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Author Topic: Suge will never put out another album..Says he only has "11 dollars to his name"  (Read 1276 times)

Drudge

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Suge will never put out another album..Says he only has "11 dollars to his name"
« on: May 05, 2006, 07:29:05 AM »
Flat broke & that's no joke, sez Suge
 

 http://www.nydailynews.com/news/gossip/story/414932p-350681c.html
A copy of Suge's Assets follow this link...

http://www.thesmokinggun.com/archive/0505061suge2.html
 
 
Marion (Suge) Knight 
 
LOS ANGELES - It's hard out here for a ... rap music mogul.
Death Row Records chief Marion (Suge) Knight claims he's down to $11 in the bank and a little bling in his jewelry box while he owes $137.4 million in debts, according to bankruptcy court papers obtained by the Daily News.

Knight and his record company filed for Chapter 11 last month in a bid to dodge a $107 million civil judgment he was ordered to pay to ex-business associate Lydia Harris, who claims she and her ex-husband, Michael Harris, helped build the rap empire.

In a 22-page filing, Knight says his debts include $11.3 million in federal income tax, $437,000 in state income tax, $9,300 to Nextel, $1,100 to Cingular Wireless and $15,000 on his Orchard Bank credit card.

But the hefty rap honcho claims he owns no cars or real estate and has just $11 in his Washington Mutual checking account, $25,000 worth of "personal jewelry," $1,000 worth of clothes and $2,000 worth of furniture.

Knight is scheduled to appear today before a bankruptcy trustee to face a grilling by his creditors.

Knight listed his biggest asset as $4.4million in music publishing and copyrights, on which the Internal Revenue Service has placed a lien.

He listed the value of his record and other companies, including Death Row Records, as "unknown."

Michelle Caruso

 
           
 
   
 
 
 
 






 
« Last Edit: May 05, 2006, 07:45:02 AM by Mattdrush1 »
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The "Untouchable" DJR

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Re: Suge will never put out another album..Says he only has "11 dollars to his name"
« Reply #1 on: May 05, 2006, 07:34:41 AM »
We'll see what happenz...
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Rud

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Re: Suge will never put out another album..Says he only has "11 dollars to his n
« Reply #2 on: May 05, 2006, 07:37:06 AM »
i find it hard to believe he is peniless, however he has to say that AND appear that way (ie maybe he has "hidden funds") or he will be unable to successfully claim bankruptcy and escape his creditors.
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MIC

Re: Suge will never put out another album..Says he only has "11 dollars to his name"
« Reply #3 on: May 05, 2006, 08:27:56 AM »
I'm sure he has some money hidden somewhere  ;)

But it'll be hard for him to release any music after claiming he's flat broke.

Sucks to be Petey Pablo and Lake now  :)
« Last Edit: May 05, 2006, 08:30:06 AM by MIC »
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T-Dogg

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Re: Suge will never put out another album..Says he only has "11 dollars to his n
« Reply #4 on: May 05, 2006, 08:30:08 AM »
Honestly, I saw Suge filing for bankruptcy a mile away. Tha Row hasn't been able to push any significant units for a long ass time. I'm actually surprised he hasn't done this sooner. When you think about it, what sort of revenues has the label been able to provide for the last... 6 or so years? Some of course, but they haven't had any hit records since the old gang left... Crooked had the potential, but never got the chance to blow up.

The rights to the old music catalogue is obviously his biggest assett, but the record company itself has to be worth something too. Though I don't think he has anything worth so much that he could cover his debts. Unless he's got some of those "hidden funds", as it was put above. But even if he did, I don't think he's got hundreds of millions stashed away... I might be wrong, but that's just what my gut tells me.
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Lord Funk

Re: Suge will never put out another album..Says he only has "11 dollars to his name"
« Reply #5 on: May 05, 2006, 08:48:41 AM »
Quote from: MIC on May 05, 2006, 08:27:56 AM
Sucks to be Petey Pablo and Lake now  :)

I bet it always did ;)
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Wessia4LiaNia Chieee Chieee

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Re: Suge will never put out another album..Says he only has "11 dollars to his name"
« Reply #6 on: May 05, 2006, 08:50:04 AM »
Lyin Motherphucka
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doubletroubleâ„¢

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Re: Suge will never put out another album..Says he only has "11 dollars to his name"
« Reply #7 on: May 05, 2006, 08:53:48 AM »
Death Row's Back !!!

Death Row Will Be Back !!!   8)
« Last Edit: May 05, 2006, 08:55:56 AM by doubletrouble Iz Active »
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Soulful

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Re: Suge will never put out another album..Says he only has "11 dollars to his name"
« Reply #8 on: May 05, 2006, 11:39:56 AM »
Suge is far from broke belive that.
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GoldyLoc

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Re: Suge will never put out another album..Says he only has "11 dollars to his name"
« Reply #9 on: May 05, 2006, 12:24:59 PM »
Quote from: MIC on May 05, 2006, 08:27:56 AM
I'm sure he has some money hidden somewhere  ;)
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mr3865

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Re: Suge will never put out another album..Says he only has "11 dollars to his name"
« Reply #10 on: May 05, 2006, 06:23:49 PM »
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Fonky Fresh

Re: Suge will never put out another album..Says he only has "11 dollars to his name"
« Reply #11 on: May 05, 2006, 07:16:51 PM »
Oh yeah that dude's too smart for being broke he's got to tricks the judges lol but this foo has taken every precautions before facing 'em

When u rich,U RICH 4 LIFE

funniest part is the last line:

''He listed the value of his record and other companies, including Death Row Records, as "unknown."''

of course he knows at least he has an estimation....


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evan the dude

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Re: Suge will never put out another album..Says he only has "11 dollars to his name"
« Reply #12 on: May 05, 2006, 10:31:32 PM »
Quote from: GoldyLoc on May 05, 2006, 12:24:59 PM
Quote from: MIC on May 05, 2006, 08:27:56 AM
I'm sure he has some money hidden somewhere  ;)

i'm sure he does, but at this point that doesn't matter. he filed for chapter 11. he is ruined, his assets will most likely be sold off for the 4.4 Million as stated. after that, i can see suge moving to mexico and layin low with a monte cristo in his mouth.
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Diggfinger

Re: Suge will never put out another album..Says he only has "11 dollars to his name"
« Reply #13 on: May 06, 2006, 12:03:10 PM »
He owes me $10!!!!  :laugh:
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xover

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Re: Suge will never put out another album..Says he only has "11 dollars to his name"
« Reply #14 on: May 06, 2006, 12:14:06 PM »
dude will be hoping they dont find them hidden funds...
broke.....come on now.....
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