Issues with Tom Petty's estate have escalated with Petty's daughters, Adria and Annakim, filing a $5 million lawsuit against his widow, Dana Petty, for "usurpation of...business opportunities."
Per The Blast, the daughters' lawsuit was filed by Petty Unlimited, an LLC which was created to manage the late Petty's various business dealings. Adria and Annakim are accusing Dana of creating another LLC, Tom Petty Legacy LLC, and breaching "their fiduciary duties to the company by withholding certain assets and diverting them to another company she set up," all of which allegedly goes against what the late Petty wanted.
In April, Dana Petty petitioned Los Angeles County court requesting they create an agreement to appoint a manager of the estate. She also requested that all decisions pertaining to the estate must require a consensus to prevent Adria and Annakim from having a complete override of any decisions. At that time, Adria filed her own petition with the court accusing Dana of not setting up the LLC so she can have sole control of the “artistic properties.” Dana then accused Adria of questionable behavior, which included sending angry emails to various managers, record label reps and even members of the Heartbreakers.
After news of Adria and Annakim's lawsuit broke, Dana Petty’s attorney, Adam Streisand, issued the following statement to The Blast: "This misguided and meritless lawsuit sadly demonstrates exactly why Tom Petty designated his wife to be the sole trustee with authority to manage his estate. Dana will not allow destructive nonsense like this to distract her from protecting her husband’s legacy.”
Erica Banas is rock/classic rock news blogger that loves the smell of old vinyl in the morning.