Things have gone from steadily bad to persistently worse in the realm of interaction between principal players in estate matters surrounding exalted pop music legend Prince.
The so-called Purple One died unexpectedly last year in April. Since then, his multi-million-dollar estate of varied realty holdings, vast musical creations, artwork, investments and other assets has been a dramatic focal point of interest among varied individuals seeking a piece of his wealth.
Reportedly, Prince never left a will. That left the public and somewhat messy process of probate as the vehicle for determining the artist’s heirs, who were ultimately determined to be five half-siblings and a sister.
Three of the half-siblings recently filed a petition requesting the judge who appointed an estate administrator 10 months ago to promptly remove that entity. They allege incompetence and even bad-faith actions that they say are materially depleting estate assets.
The petition calls Comerica Bank & Trust’s estate management “a colossal failure” bringing “a waste of millions in potential dollars to the estate.”
Unsurprisingly, the bank disputes that assessment, stating that it “has worked diligently to bring order to the estate” and manage it in a manner that optimally benefits its heirs.
The judge states that he will allow Comerica to continue as administrator pending his review of the petition.
That review will squarely consider the petitioners’ charge that the bank’s inexperience with the entertainment industry is derailing estate profits that should be materializing. The heirs additionally claim that Comerica has been too slow to act in protecting and releasing a huge library of Prince songs and albums that the general public has yet to hear.
A court date concerning the petition has not yet been set.