(5 Jul 2024)
ASSOCIATED PRESS
FILE: London – 8 May 2007
++4:3 MATERIAL++
1. Various of Prince walking on stage and posing for photographers
2.SOUNDBITE (English) Prince, recording artist:
"Last time I was here a lot of people didn’t get to see me so we’re trying to make it affordable for everybody, that’s why we’re doing the extended stay, I got used to this while working in Las Vegas and as soon as I leave here I’m going to go and look for a place to live."
ASSOCIATED PRESS
FILE: Los Angeles – 16 January 2005
+ +4:3 MATERIAL++
2. Prince walks carpet
ASSOCIATED PRESS
FILE: New York – 20 April 2004
++4:3 MATERIAL++
3. Medium shot Prince on carpet
ASSOCIATED PRESS
FILE: Location unknown – May 2000
++4:3 MATERIAL++
4. Prince enters press conference
STORYLINE:
A Delaware judge has refused to dismiss a lawsuit filed by former business advisers to the late pop music icon Prince against two of his siblings and other heirs in a dispute over his estate.
The judge on Friday also agreed with plaintiffs L. Londell McMillan and Charles Spicer Jr. that an agreement purporting to replacing them as managers of a limited liability company established by three siblings was invalid.
Prince died of an accidental fentanyl overdose in 2016. He had no will, and his six siblings inherited equal interests in the estate.
Three of them assigned their combined 50% interest to Prince Legacy LLC. They also granted McMillan and Spicer each a 10% interest in Prince Legacy, along with broad and exclusive management authority.
One sister, Sharon Nelson, later regretted the decision and led an effort to remove McMillan and Spicer as managing members by amending the LLC agreement.
Chancellor Kathaleen St. Jude McCormick ruled that the terms of the initial LLC agreement are unambiguous and that they prohibit the defendants’ attempts to amend it. She said the agreement remains in effect and McMillan and Spicer remain as managing members.
“As a matter of contract law, this is the only reasonable interpretation,” the judge wrote.
McCormick also ruled that the plaintiffs can pursue a claim that the defendants breached the LLC agreement by acting without authorization to amend it and remove McMillan and Spicer.
The lawsuit stems from disagreements involving Tyka Nelson, Prince’s sister, and five half-siblings: Sharon Nelson, Norrine Nelson, John R. Nelson, Omarr Baker and Alfred Jackson.
Tyka, Omarr and Alfred, the three youngest, sold their stake to a music publishing company called Primary Wave Music, LLC, which later assigned its interests to an affiliate, Prince OAT Holdings LLC. Alfred has since died.
The older siblings, Sharon, Norrine and John, assigned 20% of their collective interests to McMillan and Spicer before John died in 2021. His interests passed to a trust overseen by Breanna Nelson, Allen Nelson and Johnny Nicholas Nelson Torres as co-trustees. Breanna and Allen are named as defendants in the lawsuit along with Sharon and Norrine, while Nelson Torres has sided with the plaintiffs.
The lawsuit alleges among other things that Sharon improperly tried to insert herself into management decisions and once demanded that the entire staff of the Paisley Park Museum in Minnesota be replaced. She also accused McMillan and Spicer of fraud and tried to sell her interests in Prince Legacy without the required consent of the other members.
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