A lawsuit against two siblings and other heirs by the late pop music icon Prince’s former business advisers has not been thrown out by a Delaware judge.
The plaintiffs, L Londell McMillan and Charles Spicer Jr as well as the Delaware judge agreed that an agreement which was intended to replace the duo as managers of a limited liability company created by three siblings was null and void.
In 2016, Prince died from an accidental fentanyl overdose without leaving behind any will. His six siblings inherited equal parts of his estate. Half of them assigned their entire 50 per cent interest in Prince Legacy LLC and provided McMillan with 10% of the company along with extensive management rights.
However, Sharon Nelson, one sister among them, later on regretted this step leading to efforts aimed at removing McMillan and Spicer through amending the LLC agreement (Levenson).
Chancellor Kathaleen St Jude McCormick determined that the terms of the initial LLC agreement are unambiguous and prohibit defendants’ attempts to amend it. She stated that the agreement remains in effect and McMillan and Spicer continue as managing members. “As a matter of contract law, this is the only reasonable interpretation,” she wrote.
Moreover, McCormick ruled that plaintiffs can pursue a claim for breach of contract against these defendants since they acted outside their authority when they amended it to remove MCMillan & Spicer.
This dispute involves Tyka Nelson, Prince’s sister, who sold her stake along with those belonging to five half-siblings: Sharon Nelson, Norrine Nelson, John R. Nelson, Omarr Bakerand, Alfred Jackson. Their shares were sold to Primary Wave Music (LLC), who then transferred them through an affiliate called Prince OAT Holdings LLC. Alfred passed away later on.
