A second special administrator argued in favor of the icon's estate's former lawyers Charles Koppelman and L. Londell McMillan repaying their commission in the failed $31 million negotiation.
A second special administrator appointed by the judge overseeing the Prince estate submitted findings on Friday (Dec. 15) that the estate should pursue a claim for repayment of any fees, costs and commissions paid to its legal counsel during negotiations of a canceled $31 million recorded-music deal with Universal Music Group from earlier this year.
The second special administrator Peter Gleekel and his law firm Larson King LLC's findings follow an appointment from August to investigate liability in the failed deal. They had been tasked to evaluate whether the estate has a "reasonable basis" to pursue a claim against any entity or individual connected with the recession of the deal in July, and whether it is in the estate's best interest to pursue such a claim. Prince died April 21, 2016.
The UMG deal was negotiated by the estate's former entertainment advisors Charles Koppelman and L. Londell McMillan, and approved by the estate's first special administrator, Bremer Trust, along with the judge. It gave the label rights to a package of Prince's recorded music, including his trove of unreleased material known as "the vault." Soon after the deal was struck, UMG sought to void it over uncertainty whether the rights it had been granted conflicted with those already held by Warner Music Group from a deal made in 2014.