New York State purchases Dame Dash’s shares of Roc-A-Fella to recoup for his back taxes, child support bill, and debts owed to other collectors

KingsOfKings

❄️ 𝟐𝟐𝟕, 𝖂𝖍𝖊𝖗𝖊 𝖜𝖊 𝕬𝖙 𝖂𝖎𝖙𝖍 𝕴𝖙! ❄️
Joined
Sep 20, 2014
Messages
76,353
Reputation
37,419
Daps
97,587




New York has “99 Problems” — literally.

The state government bought a one-third share of Jay-Z’s Roc-A-Fella Records at an auction Thursday in hopes of recouping $8.7 million that the label’s embattled co-founder, Damon Dash, owes in back taxes.

An anonymous Albany rep entered the winning $1 million bid at the federal auction in Manhattan in hopes of flipping the 33.3% stake in the famed hip-hop label — which produced hits such as “Hard Knock Life” and “99 Problems” — for enough cash to settle Dash’s huge tax debt.

The state made a creditors bid on the legendary rap company’s shares, meaning it didn’t have to front the $1 million, and can now resell the portion of the company at no risk.

It is not clear when or how the state will sell the label rights to pay off Dash’s tax debts.

Two other anonymous bidders were in the running — bidding $250,000 and $223,000, respectively — for the portion of the firm, which also founded the Rocawear clothing line.
 

42 Monks

Veteran
Supporter
Joined
Feb 20, 2014
Messages
59,299
Reputation
10,277
Daps
219,583
Reppin
Carolina
MV5BZjhiM2E0ZWEtZTg1Yi00NjYyLTk0NTgtZTA2NmUwMTdlMTQ2XkEyXkFqcGc@._V1_.jpg
 

King Harlem

Superstar
Joined
Jan 28, 2016
Messages
6,099
Reputation
1,180
Daps
23,641
If I'm understanding this correctly, he would've only got $250K if the state didn't step in to buy it for $1 Million.
Dame is/was so bitter. He should've just given Jay the 1/3 of Reasonable Doubt for Rocafella Records back when it was offered. He held on to this just because he knew Jay wanted it.
 
Top