Britney Spears’ father loses bid to retain control of delegating her investments
Written by admin on February 12, 2021
Britney Spears’ battle to remove her father’s conservatorship over her estate continued Thursday as a judge denied her father’s objections to how her conservatorship will be delegated.
Britney Spears filed a petition with the court last year to remove her father and to place a financial institution as the sole conservator over her estate. Her attorney, Samuel D. Ingham III, argued last year that the singer was afraid of James “Jamie” Spears and would rather a professional financial institution take over her estate.
Los Angeles Superior Court Judge Brenda Penny denied the singer’s petition last year but appointed Bessemer Trust as a co-conservator along with James Spears.
Objections raised by James Spears’ attorney, Vivian Thoreen, on how the co-conservatorship would be delegated were rejected Thursday. One objection raised by Thoreen asked that James Spears have the power to delegate investment powers, an issue that was a point of debate between the two attorneys Thursday.
Ingham told the court that the nature of a co-conservatorship is that James Spears’ powers as sole conservator, appointed by the court in 2019, would be reduced. Thoreen argued that the court orders should be consistent with the 2019 order that gave him sole conservatorship.
“There’s no intent or desire to create unequal power or decision-making as between the two, your honor,” Thoreen argued. “This is a way to make it consistent and to not take away powers that Mr. Spears as a conservator had.”
Thoreen also denied a concern raised by Ingham that James Spears would delegate the investment powers to a third party, stating that her client simply wanted “to be able to delegate the investment decision making authority to Bessemer.”
The objection was denied by the judge. Both James Spears and Bessemer Trust are expected to work together on a budget and investment proposal for Britney Spears’ estate following Thursday’s hearing.
Another hearing on the conservatorship is scheduled to take place next month.
The pop star’s legal struggle is under new scrutiny following the New York Times’ release of “Framing Britney,” a documentary that followed Britney Spears’ rise to stardom and the media pressure that’s often blamed for her public breakdown in 2007.
James Spears has been her legal conservator for 12 years.