West Coast Connection Forum
DUBCC - Tha Connection => West Coast Classics => Topic started by: Drudge 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
-
We'll see what happenz...
-
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.
-
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 :)
-
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.
-
Sucks to be Petey Pablo and Lake now :)
I bet it always did ;)
-
Lyin Motherphucka
-
Death Row's Back !!!
Death Row Will Be Back !!! 8)
-
Suge is far from broke belive that.
-
I'm sure he has some money hidden somewhere ;)
-
http://ralphs.com/careers.htm
-
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....
-
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.
-
He owes me $10!!!! :laugh:
-
dude will be hoping they dont find them hidden funds...
broke.....come on now.....
-
of course he has money. but it doesnt matter. he wont be able to live a luxury life again. muthafucca lives in a little ass house now. but trust me, even though suge has hidden money the money he does have is nothing compared to what he once had.
-
All I know is I've been laughin at the people who have had some kind of faith in Death Row for the last few years....whether it's the artists on there (who are never being honest) or the fans online who swore Tha Row would come back
-
Of course Suge still has funds. He has not been turning up to court etc in order to get his situation sorted so that there is no assets in his name. He is too experienced and too smart to let himself lose money which he feels he doesnt owe. Lydia Harris admitted taking $1million from suge but claimed it wasnt a settlement. What was it for then? I think Suge will be fine. As isaid, he too experienced and too smart to have let his fortune get taken from him.
-
Who would believe anything Suge says?
-
All I know is I've been laughin at the people who have had some kind of faith in Death Row for the last few years....whether it's the artists on there (who are never being honest) or the fans online who swore Tha Row would come back
I said it before and i'm gonna say it again.................
Death Row Will Be Back !!! 8)
-
and Ray Charles ain't dead. ::)
-
lmao at the person who said once you rich you rich for life....hmmm...tell that to hammer ::)
-
Suge *Is* broke. Look @ the money he owes the IRS, you think that's a picnic? Lemme give yall some facts of life since maybe you don't have much of a business sense yet. This applies to the U.S.
1. you must pay taxes.
2. If you don't pay taxes, the IRS will make your life hell.
3. The IRS can come to your home, and take whatever they want if you owe them money. Ask Willie Nelson. Ask MC Hammer. Ask Redd Foxx, etc.
4. Suge cannot lie in court about whether or not he owes the IRS money.
5. IF he owes the IRS money and they have placed a lien on his music publishing, he obviously has no money for them to take because they'd take that first.
6. It would be of no benefit to Suge to hide money and fight the IRS because the IRS always wins. Before they win, they beat the shit out of anything you touch and fuck up everything in your life. Suge would not do that if he had the money to pay them and get them off his back.
If he's in bankruptcy court saying the IRS has a lien against his publishing, dude is broke. It's not hard to believe, he hasn't released an album in 5 years and that one sucked.
-
Of course Suge still has funds. He has not been turning up to court etc in order to get his situation sorted so that there is no assets in his name. He is too experienced and too smart to let himself lose money which he feels he doesnt owe. Lydia Harris admitted taking $1million from suge but claimed it wasnt a settlement. What was it for then? I think Suge will be fine. As isaid, he too experienced and too smart to have let his fortune get taken from him.
Well put!
-
prime example of "you should quit while youre ahead"
-
Of course Suge still has funds. He has not been turning up to court etc in order to get his situation sorted so that there is no assets in his name. He is too experienced and too smart to let himself lose money which he feels he doesnt owe. Lydia Harris admitted taking $1million from suge but claimed it wasnt a settlement. What was it for then? I think Suge will be fine. As isaid, he too experienced and too smart to have let his fortune get taken from him.
Even if he has this alleged "fortune", he won't be able to spend a single dime from it for a loooooong time, if ever. You can't say you're broke one day and spend a couple thousand the other without proving where it came from. IRS people aren't stupid, you know. And they'll be watching him closely.
-
Of course Suge still has funds. He has not been turning up to court etc in order to get his situation sorted so that there is no assets in his name. He is too experienced and too smart to let himself lose money which he feels he doesnt owe. Lydia Harris admitted taking $1million from suge but claimed it wasnt a settlement. What was it for then? I think Suge will be fine. As isaid, he too experienced and too smart to have let his fortune get taken from him.
millionaires 10x as smart as suge knight end up broke all the time.
-
Suge's at the end of his rope this time. He's in way over his head with this mess, so I highly doubt he's coming back from this shit. Can't say I feel sorry for him, though.
-
Of course Suge still has funds. He has not been turning up to court etc in order to get his situation sorted so that there is no assets in his name. He is too experienced and too smart to let himself lose money which he feels he doesnt owe. Lydia Harris admitted taking $1million from suge but claimed it wasnt a settlement. What was it for then? I think Suge will be fine. As isaid, he too experienced and too smart to have let his fortune get taken from him.
millionaires 10x as smart as suge knight end up broke all the time.
Exactly. Look how Suge lives, he does NO work, and goes everywhere blinged out like he's a superstar. That's how you spend a fortune.