KingsOfKings
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New York state buys share of Jay-Z’s Roc-A-Fella Records to make deadbeat co-founder Damon Dash good on back taxes
New York state snapped up a one-third share of Jay Z’s Roc-A-Fella Records at an auction Thursday in a bid to make the label’s embattled co-founder Damon Dash pay down more than $8.7 million he owe…
nypost.com
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.
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