Last year, Lisa Marie Presley sued her former business manager, Barry Siegel, and Providence Financial Management after she claimed that he wasted his $ 100 million inheritance he received from his father, Elvis Presley. Now, Presley begs the judge in the case that he closes Siegel’s summons asking for access to his bank records.
According to The Blast, Presley recently went back to court to argue that Siegel is using subpoenas as “a tool to further embarrass and harass her.” She says that Siegel wants the financial records of the Promenade Trust, which is where Presley holds the money from her father’s estate. But, she has some serious concerns about the request.
Presley argued in recently filed court documents that she fired Siegal due to “mismanagement of her affairs,” and her “true purpose” for wanting to access her financial records after her termination is to embarrass her.
Siegel worked for Presley from 1993 to 2006, and she claims in the lawsuit that she blew her $ 100 million inheritance and left her with only $ 14,000 in cash and $ 500,000 in debt. Siegel denies Presley’s claims, and he has offset it for $ 800,000, claiming that Presley has a spending problem.
Presley says Siegel was reckless and put his inheritance on “risky companies” so he could reach his own celebrity status in the entertainment industry. She accused him of “negligent mismanagement and selfish ambition.”
Presley believes that her former manager sold 85 percent of her interest in Elvis Presley Enterprises to “put her best interests ahead of her to get close to [a famous investor] and her circle of celebrities.” But, when things did not go according to Siegel’s plan, he liquidated his assets to supplement the income of the Promenade Trust.
Siegel, through his lawyer, says that Presley is going through a difficult time in his life and that “he is trying to blame others instead of taking responsibility for his actions.” He says that the agreement that Presley complains about actually settled more than $ 20 million in debt she accumulated, and earned her $ 40 million in cash plus a multi-million dollar income stream.
“Sadly, since inheriting her father’s estate in 1993, she has twice squandered it. The first time, she was rescued from insolvency by a deal she now calls fraudulent and self-serving,” reads Siegel’s court documents.
Siegel states that when Elvis died in 1977, his estate had a serious debt and was close to bankruptcy. He says it was Lisa Marie’s mother, Priscilla, who changed everything financially by bringing a CEO to Elvis Presley Enterprises and refusing to sell Graceland. Lisa Marie, on the other hand, has “uncontrollable spending habits,” says Siegel. And she has no one to blame but herself for the loss of her father’s fortune.
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