TOM PETTY's Wife And Two Daughters Announce Resolution Of Their Differences

Tom Petty's widow Dana Petty and his two daughters, Adria and Annakim Petty, have announced that they have resolved their differences and dismissed all litigation matters that had been filed related to Tom's estate. Each of them sincerely regrets that in their intense grief over Tom's tragic death, actions were taken that were hurtful to one another.

"We are pleased to announce the formation of Tom Petty Legacy, LLC to manage all aspects of Tom's Legacy," Dana, Adria and Annakim Petty said in a statement. "We are committed to honoring Tom's voice, music, integrity and his charitable spirit."

Each member of the family will have equal standing in Tom Petty Legacy, LLC and will work together on all future endeavors. The business will build upon Tom's 40-plus years of great music and his historic career.

A new management team, led by Will Botwin and Coran Capshaw at Red Light Management, is now in place to guide, advise and execute on behalf of the estate.

This past spring, Adria and Annakim Petty sued Dana Petty for $5 million after claiming that the widow superseded the daughters' rights to "equal participation" over decisions involving the singer's estate and catalog.

At the time, an attorney for Petty's daughters said in a statement to Rolling Stone: "Tom Petty wanted his music and his legacy to be controlled equally by his daughters, Adria and Annakim, and his wife, Dana. Dana has refused Tom's express wishes and insisted instead upon misappropriating Tom's life's work for her own selfish interests. After countless efforts to resolve this matter amicably and out of court, we could no longer stand idly by and watch Dana disrespect Tom's wishes, his music and his legacy."

Dana Petty's attorney countered in a statement: "This misguided and meritless lawsuit sadly demonstrates exactly why Tom Petty designated his wife to be the sole trustee with authority to manage his estate. Dana will not allow destructive nonsense like this to distract her from protecting her husband's legacy."