As a long-time fan of Roc-A-Fella Records and Dame Dash’s contributions to hip-hop culture, it’s disheartening to see his financial struggles play out so publicly. It seems like karma is coming for him one way or another, but I hope he finds a way to turn things around. The state buying his share feels a bit like taking candy from a baby, but if it helps Dame pay off his debts and get back on track, then maybe it’s for the best.
In an effort to recoup a debt of approximately $8.7 million USD in unpaid taxes, the New York state administration has bought out Dame Dash’s one-third ownership stake in Roc-A-Fella Records – a company he co-founded.
According to the New York Post, a representative from Albany placed a winning bid of $1 million USD during a federal auction, outbidding two other anonymous bidders who had offered $223,000 USD and $250,000 USD respectively. The method by which the state will recover the significant amount owed by Dash is still undetermined at this time.
Furthermore, Dash is being required to pay approximately $193,000 USD in outstanding child support owed to New York City over recent months, a sum that will be covered using the bid money.
Attorney Chris Brown, who is working for two individuals claiming they are owed money by Dash, stated, “The auction has concluded, but the resolution isn’t finalized yet.” He further explained, “Now, Dash’s legacy belongs to New York state. I will collaborate with New York state and New York City during the subsequent stage of ownership over the shares.
In simpler terms, New York City wrote a letter to the court disputing JAY-Z’s claims of ownership over the album “Reasonable Doubt,” one of Roc-A-Fella’s key assets. The city stated that JAY-Z’s public statements suggesting that copyright ownership will return to him in 2031 are untrue and potentially harmful to the city’s goal of raising enough money from the auction to cover all past due child support and secure future payments.
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2024-11-18 12:56