Breaking Down The Details Of The Lil Wayne vs. Cash Money Lawsuit.
- Thread starter R.O. Double
- Start date
The Devil's Advocate
Call me Dad
WAYNE GETTING 1/3 OF NET PROFITS OFF DRAKEThe Facts:
The Allegations:
- November, 1998: Lil Wayne signs to Cash Money.
- February, 2003: Young Money is officially launched. Lil Wayne owns 49% of Young Money, Birdman and Cash Money own the other 51%. All copyrights, fees, profits, etc. will be similairly split between them. Lil Wayne is not able to sign artists to Young Money without Cash Money's approval.
- January, 2005: Disputes lead to contract re-negotiations. Under the new version of the deal (a.k.a. the "Settlement"), Wayne is obligated to produce additional albums and in exchange gets a higher royalty rate. This means that the rift between Wayne and Cash Money is nothing new. In fact, it's been going strong for nearly a decade now.
- July, 2006: Yet another re-negotiation raises Wayne's advances and obligates him to do two Cash Money "duet albums." And that, ladies and gentlemen, is why Like Father, Like Son exists.
- June, 2008: Wayne and Cash Money agree that the release of Carter III fufills the obligations of his original 1998 deal. After the re-negotiations to that original deal, he now owes four solo albums and one duet album.
- 2008: Wayne and Cash Money agree to extend their Young Money joint venture an additional five years. As part of that agreement, Cash Money agrees to keep $1 million in an account at all times to pay Young Money recording expenses and overhead, and agrees to pay Wayne his 49% share of the Young Money profits monthly.
- June, 2009: Drake signs to Young Money/Cash Money. Under the terms of the deal, Wayne would get one-third of the net profits generated by Drake. This means Drake officially signed to YMCMB a few months after So Far Gone dropped, although he was certainly in talks with them well before. [Side note: Aspire Records, a label started by Wayne and Drake's manager Cortez Bryant, is also listed as Drake's label.]
- April, 2009: Yet another re-negotiation. Cash Money agrees to pay Wayne a $10 million advance for each solo album: $8 million at the start of recording, $2 million at completion. Also, they agree to extend the Young Money/Cash Money joint venture until June of 2015. Cash Money agrees to pay $200K a quarter for Young Money "overhead" expenses.
What Lil Wayne Is Asking For:
- Cash Money has not paid the $200K quarterly or kept the $1 million expense account agreed to in the 2008 and April, 2009 agreements.
- Cash Money has NEVER provided Young Money with accounting of how much money Drake has made (and therefore the amount Wayne is owed under his 49% share). And yes, according the lawsuit, that's never, as in never ever, as in "has failed to provide a single accounting in respect to the exploitation of Drake's recordings." That's crazy talk.
- Under the terms of the 2003 Young Money/Cash Money joint venture, Cash Money was required to get approval from Young Money for any marketing expenses over 300K. They routinely failed to get that approval, spending millions in marketing expenses. Simply put, Cash Money allegedly spent millions marketing Young Money artists and projects without Young Money's approval, even though Young Money would owe 49% of those expenses under the terms of the 2003 deal.
- Cash Money has allegedly registered the copyright for Young Money music solely under the Cash Money name, instead of splitting the copyright between Young Money and Cash Money.
- Cash Money has allegedly routinely refused to sign artists Lil Wayne wanted to sign.
- Cash Money has allegedly failed to pay those involved in making Young Money albums, opening up Young Money to numerous lawsuits. No shyt.
- In terms of Wayne's solo deal with Cash Money (so not Young Money), Cash Money allegedly refuses to show him accounting statements regarding money he's potentially owed.
- December, 2014: Lil Wayne turned in a completed version of Carter V. Cash Money allegedly refused to pay him the $2 million album completion advance, and had only so far paid him $2 million of the $8 million recording advance owed to Wayne under the terms of the 2009 agreement.
- A total of $51 million. That $51 million is the sum total of several parts: advances owed, money owed Wayne for his solo music, money owed Wayne for Young Money music, etc.
- Because Cash Money has so thoroughly failed to follow the terms of the original 1998 deal, Wayne's solo deal with Cash Money should be considered finished moving forward.
- Because Cash Money has so thoroughly failed to follow the terms of the 2003 joint venture deal, Young Money's relationship to Cash Money should be finished moving forward.
- Lil Wayne should have all proper copyrights restored to himself and Young Money, and should be paid adaquately moving forward for music recorded under the original deals.
LINK: http://www.djbooth.net/index/mobile/feature/lil-wayne-vs-cash-money-lawsuit
Wayne been getting fukked since The Block Is Hot came out.
Birdman let him go!!
everybody talking that drake deal is so
nah nikka... before you even get paid, a single person takes a third of your fukking NET profits.... that's before the other 51% of ym comes for your pockets.... plus cash money.... plus who they signed too.... plus uncle sam
WOAHMYGOODNESS
Your TSC World Champion
If a fukking wife that married s rich dude who earned his money can get half wayne deserves as much if not more
He literally caried the label way beyond it was supposed to go
He literally caried the label way beyond it was supposed to go
WOAHMYGOODNESS
Your TSC World Champion
If drske allegedly took home 20 million last year imagine how much he made for all partiesWAYNE GETTING 1/3 OF NET PROFITS OFF DRAKE
everybody talking that drake deal is so
nah nikka... before you even get paid, a single person takes a third of your fukking NET profits.... that's before the other 51% of ym comes for your pockets.... plus cash money.... plus who they signed too.... plus uncle sam
Free Wayne
Loud Still Coolin
Suppose be a IT cert like you coli nikkaz
damn fukk birdman.FinesseKing
Banned
Ok so after C5, he would only owe one more joint album and that YM deal is about to be over. Wayne might end up dead brehs... This is big, that money laundering and those conspiracy charges are coming for Baby and Slim. This fool knew it was coming so now he ain't paying for shyt and is about to try some bankruptcy bullshyt.
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The Devil's Advocate
Call me Dad
that's why you never believe that nonsense.... cause it doesn't factor in what YOU owe to other people... drake didn't even drop an album last year and made 20 million?
how exactly they figure drake's money, when drake and wayne never seen a single piece of paper, telling them what drake made... and then wayne was never even paid his money....
how is this even possible when you think on it.... like a nikka owe me $10, i better not see him... yet these dudes owed MILLIONS for YEARS and just now getting around to, "hey you know i've never seen a statement on how much money i make"
damn joe, how come Baby dont want to pay anybody man? lol
seriously, this dude dont pay NOBODY lol
man unless he's been running a pyramid scheme or some shyt and has been portraying a false lifestyle,
why doesn't he just pay people?
seriously, this dude dont pay NOBODY lol
man unless he's been running a pyramid scheme or some shyt and has been portraying a false lifestyle,
why doesn't he just pay people?
ReasonableMatic
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WAYNE GETTING 1/3 OF NET PROFITS OFF DRAKE
everybody talking that drake deal is so
nah nikka... before you even get paid, a single person takes a third of your fukking NET profits.... that's before the other 51% of ym comes for your pockets.... plus cash money.... plus who they signed too.... plus uncle sam
"You signed to one nikka, that's signed to another nikka, that's signed to three nikkas"
Drake's bad luck is on epic levels
Mike Otherz
All Star
wayne is getting 33% of all drake's net profits. that means, cash money, being 51% of young money, gets about 34%. thats 67% off the top from drakes money. then j prince is gonna take his cut. if he is executive producer of drake projects i know he has gotta have 20%. at least. this nikka drake have one of them old school caddillac records deals breh. drake getting about 10% of his profits. and when he pays off those cac hangers on, family etc, that nikka basically owe money at this point.
The Devil's Advocate
Call me Dad
i mean that might be one of the worst deals EVER"You signed to one nikka, that's signed to another nikka, that's signed to three nikkas"
Drake's bad luck is on epic levels
think of that.... you sell 20 million dollars worth of shyt.... well that's gross.. so you first gotta pay back everything to get to the NET... that's 3 labels, features, producers, studio time, promo budget, travel, manager etc etc etc
now say you got 5 million net.... well before you get your check 1.6 million is going directly to wayne
then who knows what else you gotta pay out for your crew and handlers and lawyers and etc. etc. etc.
and you know the kicker..... taxes come from gross.... so even tho you only kept 3.4 million, you paying taxes on the 20 million dollars you MADE last year