Tag Archives: Barclays

Opinion: The Prince Estate – It’s Time To Say What We See

Yes, it is time to say what we see. And what do we see? We see allegations levied against the former estate representative, Bremer Trust. We see within those allegations, accusations of fraud, and for the most part, towards former entertainment adviser for Prince’s estate via Bremer Trust, Londell McMillan and his counterpart,  Charles Koppleman . And in those two, we see what are  allegedly attempts to personally profit off of  Prince Rogers Nelson. We see deals made in which they received commissions per deal, and now the same deals are the subject of litigation against the estate. We see allegations of money due the estate which was not given to them. Yes, it is time to say what we see.

First of all, it should be made clear that Londell McMillan was an employee of Prince Rogers Nelson, in his capacity as an attorney. Lest anyone be unsure, Prince was not one to allow anyone to take the full reins of  his business matters, and that is evident via the way he managed all of his businesses – he was ‘hands-on’.  McMillan claims he was a friend of Prince, and maybe he believes that, but did Prince? We would have to ask the question as to why Prince allegedly fired him and banned him from his life in 2014. But, after Prince died, it appears as if McMillan used the prior relationship to attain a profit-driven seat at the table as an entertainment adviser for Bremer Trust. Most were happy to see him, since they assumed he would be working in the best interest of Prince’s estate.  However, apparently, the results have been disastrous for the estate as the estate has put forward allegations of fraud and mismanagement.

                                                     McMillan and the Tribute

The first issue is the Prince Tribute, which McMillan supervised. The heirs allege that money from the tribute due to the estate was never paid. McMillan denies the allegations.

https://finance.yahoo.com/news/prince-siblings-decry-mismanagement-tribute-183140682.html

The promoter at the time, JobuPresents, LLC., has filed a lawsuit, alleging fraud and misrepresentation by McMillan, Koppleman, and Bremer Trust. You can read all of the allegations in detail here:

http://www.courthousenews.com/wp-content/uploads/2017/04/PrinceEstate.pdf

And in a secretly tape recorded conversation, apparently those claims although pending in litigation, have become credible.

http://www.mncourts.gov/mncourtsgov/media/CIOMediaLibrary/Documents/Affidavit-of-Vaughn-Millette.pdf

It is also alleged that McMillan and Koppleman advised the promoter that he would have to make a 2 million dollar donation to Paisley Park in order to have the right to promote the tribute, which appears to be untrue, since Paisley Park is a for-profit museum. At this point it is unclear as to whom actually received the money or what happened to it. But it is alleged that the money was loaned to the promoter so that he could pay the estate. In light of this information, the  heirs have alleged fraud by McMillan, Koppleman and Bremer Trust. And in spite of all of this, McMillan  has announced his plans for yet another tribute, however it is doubtful that the family will provide their endorsement.

                                                   McMillan and the Universal Deal

The second issue is the deal with Universal, which McMillan and Koppleman both personally received commissions.

 “The two men earned a 10% commission on the deals they were able to complete during their tenure, netting                  each man about $1.5 million on the recorded-music deal, which was led by Mr. McMillan, according to  people familiar with the matter.  It isn’t clear what would happen to their payouts if the  recorded-music  agreement with Universal was voided. ” –  Morningstar.com

However, that deal is now going south fast due to the apparent and alleged failure to properly research the rights, with Universal claiming that they did not get what they thought they were getting in the deal. Misrepresentation? And by whom? It is currently also pending litigation, which may entangle the estate for years.

http://news.morningstar.com/all/dow-jones/us-markets/201704141893/winner-of-rights-to-princes-music-fears-it-was-shortchanged.aspx

                                     McMillan and Prior Questionable Conduct

Research of public records indicate a pattern of behavior by McMillan as to accounting irregularities, and his responses have seemed to always include excuses and/or  accusing others of fabricating charges against him.Yet in a major civil case against a law firm at which, McMillan was the head of the entertainment division, the judge said:

““[McMillan] was at times unwilling to accept what was plain on the face of documents and seemed to me  to have convinced himself of a version of events which was inconsistent with the contemporaneous record.”,  Justice         Andrew Popplewell wrote. “I did not feel able to rely on his evidence where it was in dispute and not supported by a document.”

Although McMillan continued  to deny these allegations, his legal attempts against Barclays only resulted in his case being dismissed. He is now denying the allegations brought forward against him by the heirs to the Prince estate and feigning ignorance of any fraudulent activities.

                                                          Opinion: What we see

What we see is a person, who was no longer a friend of Prince, attempting to profit off  of his death, and using Prince fans as if they are a source for his personal profit. For he has announced that he is planning yet another tribute, while the income from the other tribute is being questioned by Prince’s heirs ,and while practically all he and Koppleman touched resulting in litigation and  costly to Prince’s estate. McMillan has clearly been personally enriched by millions of dollars.

It is our opinion that McMillan only saw Prince’s death as a financial opportunity for himself. He tweets that anyone who speaks against him is guilty of ‘hating’ and ‘gossip’. But there is a consistent pattern of behavior that is troubling and disturbing, along with his failure to disclose to Prince fans that he was allegedly fired by Prince and allegedly was no longer considered by Prince to be a friend. These points are important to Prince fans, who will not tolerate or accept the abuse of the legacy of Prince. And, for purposes of full disclosure, Prince siblings disagree upon McMillan as all but two of them are continuing to allow him to represent them in the estate. That too, is troubling, that they cannot see the destructive pattern of behavior that is historically accurate prior to Prince’s death and subsequent to his death. However, when a motion was filed  to have McMillan continue on after Bremer Trust was no longer in charge, but after a review of the information in front of him, the probate  judge denied that request.  Yet McMillan continues to hold on to what he may be viewing as future profit. It should be noted that the request for Van Jones was also denied, but not based upon any prior contact and conduct within the estate.

We see an estate and a family that has been besieged with dubious claims and exorbitant legal fees charged to the estate. We see a future of legal entanglements which may keep the estate tied up in court for years. But the most egregious issue is that of McMillan, who apparently was not properly vetted by Bremer Trust. Had he been vetted properly, perhaps the estate would not be in the position of having to aggressively seek redress in the courts for money which they assert is due to the estate by someone who claims to have been a friend of Prince, and claims to “love” Prince, while all the while responding to the questions and allegations with the term “haters”. Those heirs who have filed claims and objections in the court are indeed alleging fraud and mis-management.

It is our opinion that the damage being caused by the alleged conduct of Mr. McMillan. et.al is itself a form of hating the legacy of Prince.  Prince fans should  proceed with caution when it comes to anything which is sponsored by McMillan and stay true to the adage of ‘Buyer Beware“.  The links below provide detailed information as to all of the above.

http://www.courthousenews.com/princes-estate/

http://www.bizjournals.com/twincities/news/2017/04/21/prince-tribute-concert-held-last-year-sparks-new.html

https://www.bloomberg.com/news/articles/2015-06-09/barclays-wins-dewey-loan-case-against-michael-jackson-lawyer

http://www.globallegalpost.com/global-view/barclays-wins-landmark-loan-case-against-ex-dewey-partner-6696791/

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