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Vicky Cornell has taken yet another lawsuit against the surviving members of Soundgarden, this time asking a judge to settle a dispute over the value of her stake in the group, inherited from the late Chris Cornell.
According to court documents obtained by Rolling stone, the latest salute in the ongoing row between Chris Cornell’s widow and the rest of the band came after Soundgarden made an offer from an anonymous third party seeking to purchase the band’s catalog of recorded music. The offer was worth $ 16 million, but Vicky says the group offered to buy Chris’s interest “for the insanely low figure of less than $ 300,000.”
To put that number into perspective, the lawsuit claims that the initial offer is well below the royalties Vicky received in 2018 for the main Soundgarden recordings only (for example, not including the additional royalties from publishing). Further, the lawsuit claims that Soundgarden came up with the figure through an “assessment that is inconsistent with custom and industry standards, and riddled with methodological flaws, reduces valuable partnership assets and ignores that when an interpreter Iconic of the stature of Chris Dies, the band’s value increases. “
Marty Singer, an attorney for Vicky Cornell, said in a statement to Rolling stoneThe group’s claim that this dispute is not about money for them is absurd and hypocritical. Of course, it is about money and their greed. They received an offer from a third party to buy only part of their interest for $ 16 million, and then offered to buy out Chris’s stake for only $ 278,000. And then Vicky offered $ 21 million for their stock, which they turned down – not because they wanted to save their life’s work, but because they know they’ll get even more money out of it. future exploitation of the music Chris wrote and the legacy he created. (who filled their pockets for years).
In a statement provided to Rolling stonesaid a representative of Soundgarden: “As requested by the Chris Cornell estate and as required by the laws of the state of Washington, the surviving members of Soundgarden submitted to the Cornell estate four months ago an offer to take over. of the estate’s interest in Soundgarden calculated by Gary Cohen, a respected valuation expert in the music industry. Since then, the group members have continued to try to resolve all disputes with the Cornell Estate and in their numerous attempts to settle the group have chosen to offer several times more than the amount calculated by Cohen. This dispute has never been about money for the group. It is their life’s work and their heritage. “
On Instagram, Cornell addressed the new case in a post featuring a photo of Chris with their two children. “My truth is stronger than your lies,” she wrote. “My will is stronger than your motives. My love is stronger than your hate. “
The lawsuit goes on to say that Soundgarden has repeatedly denied Vicky Cornell access to inventory and financial records that would allow her to properly assess the value of the Soundgarden partnership. Without this information available, the lawsuit claims it countered Soundgarden’s $ 278,000 offer with a $ 12 million offer to buy out the collective interests of Kim Thayil, Matt Cameron and Ben Shepherd for $ 12 million (or $ 4 million each). After surviving members of Soundgarden allegedly rejected the offer, Vicky claims it increased the total to $ 21 million (or $ 7 million each), adding that this number could increase if she received the underlying financial information. . Soundgarden also reportedly rejected the second offer.
Due to the valuation disagreements, Cornell asked a judge to determine an appropriate repurchase price based not only on the value of Soundgarden’s master recordings, but other assets as well. The lawsuit says that a “good faith valuation” would also take into account future merchandise sales and “nostalgia-fueled projects,” such as potential tours with a replacement singer, hologram concerts and “performances. false and deep of the voice of Chris taken from the existing one. artificial intelligence recordings that could create new Soundgarden hits. “
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