Daily Archives: September 4, 2026

Running beneath all three eras is a single structural pattern this dossier treats as its central finding: Prince’s economic control has become progressively harder to see on paper even as his operational role has remained continuous. Blackwater was undisguised — Prince’s name was on the door. FSG substituted a public-company shareholding and subsidiary structure. Project Opus substituted associates, management agreements and, critically, a security pledge: the UN Panel found that 100% of Malta company PBM Limited’s shares had been pledged by its nominal owner to Phalanx Holding Company LLC, a Delaware entity the Panel identifies as Prince-controlled — and that Prince personally signed the document terminating that pledge in July 2020. The Panel concluded this arrangement made Prince, “in effect,” PBM’s beneficial owner despite holding no shares in it directly. That is the strongest documented evidence that formal share registries have understated Prince’s economic interest in his network at various points, Continue reading →