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Judge Takes Over Bankrupt Death Row Records
Monday, July 10, 2006 By: Kenny Rodriguez
On Friday a federal judge authorized the takeover of Death Row Records, due to bankruptcy and gross mismanagement.
The one-time home to hip-hop superstars Snoop Dogg, Dr. Dre and Tupac Shakur has become a ship without a captain, according to U.S. Bankruptcy Judge Ellen Carroll, who stated “it seems apparent there is no one at the helm.”
The label’s owner Marion ‘Suge’ Knight filed bankruptcy in April, citing debts amounting over $107 million. Knight told a court in May that he had only $11 to his name, along with $28,000 in possessions. He also testified that he hadn’t checked the label’s financial records in at least a decade.
The 41-year-old record exec was a no-show in court on Friday, which his creditors’ attorneys indicated was proof of his absence “at the helm.”
Knight also skipped a meeting with his creditors earlier in the week after injuring himself in a motorcycle accident last Sunday. He was “under doctor’s orders not to even go out,” his lawyer said. Another scheduled meeting was postponed after Knight said he experienced a death in his family.
Death Row’s new trustee owners can now take whatever assets are left in the label, and convert them into cash to pay off creditors.
According to the label’s official website, Death Row’s current roster includes artists Petey Pablo, Crooked I, Kurupt, and even the late 2Pac. In recent years, many of the label’s latest releases have been compilations of the dead rapper’s recordings.
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