Damon Dash has been ordered to sell his 1/3 ownership of his Roc-A-Fella shares to pay A $823K Debt Settlement after losing a lawsuit. Jay Z was against the sale to a third party so he offered $1.5M but Dame refused to sell to Jay Z.
Dash countered that Weber was “trying to take credit for a Black man’s work” and attempted to sell the film independently under the new title, “The List,” which prompted the copyright infringement and defamation lawsuit. In 2022, Muddy Waters Pictures was granted a judgment, but Dash has yet to comply with the court’s demand for payment, per Radar Online.
To pursue payment, Webber’s team targeted Roc-A-Fella Records and Dash’s shares of the music label. In response, the label’s co-founders, rapperJay-Z and record executive Kareem “Biggs” Burke, objected to the move, stating company bylaws require board approval of all major sell-offs.
However, U.S. Magistrate Judge Robert W. Lehrburger admonished the label for adopting the clause during a 2021 board meeting where Dash was not in attendance and did not vote in favor of the rule. The court then ordered Roc-A-Fella to deliver Dash’s stock certification to the U.S. Marshal’s Service within 180 days, the outlet reports.
“The question at the core of the instant dispute is whether the RAF (Roc-A-Fella) By Laws’ prohibition on transfer and sale of Dash’s one-third ownership interest in shares of RAF without the consent of RAF’s board of directors legally prevents the sale of Dash’s interest in RAF to satisfy the Judgment,” Leherburger wrote, per the outlet. “The answer indisputably is no.”
A lot is at play with the forfeiture of Dash’s stake in the company, especially regarding money and intellectual property.
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