Prince’s estate will not be divided among its owners until a management agreement is reached between the two parties, a judge ruled this week.
The long-standing dispute over the value of the artist’s assets was recently settled. However, this did not resolve the question of how his legacy – including unreleased music, biographical rights and other potentially marketable assets – should be managed.
Three of Prince’s relatives retained their interest in his $156.4 million estate, while three others sold theirs to Primary Wave. The company had suggested a holding company could be created, but in a Minnesota court, Judge Kevin Eide said he would not require anyone to “contribute their share to a business entity against their will”. He added that “the heirs have waited almost six years to have some control over the development of Prince’s estate. The court will not, by choice, order that their share of the estate be assigned to a single company. holding… It would not be fair for an heir to withhold ascension to business opportunities that bind other heirs or diminish the value of estate assets Court will require management structure to be in place prior to distribution .
Both parties accepted the decision cautiously. “Primary Wave has always believed in integrating all aspects of Prince’s business and assets because creatively all assets interact,” the company said. Variety. “The decision requires a proper management agreement between all parties, which we wholeheartedly support. We continue to look forward to working with all interested parties to expand and preserve Prince’s legacy.”
A representative of the relatives who retained their shares said: “For those who were close to Prince, we know that he represented not only music, but also independence and freedom. In fact, it’s the 25th anniversary of Emancipation. … Our SNJLC group represents the heritage of Prince; we have worked hard to help close the estate, and look forward to soon managing the estate with all stakeholders to preserve its true legacy.
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