The 100 billion hedge fund, appointed by Justice Penny, to be co-conservator of the $60 million estate of Britney Spears, has filed documents asking for removal from the appointment. The Daily Mail has received documents that show the company’s request to withdraw “due to changed circumstances.” This would effectively leave James “Jamie” Spears as the sole conservator.
The privately managed Bessemer Trust has asked for an emergency hearing on Friday. The billion dollar hedge fund wants to resign at the earliest and distance itself from Britney Spears’ estate and its financial matters.
Judge Penny had finally signed an order that made the Trust as co-conservator along with Britney’s father Jamie Spears, after approving the trust eight months ago. Within days, the Trust made an ex parte application. It is an emergency application hearing as it wishes to officially withdraw from the management of Britney’s estate and involvement in her affairs.
On Thursday, a source told TMZ that everything around the circumstances of Britney’s conservatorship has become a “hornet’s nest.” The well respected Bessemer Trust does not want to be a part of the troublesome situations that surround the pop star’s estate.
The court filing stated that as a result of the Conservatee’s testimony on June 23 where Britney had mentioned that she had objected to the continuance of her conservatorship and her desire to terminate the conservatorship the Petitioner — The Bessemer Trust had heard the Conservatee — Britney Spears and wanted to “respect her wishes.”
On Wednesday, Judge Brenda Penny kept Jamie Spears as her co-conservator along with the Bessemer Trust. Presiding over the Los Angeles Superior Court, Judge Penny signed a new ruling which continued to give her father conservatorship. The judge ruled against the November 2020 motion which had asked for dismissal of Jamie Spears. It asked for Bessemer Trust to take over the main conservatorship.
Judge Penny denied the motion of removal of Jamie Spears but confirmed Bessemer Trust as the main authority. However, within days the hedge fund has asked to be removed from conservatorship.
Judge Penny has asked Sam Ingham, Britney Spears’ lawyer to file a motion to terminate the conservatorship. Britney is asking him to do it immediately to bring an end to the issue according to a source who spoke to CNN.
Ingham is expected to file a new petition with a request to end the conservatorship but it is unclear why it has not been filed as yet. The 39-year old pop sensation has spent 13 years under the conservatorship of a father whom she distrusts and dislikes, despite earning a living from decades on end.
Photo= Britney Spears