You are using an older browser version. Please use a supported version for the best MSN experience.

News: Homepage News Stripe

Tom Petty’s Daughters Suing His Widow for $5 Million for ‘Theft and Gross Mismanagement’ of the Family Business

The Blast logo The Blast 5/15/2019 TheBlast.com
Tom Petty © (Photo by Rob Grabowski/Invision/AP) Tom Petty

Tom Petty‘s two daughters are now suing his widow for allegedly mismanaging the late rocker’s businesses and they believe she has cost the company over $5 million.

Petty Unlimited was set up to manage Petty’s affairs after his death and was supposed to be run by his daughters, Adria and Annakim, and his widow, Dana Petty.

According to court documents obtained by The Blast, Petty Unlimited claims that Dana and others have breached their fiduciary duties to the company by withholding certain assets and diverting them to another company she set up.

They claim Dana has set up a competing company, Tom Petty Legacy LLC., which has interfered with their work and gone against their father’s wishes.

Tom Petty of Tom Petty And The Heartbreakers. © Mark Horton/Getty Images for ABA Tom Petty of Tom Petty And The Heartbreakers. The lawsuit claims, “As direct and proximate cause of Defendant Dana York Petty ‘s usurpation of Plaintiff s business opportunities as alleged herein, Plaintiff has suffered and continues to suffer damage in an amount in excess of $5 million, according to proof at trial.”

As The Blast first reported, Dana filed documents last month requesting that all “significant decisions” require consensus between her and Petty’s daughters because majority voting would allow for the two daughters to exert their will over her.

In her petition, Dana claims “she has gone above and beyond to seek to work cooperatively with Tom’s daughters” but they have made that difficult.

“Although Petitioner did everything in her power to treat Adria and Annakim as family,” she writes, “sadly, they, and in particular Adria, have repeatedly demonstrated their resentment over their father’s love of Petitioner and her role in his life.” 

Related slideshow: Tom Petty's life and career in pictures (via Photo Services) 

AdChoices
AdChoices

More from The Blast

image beaconimage beaconimage beacon