*Three of Prince’s heirs have petitioned to remove Comerica Bank as personal representative to the estate, according to court documents dated Friday that were made public Monday.
Sharon Nelson, Norrine Nelson and John Nelson made the petition alleging Comerica made an improper decision to move the late artist’s much-vaunted “vault” of unreleased recordings to California; for improperly defending the $31 million recorded-music deal the estate’s previous music advisers had negotiated with Universal Music Group that was rescinded after contractual inconsistencies were revealed; and essentially for being insufficiently familiar with Prince’s music and business to be a suitable representative, reports Variety.
The heirs say they “have lost their trust in Comerica and see no other course of action but to remove Comerica immediately to safeguard the best interests of the Estate.”
Comerica was appointed to oversee Prince’s estate in January, replacing temporary administrator Bremer Bank. Spotify executive and former Lady Gaga manager Troy Carter was named entertainment adviser in April, replacing Londell McMillan and his partner Charles Koppelman, although McMillan continues to represent three of the heirs, including Sharon, Norrine and John Nelson.
McMillan and Koppelman negotiated several deals for the estate before their temporary term ended in February, including the Universal recorded-music deal.
In a letter to Judge Kevin Eide, who is overseeing the case, Comerica “respectfully requests that the Court enter an order authorizing the Personal Representative to continue administering the Estate, under the terms set forth in all previous orders entered by the Court.”
A rep for the estate sent Variety the following statement: “Comerica is disappointed that certain heirs of the Estate of Prince Rogers Nelson have chosen to file an inaccurate and inflammatory petition seeking Comerica’s removal as Personal Representative of the estate. Comerica has worked diligently to bring order to the estate in a manner that honors and preserves Prince’s legacy and will allow his many fans to enjoy his music for years to come. Comerica stands behind its team and their administration of the estate and will respond appropriately to the Court. Comerica looks forward to the continued successful administration of the Prince Estate.”
Below, more details about the heirs’ objections to Comerica Bank, per Variety:
First among the heirs’ objections was Comerica’s decision to begin moving Prince’s “vault” of unreleased recordings from Paisley Park to Iron Mountain storage facilities in California. The heirs claim that Comerica “failed to communicate its decisions to move the materials — announcing they were considering such a move at an heirs meeting, but never asking for permission or input from Petitioners.” They claim the move exposed the recordings to “theft, loss, damage, leaks, and the risk that the contents will not be properly inventoried, evaluated or copied at Iron Mountain.”
They also object to Comerica’s decision to “refuse to permit” McMillan “to attend Heir meetings and [for refusing] to negotiate reasonable terms of a non-disclosure agreement related to McMillian. The exclusion of those who understood Prince’s business, as well as certain heirs, is causing economic waste and irreparable harm to the Estate … potentially costing the Estate millions of dollars. Failure to properly negotiate each deal has substantial consequences.” It also claims that Comerica has “spent millions of dollars and authorized excessive amounts on consulting and legal fees, notably to Troy Carter, with little to no benefit to the Estate.”
Finally, the heirs claim that Comerica “breached its duty to the Estate and to the beneficiaries by not promptly and aggressively defending” the $31 million recorded-music deal with Universal that was rescinded in July, thus leaving “most of Prince’s sound recording music remains without a worldwide distribution partner … This loss of income even after the rescission is a waste and Prince fans worldwide as well as the Estate suffers as a result.”
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