Dame Dash’s Roc-A-Fella Share Bought By New-York To Clear Tax Debt

Dame Dash’s stake in Roc-A-Fella Records has reportedly been bought at auction by the state of New York in order to recoup the music mogul’s tax debt.

The sale, prompted by a legal ruling, saw Dash’s stake auctioned off, with reports suggesting that a state official placed the winning $1 million bid. A portion of the proceeds is slated to help New York City recover unpaid child support owed by Dash.

The state seized Dash’s stake in the company, intending to sell it and put the proceeds toward his $8.7 million tax debt. Chris Brown, attorney for two of Dash’s alleged creditors, remarked, “The auction is over but the work is not complete. Mr. Dash’s legacy is now New York state property. I will work with New York state and New York City as the next phase of ownership of the shares.” Questions surrounding Roc-A-Fella Records’ valuation loomed large in the buildup to the auction.

In September, Dash accused JAY-Z of sabotaging the auction process after Hov’s comments about Reasonable Doubt, his iconic debut album. Jay had claimed that the album’s rights would return to him in 2031. The city, however, contested his statement, arguing it was both misleading and damaging to the auction’s integrity.

The city asserts that Roc-A-Fella will retain the album’s copyright until 2098, alleging the label has failed to show evidence of the royalties the album earns. In response, Dash took to Instagram to criticize his former business partner, stating, “The State of NY has stepped in and filed the following to the courts…Jay-Z’s statements to the press have poisoned the environment for the auction. He has claimed that he has a termination right under the Copyright Act and that the rights to Reasonable Doubt will revert to him in six years.”

“In fact, he has no such termination right and RAF is entitled to the renewal term, which is now 67 years meaning it will own the copyright rights until the year 2098. In other words, the highest possible auction price could be more than ten times higher than is likely now, given Jay-Z’s and [Roc-A-Fella’s] actions. [Roc-A-Fella] is complicit by its inaction in pushing back against such false statements.”

The court mandated the auction as part of a settlement to clear Dash’s debt to Webber, stemming from a copyright infringement case involving the film Dear Frank.

via: Hot97

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