Tuesday, June 22, 2010

Cobain Trust Fund Loses $8Mil

Frances Bean Cobain, the sole child of Kurt and Courtney Love Cobain, is at the center of a mother- daughter conflict involving millions of dollars in lost trust fund money, violence, private meetings and “super lawyers” from both California and Washington states.

Love lost legal custody of her 17-year-old daughter on Dec. 11 for undisclosed reasons. Since then, Frances has been under the co-guardianship of Kurt’s mother, Wendy O’Connor, and his sister, Kimberly Dawn Cobain. In January, in a separate matter from the guardianship, the trustee over Frances’ trust fund, filed to remove Love from her daughter’s trust fund and replace her with O’Connor .

The trust fund litigation is separate from the Los Angeles-based guardianship proceeding. The trust fund was created in Seattle, King County, Wash. in 1997 after Frances’ father Kurt, the former lead singer, guitarist and songwriter of Nirvana died in April 1994 without a will.

Frances is the trust’s sole beneficiary but Love has a responsibility to review expenses and disbursements before they are paid out by the trustee of the Frances Bean Cobain Irrevocable Trust Fund. She also has the right to review financial statements and to act as an adviser regarding the management of the trust, but after statements revealed that the trustee, Laird Norton Tyee Trust Company, lost $8 million of Frances’ money in 2008, Love stopped receiving financial statements, her attorneys say.

Full Article and Source:
Cobain Trust Fund Loses $8 Million


Anonymous said...

So who is supposed to be monitoring these things in government? After all, government sets them up!

Anonymous said...

$8 mil? That's awful.

Anonymous said...

This is totally outrageous.

They are stealing everything from everyone.

jerri said...

this is very suspicious is anyone going to come looking where is the money?