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Article: James Brown's estate sues Morgan Stanley
- Article from:
- International Herald Tribune
- Article date:
- April 25, 2008
- Author:
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Lynnley Browning The New York Times Media Group
International Herald Tribune
04-25-2008
James Brown's estate sues Morgan Stanley
Byline: Lynnley Browning The New York Times Media Group
Edition: 1
Section: FINANCE/BUSINESS
A dispute over the estate of the legendary soul singer James Brown has reached a bitter new pitch - on Wall Street.
The estate's guardians are accusing Morgan Stanley, the investment bank, of failing to prevent the estate's previous manager, David Cannon, from draining millions of dollars held for Brown at the bank.
The money, which was to have been used to finance Brown's lavish lifestyle, came from the 1999 sale of $26 million of "Pullman bonds" that were tied to Brown's ...