Tyka Nelson, the sister of the late singer Prince, recently informed the court that she sold a portion of her interest in her brother's estate to Primary Wave IP Fund.
The estate's personal representative, Comerica, is objecting to the sister's request that Primary Wave now be privy to all matter concerning the estate, including confidential business matters.
Comerica is arguing that it is Tyka and not Primary Wave that is an heir to Prince's estate, who passed away without a will, and thus the company should not be entitled to the "unique role in the administration of this Estate" that the named heirs received.
The sister claims that she consulted with legal and financial professionals on her rights as an heir to the estate, and believes that it was fully within her ability to enter into the Expectancy Interest Transfer Agreement with Primary Wave.
She added that she did it "in order to realize some value from the Estate before the completion of the Estate administration.”
Earlier this month Tyka was ordered to pay numerous attorneys that worked for her $850,000, pertaining to the administration of Prince's estate, so it is not surprising she wanted quicker cash.
This article was originally published on Wills, Trusts & Estates Prof Blog.
