(hennemusic) Chris Cornell's widow, Vicky Cornell, is reportedly suing the surviving members of Soundgarden over terms of a "buyout price" for her stake in the band on behalf of the Chris Cornell Estate.
According to documents obtained by TMZ, Vicky states in the suit that Kim Thayil, Ben Shepherd and Matt Cameron offered her $300,000 for Chris' share in the group; she goes on to claim the offer was insufficient based on the value of an outside investor's offer of $16 million for Soundgarden's master tapes, which she concludes would represent $4 million for each partner.
Variety further reports that Vicky initially offered the band members $4 million each for their collective interests in the Soundgarden partnership, and then, when that offer was declined, $7 million each; Cornell is seeking a judicial valuation of Chris' interests in the band as part of the lawsuit.
"As requested by the Estate of Chris Cornell and as required by the laws of the State of Washington," says a band representative, "the surviving members of Soundgarden submitted to the Cornell Estate four months ago a buy-out offer of the Estate's interests in Soundgarden calculated by respected music industry valuation expert Gary Cohen.
"Since then, the band members have continued to try to settle all disputes with the Cornell Estate and in their several attempts to settle, the band members have elected to offer multiple times more than the amount calculated by Cohen. This dispute has never been about money for the band. This is their life's work and their legacy." Read more here.