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Tuesday, August 8, 2017

CHANGES AHEAD IN PRINCE ESTATE?

Prince’s estate may soon have its third administrator, one that may well take legal action against former special music advisors L. Londell McMillan and Charles Koppelman, according to multiple media reports.

A lawyer for Comerica Bank & Trust, which currently represents the estate, has asked the judge overseeing the case to name a special administrator with the authority to pursue claims that Comerica is prohibited from seeking due to conflicts of interest. The request was made in a letter that was released Monday in heavily redacted form.

Variety reported it is not clear what claims an administrator would or could pursue. Several of the heirs have asked the court investigate some of the deals Bremer Trust initiated when it was the estate’s special administrator last year and early in 2017.

McMillan and Koppelman received a 10% commission on deals they closed during their six-month run as administrators, one of which, a recorded music deal with Universal Music, has been rescinded. It has yet to be determined who was responsible for that deal.

 
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