Prince’s Siblings Accuse Estate Advisors of Mismanaging Tribute Profits
Prince's siblings and heirs of his estate, Tyka Nelson (sister) and Omarr Baker (half-brother), have accused the estate's special entertainment advisers, L. Londell McMillan and Charles Koppelman, of mismanaging an October tribute concert. The pair believe the advisors are holding on to profits the estate was guaranteed to receive.
McMillan and Koppelman have been employed by the estate as experts to help monetize Prince's entertainment assets and have entered a number of licensing agreements on behalf of the estate. Last week, Prince's two siblings opposed McMillan being appointed a special adviser to the estate, favoring former Prince associate and CNN commentator Van Jones for the role. But the judge ruled that the change was unnecessary.
According to the Star Tribune, Nelson and Baker filed legal documents yesterday seeking at least $7 million from the Bremer Trust, McMillan and Koppelman. The figure is apparently the amount the estate was guaranteed from the show. Although this promised amount and the payment actually received had been kept confidential, the $7 million figure was revealed accidentally at a recent estate court hearing.
The concert was originally suppose to take place at the US Bank Stadium, but due to several artists allegedly pulling out and the event's primary promoter backing out as well, they had to downgrade the venue to the smaller Xcel Center in St Paul, Minnesota.
The two heirs say that the Bremer Trust failed in its commitments to the estate by mismanaging the concert, and by not firing McMillan and Koppelman. They also say that the bank has provided “insufficient” details of the value of the overall estate, having not completed its valuation of most of its assets.
On the opposite side, Bremer Trust is demanding payment of over $1.5 million for work carried out between October and December. Five other law firms are seeking payment of almost $400,000 from the estate.
With all the drama unraveling recently, Nelson and Baker have one thing to be happy about. Bremer is scheduled to turn over its management duties to a permanent representative in Comerica Bank and Trust N.A. at the end of this month.
This is a developing story and will be updated as information is released.