Prince's vast holdings can now be handed out to his heirs and to Primary Wave. Both sides have vowed to “preserve Prince’s legacy.”
With those problems out of the way, all that remained was to convert Prince’s holdings into limited liability companies – a step being taken to limit the estate’s tax exposure – and to create a so-called management plan for how the two camps of heirs would work together to administer music and other jointly-held assets.
Those tasks apparently complete, Friday’s deal saw Prince’s cash and various holding companies split evenly between a holding company called Prince Legacy LLC and Prince Oat Holdings LLC . It also cleared a path for Comerica to be discharged as the administrator, after certain closing tasks are completed., a rep for Primary Wave said the company was “extremely pleased that the process of closing the Prince Estate has now been finalized.
“Prince was an iconic superstar and this transfer out of the court’s jurisdiction puts in place professional, skilled management,” Primary Wave said. “When we announced our acquisition of the additional expectancy interests in the estate last year bringing our ownership interest to 50%, our goal was to protect and grow Prince’s incomparable legacy. With the distribution of estate assets, we look forward to a strong and productive working relationship.
In their own statement, McMillan said that he and his partners were “relieved and thrilled to finally be done with the Probate Court system and bankers who do not know the music business and did not know Prince” and were looking forward to “implementing things the way Prince did.” “I represented Prince for over 13 years and we led with innovation to reform the music industry – we hope to do the same with his amazing assets and catalog, from his music, film content, exhibits, merchandise, Paisly Park events, branded products and more,” McMillan said in an email. “It is a historical and very exciting time. Prince is almost free to rest now…”
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