Following
a
hearing
today
in
the
Delaware
Court
of
Chancery,
Chancellor
Kathaleen
St.
J.
McCormick
ruled
in
favor
of
the
current
Managers
of
Prince
Legacy,
LLC,
ordering
that
L.
Londell
McMillan
and
Charles
Spicer
shall
continue
as
managing
members
of
the
company
during
the
pendency
of
their
lawsuit
against
certain
members
of
the
company
who
attempted
to
amend
the
LLC
agreement
and
insert
themselves
as
managers.
Prince
Legacy
LLC
was
established
by
McMillan,
Spicer,
and
several
of
Prince’s
heirs
and
beneficiaries
at
the
closing
of
Prince’s
Estate
in
2022
to
own
and
manage
the
50%
share
of
Prince’s
assets
received
from
the
Estate
by
the
remaining
family
and
friends.
As
widely
reported,
other
heirs
and
family
members
Tyka
Nelson,
Omarr
Nelson,
and
Alfred
Jackson
sold
their
interests
to
Primary
Wave’s
Prince
OAT
Holdings,
LLC
during
the
probate
proceeding.
Prince
Legacy
was
created
to
protect
its
members
from
third-party
interests
seeking
to
gain
control
over
Prince’s
assets.
Prince
Legacy
and
Prince
OAT
Holdings
own
and
co-manage
Prince’s
assets,
as
ordered
by
the
Probate
Court
in
2022.
After
the
Estate
closed,
and
in
violation
of
the
company’s
LLC
agreement,
Sharon
Nelson
allegedly
attempted
to
sell
part
of
her
member
interests
and
began
making
unreasonable
demands
that
the
managers
and
members
deemed
not
in
the
best
interest
of
the
company
and
Prince’s
legacy.
McMillan
and
Spicer,
two
longtime
friends
of
Prince
and
Prince’s
nephew
Johnny
Nelson,
eventually
filed
a
lawsuit
earlier
this
month
against
the
actions
of
other
members
of
Prince
Legacy
LLC
–
Sharon
Nelson,
Norrine
Nelson,
Breanna
Nelson,
and
Allen
Nelson.
The
plaintiffs’
lawsuit
alleges
that
these
other
Prince
Legacy
members
wrongfully
attempted
to
amend
the
company’s
LLC
agreement
to
make
it
easier
for
them
to
sell
out
their
interests
and
to
remove
McMillan
and
Spicer
as
managers
of
the
company
and
appoint
themselves
in
their
place.
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The
lawyers
for
Defendants
Sharon,
Norrine,
Breanna,
and
Allen,
who
did
not
attend
the
hearing,
opposed
the
Status
Quo
Order
and
argued
that
Defendants
should
now
serve
as
co-managers
of
Prince’s
valuable
and
complex
estate,
a
proposition
that
McMillan
and
Spicer
argued
would
cause
irreparable
harm
to
the
company
during
a
time
where
Prince
Legacy
is
having
substantial
success.
Chancellor
McCormick
rejected
these
arguments
and
issued
the
Status
Quo
Order,
keeping
McMillan
and
Spicer
in
charge
of
Prince
Legacy
pending
a
further
ruling
on
the
validity
of
the
amendment.
In
doing
so,
she
found
that
Plaintiffs
had
made
a
sufficient
showing
on
the
requirements
for
issuing
the
Status
Quo
Order
–
namely,
that
Plaintiffs
had
stated
sufficient
legal
claims
under
Delaware
law,
that
Delaware
law
favors
the
status
quo,
and
that
the
balance
of
the
equities
weighed
in
favor
of
keeping
McMillan
and
Spicer
in
control
of
the
Company.
Chancellor
McCormick
also
rejected
the
Defendant’s
argument
that
the
Plaintiffs’
legal
claims
lack
proper
jurisdiction
in
the
Delaware
courts.
Should
the
lawsuit
proceed
in
the
Court
of
Chancery,
McMillan
and
Spicer
will
remain
as
Managers
of
Prince
Legacy,
ensuring
the
continued
stability
of
Prince
Legacy.
*Disclosure:
McMillan
is
also
Chairman
of
The
Source
and
Source
Digital,
Inc.,
the
company
that
owns
and
operates
www.thesource.com.
McMillan
was
also
Prince’s
lawyer,
manager,
and
partner
for
over
a
decade
in
the
1990s
and
2000s
and
was
responsible
for
ending
Prince’s
contract
in
his
legendary
dispute
with
Warner
Brothers
Records.