Lisa Marie Presley STILL Battling Ex-Business Manager Over Elvis Fortune Disaster
By Mike Walters on January 8, 2020 at 9:26 AM EST
Gettyimages | Christopher Polk
Lisa Marie Presley is still waging war with her ex-business manager accusing him of mismanaging her father's fortune and leading her into financial disaster.
According to new legal documents, obtained by The Blast, Presley is denying she has any fault in the situation and has responded to the business management firm involved -- saying they should not be allowed to go after her because it is their fault.
In the documents, LMP is answering a cross-complaint filed by Provident Financial Management, one of the companies involved.
Gettyimages | GAB Archive
"Cross-Defendant denies, both generally and specifically, each and every allegation contained in the Cross—Complaint, together with each and
every cause of action alleged therein. Cross—Defendant further specifically denies that Provident Financial Management, LLC (hereinafter “Cross—Complainant”) has been damaged by Cross—Defendant in the sum
alleged, or in any sum whatsoever, or at all. Cross—Defendant further specifically denies that Cross—Complainant is entitled to the relief sought within the Cross-Complaint or to any other form of relief whatsoever against Cross—Defendant," the documents read.
It's a bit legal, but the bottom line of the new documents is this fight is far from over...and there doesn't seem to be a settlement anywhere close to being struck in the case.
Gettyimages | Patrick Robert - Corbis
As we reported, Lisa Marie Presley blames her ex-financial manager, for leaving her "financially devastated" and squandering most of her father's $100 Million fortune.
The Elvis Presley heiress told the court she is willing to produce documents which will show the kind of financial shape she is in..."We have not objected to the production of documents that will provide a full picture of Ms. Presley’s and the Trust’s financial condition during the relevant time period and up to the date of your clients’ termination," the documents say.
Gettyimages | Bryan Steffy
In the lawsuit, Lisa Marie claims the once-massive $100 Million fortune was reduced to $14,0000. She says that because of bad investments it also left her $500,000 in debt.
In the case, Siegel argues Lisa Marie isn't broke at all, in fact, he says some of his investments have turned out to be a success. He also says if it wasn't for her lavish spending her fortune would be intact.
Presley sued her former business manager, saying "through his reckless and negligent mismanagement and self-serving ambition" the Elvis money was put “in risky ventures in hopes of attaining his own celebrity in the entertainment industry."
Presley claims the team sold 85% of her interest in Elvis Presley Enterprises, and the reason for the sale was "put his own best interests ahead of her in order to put himself in proximity to [the investor] and his celebrity circle."
Barry Siegel has denied the claims and his attorney told The Blast, "It’s clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions."
He continued, "The 2005 deal she is complaining about now cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million-dollar income stream, most of which she managed to squander in the ensuing years."
