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The continuing saga of Death Row Records continues.
A new report by the New York Post says that an auction of the defunct label is being held up, while outstanding claims by Dr. Dre over royalties for his solo debut The Chronic (see "Dr. Dre Sues Death Row Over Rights To The Chronic"), and by Afeni Shakur, the mother of the late Tupac Shakur, over who owns rights to unreleased works by rapper (see "Shakur Estate Attempts To Block Sale Of Tupac Songs"), are trying to be worked out. But a source told the paper, the process of selling the label is complicated, because potential bidders don't know exactly what they will end up purchasing. "What's really there for sale, what assets do they have, no one knows for sure," said one source. Attorney Ron LeBow, an attorney from law firm Kaye Scholer who's representing Death Row bankruptcy trustee R. Todd Neilson, said the label controls the rights to approximately 10,000 masters. Death Row is responsible for launching the careers of Snoop Dogg, Nate Dogg, The Dogg Pound and releasing multi-platinum albums from Dr. Dre and Tupac, in which they sold nearly 50 million albums up until label founder, Suge Knight filed for bankruptcy in April of 2006 (see "Suge Knight Files For Bankruptcy To Maintain Control Of Death Row"), claiming he had debts totaling $137.4 million -- including $11.3 million in federal income tax, $437,000 in state income tax, $9,300 to Nextel, $1,100 to Cingular Wireless and $15,000 on his Orchard Bank credit card, according to a 22-page filing. According to bankruptcy documents filed from April, Knight listed that his personal assets included a bank account holding $11, clothing worth $1,000, furniture and appliances valued at $2,000, and jewelry worth $25,000 (see "Suge Knight Claims He's Broke In Bankruptcy Hearing"). Sources told the New York Post that Death Row could sell for less than $20 million on net revenue of roughly $2 million. Buyers rumored to be interested include music publisher Evergreen Copyrights and independent hip-hop label Koch Records.
Last edited by Mr Xclusive : 10-09-2007 at 07:50 AM. |