West Coast Connection Forum
DUBCC - Tha Connection => West Coast Classics => Topic started by: KURUPTION-81 on March 24, 2006, 04:29:08 AM
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www.allhiphop.com
A Los Angeles judge has declared that he plans to seize control of Marion "Suge" Knight's personal and business assets after the Hip-Hop mogul refused to pay a $107 million civil court judgment from 2005.
Los Angeles County Superior Court Judge Ronald Sohigian said that he planned to appoint a court officer to manage the Death Row co-founder’s finances, but said Knight could prevent the injunction if he would reveal all of his assets to the court.
Knight wasn’t present for the proceedings on Thursday.
In March 2005, Knight was ordered to pay Lydia Harris $107 million, after she charged that the impresario defrauded her out of her half of the label. Harris asserts that she helped found the fledgling Death Row label in the early 90’s.
"Because he had a long history of deceiving the court and avoiding payment, I asked the court to appoint a receiver to take over," Harris' attorney, Rex Julian Beaber, said to Reuters. "If Knight cooperates in providing the information, he can ask the court to remove the receiver. But I don't think there's a chance in hell Knight is going to cooperate."
Sohigian said that Death Row Records would be placed in receivership if Knight refuses to appear at a debtor hearing next month. Receivership is a special form of bankruptcy where a company can avoid liquidation through a court-appointed trustee.
Dermot Givens, counsel for Knight, claimed that Sohigian had yet to formally signed the order sequestering Knights assets. Furthermore, Givens said that Knight and Harris had independently settled on the multi-million dollar case. The judge hasn’t signed such an agreement, should it exist.
"In May of 2005, [Harris] received a million dollars and rights to various music, and she signed a settlement agreement," Givens told Reuters.
Lydia Harris must also contend with her husband, convicted drug dealer Michael “Harry-O” Harris. Harry-O claims that he is due at least half of the $107 million judgment and he filed for divorce in June of 2005 after learning of Lydia’s legal maneuvering.
Earlier this year, Knight and Death Row Records filed a $106 million dollar lawsuit against Harry-O and others claiming fraud, conspiracy, racketeering and attempted extortion.
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Same old same old.... Suge is always tryin to bully around people over money issues, but now it looks like he's seein tha other side of tha coin.
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man thats alot of cash, so i wonder if Daz got that whole 25 million was it that he was sopposed to get back from deathrow, i thought he was just over-exagerating wit that number but now i think he was telling the truth, because thats chump change compared to what he owes harry o and his wife
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this could really bring what is left of a former empire to an end. suge is such an ignorant dumbass when it comes to court apperances etc. he's almost asking for bankruptcy. what do you expect when you refuse to show up at a court appointed hearing? he's not the big intimidating suge knight he used to be. looks like he'll have to find out the hard way.
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As I was reading this article I realized something. If Suge's assets were to become liquidated that means that everything he owns would be auctioned off. This could very well include MASTERS!!! Maybe the music will see the light of day. Also if you notice Suge's lawyer was saying that Lydia Harris signed an agreement for some money AND music. Who knows if it will get released but I would say that there is a greater chance as long as it's not in Suge's ownership.