Following the hearing last week to determine who will oversee the late Prince’s estate, a Minneapolis judge has appointed Comerica Bank & Trust N.A. to act as corporate permanent administrator. He has also ruled that neither L. Londell McMillan not Anthony “Van” Jones will be serving as representatives of the estate.
The siblings were in agreement on having Michigan-based Comerica bank as the administrator of Prince’s estate. But when it came to choosing the long term representative of the estate on commercial matters, two names were in play and no agreement was made.
Tyka Nelson and Prince’s half-brother Omarr Baker wanted Anthony ‘Van’ Jones to get the key role of the running of the estate. Jones was Prince’s advisor when it came to his philanthropic ventures and the 2014 deal with Warner Music.
But four other step-siblings thought Prince’s long-term attorney L. Londell McMillan should continue being the estate’s main deal maker. McMillan and one-time EMI executive Charles A Koppelman have been handling Prince’s estate matters to date.
The judge said that while he approved much of the work McMillan and Koppelman have done as special advisers appointed to assist Bremer, the former has been a “lightning rod” for disagreements, and the compensation he’s received as part of the agreements he’s negotiated may create a conflict of interest.
The judge also had reservations about Jones’ impartiality. In addition to Jones’ position as Omarr Baker’s attorney, the judge was concerned with attorney’s business and personal connections with Phaedra Ellis-Lamkins, the activist generally credited with regaining Prince’s masters. Read more…
The judge said he would not appoint a co-personal representative who did not have the heirs’ collective support. “The heirs are all strong advocates of their positions on how the estate should be managed, and adding another divisive element will cause additional expense and delay in these proceedings,” he wrote.
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