The personal representative in charge of Prince’s estate is objecting to the late singer’s sister Tyka Nelson selling off a chunk to a third party.
According to court documents obtained by The Blast, Comerica Bank, who runs the estate, is responding to Tyka informing the court she sold a portion of her interest in the estate to a company, Primary Wave IP Fund.
Tyka requested that Primary Wave now be involved in “all matters related to the Estate” and be included in confidential business matters.
In newly filed court documents, Comerica Banks says Primary Wave has no right to be included in anything.
Comerica states, “Primary Wave is not an Heir of Prince Rogers Nelson and should not be recognized or treated as such. In light of the unique nature of this Estate, the Court has granted the six Heirs a unique role in the administration of this Estate. The Court has permitted the Heirs unprecedented access to, and involvement in, the administration of the Estate, beyond that granted to heirs by the Probate code.”
They argue Primary Wave is not an Heir and it should be not be treated as such simply because it has purchased one or more Heir’s expectancy interests in the Estate.”
Comerica believes the addition of Primary Wave will slow down the estate matters. They also fear Primary Wave could access confidential information and agreements if allowed in.
They are asking the judge to not allow Primary Wave into the estate.
Earlier this month, Tyka revealed she sold a portion of her one-sixth share of Prince’s estate.
She explained, “I am one of the six (6) non-excluded heirs in these probate proceedings (the “Estate”). I have the opportunity to consult with separate legal counsel and financial advisors and have been fully advised by my legal counsel and financial advisors of the rights I enjoy as an heir to the Estate and the legal, financial, and personal implications of entering into the Expectancy Interest Transfer Agreement.
Tyka added, “I am aware of the terms of the Expectancy Interest Transfer Agreement. I know that I am selling a portion of my one-sixth (1/6th) share of the Estate and am entering into this transaction willingly and with an understanding of the nature of the transaction. I wish to sell my portion of my one-sixth (7 / 6th) share of the Estate in order to realize some value from the Estate before the completion of the Estate administration.”
Tyka sold the interest to a company named Primary Wave IP Fund.
Primary Wave filed documents asking the terms of the sale be kept private. They wanted to seal, “confidential information relating to Primary Wave’s transaction with an heir, Tyka Nelson (“Ms. Nelson”), whereby Ms. Nelson agreed to transfer a portion of her one- sixth (1/6th) interest in the estate of Prince Rogers Nelson (“the Estate”) to Primary Wave through an Expectancy Interest Transfer Agreement.”
Tyka’s sale of her interest comes after months of financial woes. Earlier this year, she was ordered to pay $850,000 to various lawyers who worked for her.
The court found she owed massive amounts to three separate law firms. All the firms did work on Prince’s estate after his death.
She owes the firm Gray, Plant, Mooty, Mooty & Bennett $116,652.11 for work done in 2016.Holland & Knight is owed $717,254.37 for months of work. Another firm Barnes & Thornburg was owed $21,816.59. The money is to be collected from any money paid out to her from the estate.
Back in October, another law firm claimed Tyka owed them over $100,000 in legal fees.
The law firms said it “intends to hold alien upon Tyka Nelson’s interest in the Estate of Prince Rogers Nelson, including any right to receive payments, property, proceeds, money or value of any kind, for agreed compensation for such services as were rendered by CozenO’Connor respecting Tyka Nelson’s interest in the Estate.”