all the music belongs to the LLC and on Princes death, the beneficiaries named by him will receive all funds from his music. The projects started with Prince's direction are school music programmes,Growing food and Yes We Code computer studies being some of his projects and they will benefit from the sold music. No family members inherit the music and never will. Do you honestly believe that Prince left his music in the hands of people he didn't have faith in. Tyka and sons have trusts and this would never need to be made public. The LLC is not subject to any state taxes and it would never need to be made public who the beneficiaries are but the income will not be going to family. Prince would have carefully laid out plans as to how the LLC would benefit economically for many years to come.
  - E-mail - orgNote - Report post to moderator
Reply #56 posted 04/29/19 8:14am

laytonian

rogifan said:

muchtoofast said:
Do you know how much they got for that property?
I don’t but I think all the parcels of land combined were valued at around $15-$20 million.

The Galpin property was over $15 million by itself. The large plot across from Paisley is worth several million now. Plus, there were several homes and warehouses. The selling prices for those which have sold, haven't been disclosed.

Welcome to "the org", laytonian… come bathe with me.
  - E-mail - orgNote - Report post to moderator
Reply #57 posted 04/29/19 8:17am

laytonian

rogifan said:

The estate should be working with the city of Chanhassen and Lennar (home builder who bought Prince’s Galpin land) to build a Prince memorial on the property or near Lake Ann.

The STATE should take the property in exchange for estate taxes owed, and create a memorial park.

Welcome to "the org", laytonian… come bathe with me.
  - E-mail - orgNote - Report post to moderator
Reply #58 posted 04/29/19 8:20am

laytonian

margi said:

PennyPurple said:

Hi Debbie!!

If they would release the music it would bring them much needed $$$

The Estate may well go broke and PP sold as Sharon says but that will never affect the income from the music going to the LLC that OWNS the masters and publishing rights. Prince's music is going to produce income for his projects and not the Estate which has the family as heirs. What everyone fails to take note of is that all the music belongs to the LLC and on Princes death, the beneficiaries named by him will receive all funds from his music. The projects started with Prince's direction are school music programmes,Growing food and Yes We Code computer studies being some of his projects and they will benefit from the sold music. No family members inherit the music and never will. Do you honestly believe that Prince left his music in the hands of people he didn't have faith in. Tyka and sons have trusts and this would never need to be made public. The LLC is not subject to any state taxes and it would never need to be made public who the beneficiaries are but the income will not be going to family. Prince would have carefully laid out plans as to how the LLC would benefit economically for many years to come.

What is your source for all that?

Welcome to "the org", laytonian… come bathe with me.
  - E-mail - orgNote - Report post to moderator
Reply #59 posted 04/29/19 8:29am

ISaidLifeIsJus
tAGame

avatar

margi said:


The Estate may well go broke and PP sold as Sharon says but that will never affect the income from the music going to the LLC that OWNS the masters and publishing rights. Prince's music is going to produce income for his projects and not the Estate which has the family as heirs. What everyone fails to take note of is that all the music belongs to the LLC and on Princes death, the beneficiaries named by him will receive all funds from his music. The projects started with Prince's direction are school music programmes,Growing food and Yes We Code computer studies being some of his projects and they will benefit from the sold music. No family members inherit the music and never will. Do you honestly believe that Prince left his music in the hands of people he didn't have faith in. Tyka and sons have trusts and this would never need to be made public. The LLC is not subject to any state taxes and it would never need to be made public who the beneficiaries are but the income will not be going to family. Prince would have carefully laid out plans as to how the LLC would benefit economically for many years to come.



Who said Tyka and her sons have Trusts??


What do you mean the LLC is not subject to state taxes???

What LLC??


The Estate documents show Prince had sole ownership to his corporations.

  - E-mail - orgNote - Report post to moderator
Page 2 of 8 <12345678>
  New topic   Printable     (Log in to 'subscribe' to this topic)
« Previous topic  Next topic »
Forums > Prince: Music and More > The Estate Discussion - Part 20 - continued