Damon Dash’s 33.3% stake in Roc-A-Fella Records is set to be auctioned later this month after the label executive failed to pay an $823,000 settlement two years ago.
That’s according to multiple reports and citing federal court documents. advertising billboard reported that U.S. Marshals Service Shares to be auctioned to satisfy Dash verdict in legal battle with film producers Josh Weber over a bad movie deal
The auction is scheduled for August 29 According to reports, at a hotel in midtown Manhattan, prices start as low as $1.2 million. Potential bidders must post $240,000 Deposit to participate in proceedings, advertising billboard famous.
Founded in 1994 Jay-Z, Damon Dash, and Kareem “Biggs” BurkeRoc-A-Fella Records has signed and released albums for the following artists kanye west, Jay-Z, Camron and Jadakiss.
In 2021, Roc-A-Fella sued Dash for trying to auction off NFTs representing Jay-Z’s debut album reasonable doubt Through the NFT platform super farm. In this regard, Dash insisted that he did not intend to sell the entire album as an NFT, but “my one-third share through one-third ownership of Roc-A-Fella Records.”
Dash was embroiled in another legal dispute in 2022, when filmmaker Josh Weber sued him for copyright infringement for a 2019 film Dear Frank. Dash was accused of trying to sell the film as his own, showing it to various companies under different titles.
Weber and Muddy water pictures Finally won the case. However, Webber claimed that Dash refused to pay the amount owed and sought court assistance to force Dash to auction off his Roc-A-Fella stock.
At the same time, it was reported that a source revealed advertising billboard There may be some key limitations on these stocks.
“Whoever purchases Dame’s stake in Roc-A-Fella will become a minority shareholder without any decision-making power,” the source said. billboard. “They would not have the ability to sell rights or borrow money from the master, as all decisions would require a majority vote.
Christopher Browna lawyer Brown and Rosen Man who filed suit against Dash on behalf of Weber tells rolling stones In April of this year, Dash’s “shares were actually allocated to U.S. Marshals, [at] My request… So he actually has nothing to sell. He doesn’t even own the stock.
Brown’s statement at the time sought to clarify reports that Dash said he was leading the auction.
Another lawyer, Richard Ross of Ross Law FirmTell rolling stones April: “The only thing that might slow it down is bankruptcy. If he files for bankruptcy, that might prevent everything from happening. But other than that, the shares will be sold and sold to the highest bidder. If the price is greater than what creditors are owed amount, then he will get the balance. If it is less than the amount, the shares disappear and he gets nothing.
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