Monday, February 22, 2021
Chris Cornell, singer of Soundgarden passed away suddenly in 2017. Since his passing, his widow Vicky Cornell has sued the surviving bandmembers, claiming that the $300,000 buyout offer is "ludicrously low."
Vicky has stated that she wants Soundgarden's holdings to be professional valued in order to determine what the fair amount would be. "Vicky Cornell claims that the bandmembers declined her offer of $21 million for their interest in the band partnership, and also declined a separate offer of $16 million for the rights to the group’s recorded-music rights."
Vicky apparently attempted to settle the matter in December by offering Matt Cameron and Ben Shepard $4 million a piece for their interest in the Soundgarden partnership and then raised the offer to $7 million after her other offer was declined.
Vicky's complaint body states, “The band members have knowingly offered only an infinitesimal fraction of the true worth of Chris’ interest in Soundgarden and certain related entities by making a ludicrously low offer. And, they know it. … This case relates to, and seeks a judicial valuation of, Chris’ interest in Soundgarden (the band owned by the partnership of the same name) and certain related entities, including SG Recordings, SMF, SG Productions, and LLM (collectively, the Soundgarden Related Entities’).”
Of course, the surviving bandmembers rebuttal by claiming that the buyout offer was fair and was accurate and calculated by "respected music industry valuation expert Gary Cohen."
See Jem Aswad, Chris Cornell’s Widow Sues Soundgarden Again, Claims Group Declined $21 Million Buyout, February 17, 2021.
Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.