Minnesota judge cancels Universal deal with Prince estate

Court Voids $31 Million Universal Deal With Prince’s Estate

In February, Universal announced "a multi-year agreement with the Estate of Prince Rogers Nelson and NPG Records Inc., effective immediately, that grants UMG exclusive licensing rights to the iconic artist's Grammy-winning NPG recordings, including a library of 25 albums and his highly anticipated trove of unreleased works".

Carver County District Judge Kevin Eide granted the estate's request in court late Thursday (13Jul17), adding that there is ambiguity surrounding the contracts that would be hard to interpret and could involve costly litigation for the estate if the deal isn't voided.

The ruling comes after Universal's discovery that Warner Bros owns the distribution rights to every Prince song from 1979-1995.

Prince died of an accidental opioid overdose in April 2016 at the age of 57.

Universal Music Group will get its $31 million back from the Prince estate, according to a court order issued Thursday.

It was believed that contract expired next year: WB actually holds the rights until 2021. The estate, he said, should proceed cautiously to preserve its assets.

Almost EVERY Disney Princess is going to be in this new movie
Creator and director Brad Bird said the film will come out next summer, and talked about the story of the sequel a bit. The first reveal focused on an upcoming, now untitled film from Disneytoon Studios that examines aviation.

Universal then demanded that the deal be cancelled and accused Mr L. Londell McMillan, a long- time music executive who helped negotiate the deal as an expert adviser to the estate, of deceiving the company over the true rights, which because of a confidentiality clause Universal saw only after it had completed the deal.

Another source of conflict was that Warner Bros.

However, the judge's ruling left several matters still undetermined, including whether Koppelman and McMillan will have to return their 10% commissions on the deal, and UMG's accusations of fraud against McMillan for misrepresenting the terms.

In Eide's order and memorandum approving the motion, he cited almost 25 documents from the various parties involved - including Universal, the former and current banks administering the estate, McMillan and Koppelman and various Prince heirs - filed after he'd asked the parties to work together to find a way to salvage the deal. "We stand by our work".

After UMG filed a suit against the Prince estate to void the contract, a judge determined that much of the agreement should be nullified. For the estate, that may cause complications in its efforts to find a new buyer or may lower the value of the catalogue.

Related News:

  • Stop Brexit to halt severe damage to United Kingdom , says Blair

    Stop Brexit to halt severe damage to United Kingdom , says Blair

    In a lengthy article he says they are "willing to consider changes to accommodate Britain, including around freedom of movement ". First of all, you've got the election of Macron in France so Europe itself is looking at its own reform programme.
    Sevilla agree deal to sign Nolito from Manchester City

    Sevilla agree deal to sign Nolito from Manchester City

    City have had a number of requests to take Nolito on loan but were determined to hold out for a fee. However, he made just one start for Pep Guardiola's side in the second half of the campaign.
    Blocked Twitter users sue Pres

    Blocked Twitter users sue Pres

    They go on to say that they users can still view his tweets publicly as long as they weren't signed in to their accounts. The lawsuit details seven examples of people blocked from Trump's personal Twitter account.
  • Spain's Muguruza crushes Venus Williams to win Wimbledon title

    Spain's Muguruza crushes Venus Williams to win Wimbledon title

    Liu beat Ann Li 6-2, 5-7, 6-2 in the final on No. 1 Court. "I had the hardest match today against Venus", said Muguruza. She last won a singles title here in 2008, three years later she announced that she had been diagnosed with Sjogrens.
    Dow Ends At Record, Stock Market Gains After Dovish Yellen

    Dow Ends At Record, Stock Market Gains After Dovish Yellen

    Crude oil futures rose above $45 a barrel as US crude oil inventories last week dropped the most in ten months. GBP/USD is supported in the range of 1.2909 levels and now trading at 1.2944 levels.
    BJP leader Roopa Ganguly unperturbed despite police complaint over rape remark

    BJP leader Roopa Ganguly unperturbed despite police complaint over rape remark

    BJP has supported her statement saying, the focus should be at the subject matter, not the literal meaning. Coming from an educated female's mouth, these words seem ten times more disgusting, but that's not it.
  • Mel B Has To Pay Ex-Hubby $40000 a Month

    Mel B Has To Pay Ex-Hubby $40000 a Month

    The court order also reportedly reveals that the singer is required to pay $140,000 (£106,935) for Stephen's legal fees. But he added Belafonte had also entered a sworn declaration "categorically and emphatically" denying the claims.
    Ex-Con Praised for Skipping Job Interview to Aid Car Accident Victim

    Ex-Con Praised for Skipping Job Interview to Aid Car Accident Victim

    Tucker got out of the bus anyway and found the car's driver strapped into his seat and hanging upside down in the vehicle . An ambulance arrived and took the man to Norwalk Hospital where he is in stable condition, the Westport News reported .
    The Avengers: Infinity War: Thanos Revealed

    The Avengers: Infinity War: Thanos Revealed

    The Guardians bring the stranger in, and Mantis revives him. "'Who the hell are you guys?' he asks". Thanos pulls pieces of the moon to Earth to toss at Avengers . "We're all here.
  • Texas ATM spits out pleas for help

    Texas ATM spits out pleas for help

    I'm stuck in here, and I don't have my phone. "Please call my boss", a note broadcast on Houston TV station KHOU showed. CCTV footage of woman robbing man in ATM goes viral! Corpus Christi police Lt.
    Singaporean dies in tandem skydiving accident near Sydney

    Singaporean dies in tandem skydiving accident near Sydney

    She said she was shocked by the tragedy, adding that the skydivers were told of the incident only when they returned to Sydney . The pair are believed to be an instructor and student aged in their 20s and 60s, the country's 7 News reported.
    Fiji wins Pacific Nations Cup 2017

    Fiji wins Pacific Nations Cup 2017

    Seniloli completed his hattrick immediately after halftime, finishing a move in which Nagusa was again prominent. Tonga will be playing in its seventh straight World Cup and its eighth overall.


Most liked

Questions we need answers to in Game of Thrones: Season 7
Speaking of Valyrian steel swords - who has them? "That is what Bran's destiny is and what he's doing in season seven". If only Ned Stark had lived to see the day, eh? In the end, the greatest danger to Sansa may be her pride.

Former JC Iftikhar Chaudhry asks Nawaz to step down
Nawaz Sharif you should had thanked the PPP that provided shoulder in the time of need, he added. Replying a query, he justified that Rehman Malik presented before JIT to clarify his report.

1 dead after multi-vehicle pile up on I-75
Troopers report the incident happened at exit 19B when a tractor trailer pulling a mobile home was involved in an accident. A fatal crash Friday afternoon shutdown the southbound lanes of Interstate 75 near Micanopy, troopers said.

Cisco Systems, Inc. (CSCO) Shares Sold by DORCHESTER WEALTH MANAGEMENT Co
After $0.10 actual EPS reported by Laredo Petroleum Inc for the previous quarter, Wall Street now forecasts 30.00% EPS growth. Equities research analysts predict that Cisco Systems, Inc. will post $2.38 earnings per share for the current fiscal year.

Disabled Amtrak train causing headaches at Penn Station
Amtrak travel between NY and New Jersey was briefly suspended, but had resumed on Amtrak rails by 1:15 p.m. A rescue engine was sent at 5:14 p.m.to pull the train into track 8 at Penn Station.

Marvel & Star Wars Characters Confirmed for Wreck-It Ralph 2
The first footage from Ralph Breaks The Internet: Wreck-It Ralph 2 has been revealed straight from the floor of Disney's D23. High profile sequels " Frozen 2 ", "Wreck-It Ralph 2", and " The Incredibles 2 " were among the movies discussed.

General Electric Company (GE) Stock Rating Reaffirmed by Credit Suisse Group
BofA/Merrill had a markedly different take on 25/04/2017, proposing that GE is now considered Neutral versus prior Buy rating. One may say buy while other recommend sell. $4.72M worth of General Electric Company (NYSE:GE) was sold by Joyce David Leon.

Jerusalem on edge after Temple Mount shootout
Yehiyeh Jabareen told The Associated Press that the two younger attackers, both 19, belonged to a kick-boxing club. Following the shooting, Israeli forces blockaded the mosque compound, not allowing worshippers into the area.

The CONSOL Energy Inc
The energy company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by $0.03. The business is scheduled to report its next quarterly earnings results after the market closes on Monday, July 31st.

Skydiver Sent Wife 'Disturbing' Video Before Fatal Jump
In 2016, United States Parachute Association recorded 21 fatal skydiving accidents in the US out of roughly 3.2 million jumps. Vitantonio Capotorto sent a video to his wife explaining his intentions, and saying he was "going somewhere wonderful".

Patriots Hall of Fame quarterback passes away at age 87
Parilli threw for over 20,000 yards during his National Football League career and was voted to three AFL All-Star games. Parilli's playing career ended with the Jets, where he won a ring as Joe Namath's backup in Super Bowl III.

Mercedes ancora davanti, ma la Ferrari si avvicina
Raikkonen ha chiuso con un ritardo di 547 millesimi da Hamilton , Vettel con 756 millesimi. La macchina si è comportata bene e di questo contento.

Novadaq Technologies Inc (NVDQ) Stock Rating Lowered by Royal Bank Of Canada
With 338,800 avg volume, 10 days are for Hersha Hospitality Trust Priorit (NYSE:HT)'s short sellers to cover HT's short positions. Equities research analysts predict that Novadaq Technologies will post ($0.80) earnings per share for the current year.

Kingdom Hearts 3 Launches 2018, Toy Story World Revealed
Toy Story joins Tangled , Big Hero 6 and Olympus Colosseum ( Hercules ) as the worlds revealed thus far in Kingdom Hearts 3 . The trailer not only shows us a few cutscenes, but we also get to see quite a bit of gameplay.

KB Home (KBH) — Traders Focused Stock
COPYRIGHT VIOLATION WARNING: This news story was first posted by Transcript Daily and is the sole property of of Transcript Daily. In other KB Home news, CFO Jeff Kaminski unloaded 163,017 stocks of the company's shares in a trade dated Thurs, Jun 29th.