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As Prince Erben bankers and lawyers stew on balances



As the second anniversary of Prince's death approaches, his heirs have yet to collect one dollar of his estimated $ 200 million worth of fortune. But bankers, lawyers and consultants have earned millions of them.

The long saga to settle the estate offers a cautionary tale about dying without a will, like Prince, when he died of an accidental opioid overdose in his suburban studio in Minneapolis on April 21, 2016, and the heirs can not stop arguing. Here's a look at things:

NO DOUGH YET

Although Prince passed away almost two years ago, the executor, Comerica Bank and Trust, can not share the money among Princes six surviving two Siblings until the Internal Revenue Service and the executor agree on the value of the property when Prince died.

It's not clear when that could happen. The IRS and the state of Minnesota are entitled to collect about half, although the assets may extend payments over time.

VALUE CREATION OF AUSTRIA

The court ruled several months after the death of the prince worth about $ 200 million before taxes. The actual value remains one of the biggest secrets in this case, hidden in sealed and edited documents. The actual rating may have gone up or down since then.

This is because the various lawyers, accountants, and industry experts had not completed any appraisals and financial statements for the use of his music, videos, and assets including his Paisley Park studio at this time. Lawyers for the heirs did not return calls for this story or declined to comment.

FRICTIONS AND FRACTIONS

The six heirs were bitterly divided. Sharon Nelson, Norrine Nelson and John R. Nelson form a faction that has fought on several fronts against Comerica and other heirs, including Comerica's decision to move the contents of Prince's tape library from Paisley Park to Los Angeles.

Prince's Paisley Park

19659012] Getty

But the six featured a rare unit last week, when Tyka Nelson, Omarr Baker and Alfred Jackson joined the three others, fiercely opposing an unspecified "entertainment transaction "To protest in the works, which, they say, would be embarrassment to Prince's legacy. "The amount of heavily edited and sealed court filings and counterproposals suggests that it's big, but the public parts are not saying whether it's a new music rights contract to replace a failed agreement with the Universal Music Group or anything else A hearing is scheduled for Wednesday.

Most siblings have kept low public profile Sharon Nelson was the most outspoken, recently releasing an album of music written by her father and Prince's father, the late jazz musician John L. Nelson, She also tweeted new criticisms of Comerica last week and asked why Prince fans were not offered new music.

WHO IS DECIDED SO FAR?

A small army of lawyers and tax officials Records do not say how much the estate has already paid the IRS and the state of Minnesota, but Comerica and his Lawyers have collected at least $ 5.9 million in fees and expenses, according to a booking last month.

"There is legitimate concern that at the end of the administration of the estate there will be little, if any, left to pass on to the heirs," lawyers for Sharon, Norrine, and John wrote in this submission.

The $ 5.9 million includes nearly $ 2.9 million in unpaid charges and expenses for Comerica and its lawyers. It also does not include fees for the estate attorneys and other lawyers or fees for the property's lead music consultant, Spotify manager Troy Carter.

Carver County District Judge Kevin Eide admonished everyone to keep the spending under control and wrote the estate "Is not an unlimited resource!"

A SETTLEMENT?

The agenda for Wednesday's hearing also includes a Comerica motion to approve some sort of agreement.

Almost all the details have been blacked out, but a dispute that seems ripe for an agreement is the estate's lawsuit against Jay Z's Roc Nation and the Tidal streaming service for alleged copyright infringement.

Whatever the settlement is, Sharon, Norrine and John are against it. They say the estate could win more in litigation.


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