Author Topic: more info about the suge knight hearing (Read 294 times)

Darksider · « **on:** May 06, 2006, 04:30:27 AM »

Rap mogel Marion "Suge" Knight sparred with attorneys for creditors during a bankruptcy hearing Friday, minimizing the extent of his assets and saying the proceedings were literally making him sick.

"I'm sort of dizzy right now," Knight told Alvin Mar, of the U.S. Trustee's Office, after nearly seven hours of testimony. "I don't want to get into this right now."

The Death Row Records founder made the statement just as attorney Steven Goldberg was about to ask him about his real estate holdings.

Goldberg represents Michael Harris and maintains his client is entitled to half of a $107 million default judgment won by ex-wife Lydia Harris against Knight in 2005.

In her complaint, Lydia Harris claimed to be half-owner of Death Row Records and alleged a scheme by Knight to "destroy her ability to lay claim to her rightful share of the ownership and profits" from the label.

Knight interrupted the session several times, saying he wanted a break because he did not feel well. He also was more than a half-hour late returning from lunch.

Knight said he has diabetes.

According to court papers filed in March, Knight has refused to pay $107 million awarded to Harris in 2005 in a Los Angeles Superior Court case she filed in 2002.

Knight and Death Row Records each filed for bankruptcy on April 4.

Friday's hearing before the U.S. Trustee was scheduled so creditors can get information on where his assets are so that they can be gathered, collected, preserved and then sold off for their benefit, Goldberg said.

In his papers, Knight, who is president of Death Row, estimates his assets to be $50,000 or less, with debts totalling more than $100 million.

According to Death Row Records' bankruptcy papers, the label's assets total about $1.5 million and its debt stands at nearly $120 million.

Knight testified he does not have any bank accounts or credit cards. He also said he does not have the books and records for Death Row and is unfamiliar with the company's balance sheets and income statements.

He repeatedly told creditor attorneys that he was unable to answer their questions about Death Row's operations because he was sent to prison on two different criminal cases in 1996 and in 2002.

Knight said he did not know much about a guilty plea by his company to a tax evasion charge.

"I don't think that was the first thing I was discussing after five years in prison," Knight testified.

During a recess, Goldberg said the master recordings of Death Row Records and other valuable items are being held by a separate company. He said their value could collectively be $200 million.

"It's like having the Beatles library," Goldberg said.

Larry Nagelberg, one of Knight's lawyers, said his client paid Lydia Harris $1 million in April 2005 to settle their dispute. He said Knight also paid another $300,000 to the Harrises in another settlement in 1996.

Nagelberg also told reporters that Knight was verbally accosted by some men in the downstairs lobby of the Figueroa Street building during the lunch break.

Nagelberg said the men may have been associated with Michael Harris and were apparently waiting for him to come down from the hearing. But the attorney downplayed the incident, saying Knight ended up intimidating the very men who were shouting at him.

The hearing will continue June 23.

http://www.nbc4.tv/entertainment/9170058/detail.html?rss=la&psp=news

Larrabee · « **Reply #1 on:** May 06, 2006, 08:16:08 AM »

During a recess, Goldberg said the master recordings of Death Row Records and other valuable items are being held by a separate company. He said their value could collectively be $200 million.

"It's like having the Beatles library," Goldberg said.

Holy shit, $200 million. Still, think of how much classic material that is.

The "Untouchable" DJR · « **Reply #2 on:** May 06, 2006, 10:36:06 AM »

Suge isn't dumb despite tha fact that it lookz really bad for him I still think that somehow he can come back from this, he'z not gonna let somebody just come and take Death Row away from him! I think tha outcome of this case iz gonna be very different than what Mike and Lydia were expectin'...

BiG*WiCkEd · « **Reply #3 on:** May 06, 2006, 11:44:11 AM »

Damn, Suge is one hellofa muthafucka 4 standin still besidez all the bullshit comin to him...After all this shit hez gone thru he doesnt seem to be givin up for nuthin...

Much props 2 him.

xover · « **Reply #4 on:** May 06, 2006, 12:00:08 PM »

lol knight intimidated the people shouting at him.....
its strange about this $1m thats was payed in 05...

Native_Joe99 · « **Reply #5 on:** May 07, 2006, 09:57:01 PM »

i was watching "on the money" on CNN and it reported that suge owed another 130 mill, and reportedly had 11 dollars in the bank........

eNgIeS · « **Reply #6 on:** May 08, 2006, 01:39:49 AM »

Karma strikes again

Suge for years bullied & intimidated & committed many crimes (including at least one murder, of Biggie Smalls) to get what he want, but he cant bully or intimidate the people he stands before now. Suck shit Suge u fucked up the game now you pay the price. Hope you rott in jail & get raped daily!