Priscilla Presley is fielding a breach of contract lawsuit that claims she illegally cut ties with a business partner who helped save her from "impending financial ruin," according to a report from Billboard.

According to the suit, which was filed in 2023, Presley was "60 days away from insolvency" and owed $700,000 in tax debt when she partnered with entrepreneur and auctioneer Brigitte Kruse in 2022. Their deal was to "help develop and monetize [Presley's] name and likeness," according to Billboard, and Kruse alleges that she gave up her full-time work in order to focus on Presley.

The lawsuit, which was filed in Orange County, Fla., states that the company Kruse and Presley's partnership created — Priscilla Presley Partners, or PPP — was 51 percent owned by Kruse and 49 percent owned by Presley. The company was created entirely to exploit the name and likeness of Elvis Presley's ex-wife, and Kruse claims that their work together played a pivotal role in negotiating the 2023 Priscilla film and allowed Presley to dramatically turn her financial situation around.

But according to the lawsuit, Presley abruptly cut ties with Kruse in August 2023, once her financial situation had improved. Presley and two new associates allegedly sent Kruse a "cease and desist" letter before ending all communication.

Subsequent court filings from Presley's camp have pushed to dismiss the lawsuit, arguing that the reason for Presley's sudden break from Kruse took place because she discovered financial wrongdoing on her business partner's behalf.

"My client made significant claims against PPP and its principles," Presley's attorney, Marty Singer, said in a statement on Wednesday (Feb. 14). "... For misappropriating hundreds of thousands of dollars before this specious lawsuit was filed. We fully anticipate that my client will be vindicated and obtain a judgment against them."

In addition to the alleged mishandling of money, Presley's lawyers are seeking to dismiss the case on the grounds that Presley can't be sued in Florida, since she doesn't live there.

Presley lives full-time in California and issued a response to the lawsuit saying she "barely set foot in Florida," according to Rolling Stone. As a 49 percent shareholder of PPP, Presley also states that she doesn't owe the company fiduciary duty.

According to the next response from Kruse, PPP was formed in Florida because Kruse was under the impression that Presley intended to move there. Allegedly, Presley requested Kruse's help in January 2023 to facilitate a meeting with former President Donald Trump and to look at a property in the state.

"The day after meeting former President Trump, [Presley] sat in Florida and formed PPP," Kruse's response claims.

A judge has scheduled an evidentiary hearing for the case to be held on May 15.

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