I hear the Miles covered a Prince song. Which one did he cover?? And I also heard they were planning an album or something together but Miles died before it happened.

Volitan said:

Not at all. Demos were completed with Prince's input and there were a few exchanges and bootlegs, but production was not completed. Miles moved on, but it's clear the sound of his 80s band was somewhat inspired by Prince. Years after Miles' death , tapes of these tracks are still being suppressed by Prince. He has barred WARNERS from releasing them.
Check George Cole's book and website, THE LAST MILES http://www.thelastmiles.com/ for a detailed explanation

Yep.

And then Prince claims that every time he floats the idea of a release his lawyers inform him about the number of people and their uncles coming out of the woodwork who are claiming a rightful slice.

It'll probably be released only after Prince's death and years of probate.

Either that or Prince could soften in his 50s or 60s and just release the material regardless of who gets paid; perhaps even donating his share to Miles' favorite charity or something.

And I thought that Miles was doing "Movie Star" in concert.

Alan Leeds:

"To my knowledge it was only their second meeting. Then we went on tour in Europe and they did, and I've got tons of emails from Gordon where we were trying to meet, but never did. Then in July 1987, I got a message from Gordon that Miles needed to speak to Prince urgently. Miles wanted a tape of the track "Movie Star" and Prince had decided that since Miles liked Movie Star he now wanted to do a whole album, and based on the emails I have, Prince was initiating this. This is now the middle of July 1987. I have an email from Gordon Meltzer and Peter Shukat [Miles's manager] saying that Miles and Prince hadn't spoken. It mentions the possibility of Miles being available to work on an album in September and October. Based on emails, apparently they did speak in August. Prince also sent Miles a second cassette of the second Madhouse album he had done with Eric. So now they've revived the possibility of doing an album."

Brendan said:

Who would have rights to it besides the label, Miles' estate, and Prince himself???

Miles did "Movie Star" on concert, as well as "Penetration" (the latter, in itself, was originally a Madhouse track - Madhouse is Prince & Eric Leeds' "jazz" side-project that mutated also into a band where Prince's involvement was getting rather minimal). I have those Miles performances on VHS. Miles and Prince on the same stage during "It's Gonna Be A Beautiful Night" could be found on YouTube before it got removed - there's a bootlegged DVD of that gig as well.

The song "Can I Play With U?" is circulating widely as a bootleg outtake (altough according to Miles himself the song was called "Little Red Riding Hood"). However, sometimes certain bootlegged outtakes may claim to include trumpet parts by Miles Davis, but those are just misleading information. Some claim Prince wrote the Miles Davis song "Amandla", but to me it hardly sounds anything like what Prince would have written.

Miles mentions in one of his last interveiws that Prince went to Miles' last birthday party and still referred to him as "one of his many good friends".

... or just read the stuff on the internet.