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    Bank Trustee Drills Prince's Vault Open

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    maxim9691

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    Bank Trustee Drills Prince's Vault Open

    Post by maxim9691 on Thu Apr 28, 2016 3:30 pm

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    New Developments: Prince Received Out-Patient Treatment, Bank Trustee Drills Prince's Vault Open




    Jay Kolls
    Updated: 04/28/2016 5:37 AM
    Created: 04/27/2016 9:46 PM
    Multiple sources close to the death investigation of Prince told 5 EYEWITNESS NEWS that the musician entered an out-patient treatment program.
    Sources said Prince was seeing a doctor to help him deal with his chronic hip pain and that part of the out-patient treatment included efforts, by Prince, to move away from using medication prescribed to treat his severe pain. They did not say Prince’s treatment program automatically means he was addicted to controlled substances.
    Sources said many people seek out-patient therapy to make sure they do not become addicted to prescribed painkillers and other types of medication and others will seek help when they think they might have symptoms indicating they are starting to become dependent on the drugs and are seeking counseling to help them slowly move away from the medications.
    Law enforcement sources said only the Medical Examiner would be able to determine if Prince’s autopsy showed any signs of a person who had been habitually abusing any form of prescribed medications.
    Meanwhile, 5 EYEWITNESS NEWS has also been told Bremer Bank, recently appointed trustee of Prince’s estate, hired a St. Paul company to drill through Prince’s personal vault at Paisley Park Tuesday. Sources said the bank had to move quickly to get inside the vault because, as court-appointed trustee, Bremer is legally responsible for safeguarding and handling all of Prince’s assets.
    The vault is known to store Prince’s invaluable recordings, of which, dozens have not been released. Prince was the only person who knew the combination, which is the reason Bremer Bank had to hire someone to drill through the lock to retrieve and take inventory of its contents.
    These new prescription pills had been recovered in the Prince death investigation and ABC News learned, specifically, the drugs were found in Prince’s possession at Paisley Park, which supports a Tuesday night story reported first by 5 EYEWITNESS NEWS.
    Sources told 5 EYEWITNESS NEWS the summary of Prince’s autopsy are expected “any day” and the search warrant, and its inventory list, are expected to be made public Friday unless a judge orders the warrant sealed.



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    inwardjim

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    Re: Bank Trustee Drills Prince's Vault Open

    Post by inwardjim on Thu Apr 28, 2016 10:22 pm

    Rumor has it that the government has sent people with the sole purpose of figuring out exactly what is in the vault and how much it could potentially be worth so that they can exact the maximum amount of death tax ...


    Last edited by inwardjim on Fri Apr 29, 2016 6:48 am; edited 1 time in total (Reason for editing : correcting FED to government)
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    Mace2theO

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    Re: Bank Trustee Drills Prince's Vault Open

    Post by Mace2theO on Fri Apr 29, 2016 6:30 am

    If I would have known at the start of my career that becoming a banker would increase my chances of getting into the Vault...



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    maxim9691

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    Re: Bank Trustee Drills Prince's Vault Open

    Post by maxim9691 on Fri Apr 29, 2016 7:41 am

    The real losers here are the Fans, once the vultures pick apart what is left.



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    CKJ505

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    Re: Bank Trustee Drills Prince's Vault Open

    Post by CKJ505 on Fri Apr 29, 2016 8:24 am

    What have the bank got to do with Paisley Park?
    Who let the vultures in? CK is well pizzed off with this situation.
    Prince's ashes have not even cooled and they are lining up like snakes.

    Errr... jocolor






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    CKJ505

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    Re: Bank Trustee Drills Prince's Vault Open

    Post by CKJ505 on Fri Apr 29, 2016 8:28 am

    I know where I would shove that drill!  pull hair






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    inwardjim

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    Re: Bank Trustee Drills Prince's Vault Open

    Post by inwardjim on Fri Apr 29, 2016 10:46 am

    They were appointed the interim Special administrator until everything gets sorted.  I'm sure it is peripherally due to Owen Husney putting a dollar value on what he thought the Vault is worth.  $500 million ...
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    Mace2theO

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    Re: Bank Trustee Drills Prince's Vault Open

    Post by Mace2theO on Fri Apr 29, 2016 12:02 pm

    Lawyer's explanation of status:

    On Tuesday, Prince's sister, Tyka Nelson, filed court documents saying the music icon died without leaving a will. The legal paperwork raised questions about the fate of Prince's estate, which includes his famous "vault" of never-before-heard music. Along with Nelson, Prince's only surviving full sibling, the filing also named five half-sibling as heirs. As The New York Times reports, half-siblings are the same as full siblings under Minnesota law, so the stage may be set for an extended bummer of a family feud.

    The uncertainty around Prince's business affairs after his death last week at age 57 is all the more remarkable considering his career was marked by constant battles for creative (and financial) control. What's at stake is no small sum: Forbes Magazine's last annual estimate of Prince's annual pre-tax earnings, in 2005, was $49.7 million. And he has sold more than 650,000 albums and 2.8 million tracks in the U.S. alone since his passing, according to Nielsen data cited by the Times.

    Today, a suburban Minneapolis judge agreed that Prince had no will and, as his sister requested, appointed an affiliate of Minnesota-based Bremer Bank as "special administrator" for Prince's estate. For a sense of what that means and what the future may hold for the Purple Rain legend's music, Pitchfork spoke today with Phillips Nizer partner Monica McCabe, an entertainment and intellectual property lawyer who previously represented Prince. As administrator of the estate, she says, "the bank may have control of Prince's assets"—among them, that trove of unreleased records.

    Pitchfork: Tell me about your work with Prince.

    Monica McCabe: I worked some time ago on a couple of litigation matters, the most interesting of which was a dispute over his symbol-shaped guitar. There was a plaintiff who claimed that he had designed a model of the guitar and dropped it off at a concert and that Prince had copied it. We were able to get that dismissed. There were also some seizures we did with the U.S. Marshals' office for counterfeiting goods outside his concerts.

    Pitchfork: How could someone so fiercely protective of his intellectual property not have a will?

    McCabe: You're right, he sought a lot of control over his works. His whole dispute with his record company years ago was just about that—control over his musical creations. It could be any number of things. A lot of people don't want to deal with the fact that they're going to die some day, so they just put it off or don't deal with it all. It's interesting, because he had so much unpublished work that you would think he would have wanted to have some kind of control over that.

    Pitchfork: What is a special administrator of an estate?

    McCabe: It's kind of like an executor. If you were to have a will, the executor is the person who runs everything, who controls everything, makes decisions about—let's say you had a piece of real estate you might want to sell. The administrator, or the executor, is the one who makes those decisions.

    Pitchfork: So if this bank that Prince has been working with over the years is named the administrator, then it can make those decisions, basically?

    McCabe: Right. It would have to seek the permission of the other people inheriting. But they're the ones that execute on the decisions.

    Pitchfork: What does all this mean for people who want to hear more Prince music—especially, as you alluded to earlier, from his vault?

    McCabe: It's probably going to take a while to sort out. If they all become joint owners of the copyrighted works, and there's no agreement among them, then any one of them could exploit the work if they don't destroy it. But they have to account back to their other joint owners of the work. It could be messy unless they form some kind of trust or organization for dealing with the unpublished works—well, all the works, really.

    Pitchfork: How does this compare with, say, the Jimi Hendrix estate, which you've done litigation on, or the Michael Jackson estate, which has been in the news these past several years?

    McCabe: With Jimi Hendrix, there was so much fighting among the heirs that it took years and years to get resolved. And pieces of it were divided up. Hopefully that's not going to happen, but that's a possibility. I wonder: If there wasn't a will, if there were some kind of instructions that went with the unpublished works. I don't know, but that's another possibility that the heirs could choose to follow or not follow.

    Pitchfork: Just to back up, you mention that any one of them could exploit the work if they don't destroy it. So potentially you could have one half-sibling saying, "OK, I'm going to license this to this movie," and another half-sibling, "OK, I'm going to put this on this CD..."? Or what does that really mean?

    McCabe: If they become joint owners, let's just say they made $100,000, then the profits would be split among all of the owners. You see issues like that with the [Bob] Marley estate, too. Typically the best thing for the joint owners to do is to have an agreement, to say we're not going to exploit this work unless both of us agree. But in the absence of such an agreement, then either owner could exploit it, unless there's some kind of trust formed that would hold the works or some kind of entity.

    Pitchfork: You said this could take a long time. How long? I guess you said Hendrix took a long time.

    McCabe: Oh yeah, they took years. It just depends on a lot of things. With so many people, it's possible that it's going to take at least several years.


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    So towards the above, this came out today

    SISTER STORMS OUT OF FAMILY MEETING Money Fight Looms

    It didn't take long ... Prince's sister Tyka went ballistic in the first meeting with the singer's siblings and marched out of the room ... and we're told it's already becoming a money squabble.
    Sources with first-hand knowledge tell TMZ, the meeting was held Thursday in Minnesota. Tyka, Prince's younger sister, was present, along with brothers Alfred and Omarr.

    We're told the meeting was tense, and 2 hours in Alfred expressed his displeasure that he was the only sibling excluded from Prince's memorial service, which Tyka planned. We're told an argument erupted and she stormed out of the room.

    We're also told the brothers have a clear impression from the meeting ... Tyka thinks she's entitled to more than them when it comes time to divide Prince's assets. As we reported, under Minnesota law all 6 siblings -- irrespective of whether they're half or full -- share equally, but apparently Tyka doesn't see it that way.

    Our sources say after Tyka left, a rep from the bank that was appointed as the administrator took Alfred on a tour of Prince's home and the area where he died "so he could properly grieve."




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    Re: Bank Trustee Drills Prince's Vault Open

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