Prince Estate Formally Split Into Two Camps in New Court Ruling

variety.com:

Jem Aswad Senior Music EditorAs the Prince estate moves forward after years of confusion following the singer’s 2016 death, the six heirs are divided into two camps: the three siblings who sold their interests to Primary Wave, and the three who have retained their holdings.With the value of the estate recently determined at $156.4 million, the two parties are now establishing a structure for how to work together.

In a ruling on Tuesday, a Minnesota judge decided against Primary Wave’s proposal to create a single holding company. Instead, the holdings will be distributed equally to the two camps, who will likely set up separate holding companies: Primary Wave and the three siblings and their advisors, L.

Londell McMillan and Charles Spicer, who are said to hold a stake in the estate. On Tuesday, Judge Kevin Eide said he would not order the siblings to “contribute their share to a business entity against their wishes… The heirs have waited for almost six years to have some control over how the Prince estate moves forward.

The court will not, by choice, order that their share of the estate be turned over to a single holding company.”However, Eide said he will not grant final approval until the two sides formally agreed on a workable management structure.“It would not be equitable for one heir to withhold their ascent to business opportunities that bind the other Heirs or diminish the value of Estate assets,” he wrote. “The court will require that the management structure be in place before distribution.”There is little question that the formidable legal complications in Prince’s estate have hampered the estate’s ability to capitalize on the value of his music and holdings.