Estate battles regarding the fortune of late rock star Prince continue. A judge who has been presiding over the Prince estate recently named a new special administer to determine if anyone is liable for the estate's cancellation of a $31 million agreement with Universal Music Group.
The new administrator will be determining whether the Prince estate has cause to file a claim against any individual parties that could be responsible and liable for canceling the music deal. The administrator will also decide if it's in the estate's interests to seek compensation regarding financial losses associated with the matter.
The deal in question was negotiated by the ex-entertainment advisors for the estate. It was also approved by the original special administrator of the estate, and the judge approved the deal. The $31 million arrangements would have given UMG the express right specific recorded music owned by Prince. It would have also provided UMG with the right to release previously unreleased songs and music that make up Prince's coveted "vault." However, UMG pursued the cancellation of the deal soon after entering it because UMG wasn't certain if it had received rights in conflict with rights owned by Warner Music Group.
Prince's ex-lawyer and business partner earned 10 percent on the music deal. In an interview with Billboard, he said, "As I've always maintained, I stand by my work. We generated great value in a short period of time, did the work properly and there was no need for a rescission."
The difficulties experienced by Prince's estate following the musician's death show how important it is to have a solid estate plan completed before it's too late. Much to the surprise of the public, Prince died without a will or estate plan, leaving his vast fortune to be fought over by countless creditors and potential heirs.
Source: Billboard, "Judge Orders Investigation of Prince Estate's Voided Deal With Universal Music," Hannah Karp, Aug. 22, 2017