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Death Row Records sold again |
By: Caesar Date: 01-15-2009
, 10:12 PM
You may remember a while back we reported that the Death Row Records catalog was sold to a company called the Global Music Group, they even publicly announced it and planned projects, and signed Death Row affiliated musicians Mark Morrison and Hussein Fatal (from 2Pac's Outlawz). Unfortunately plans alone don't pay the bills and they couldn't afford to pay up when the time came.
So Death Row went back on the market and according to Blender was just purchased for US$18million.
Here is their article on it which goes into a little bit more detail:
Fresh from the auction block in L.A., the assets of Death Row records, said to include masters of recordings by Tupac Shakur, Snoop Dogg and other rap pioneers, has sold for a measly $18 million.
That means that Lydia Harris, who started the label with Suge Knight and her incarcerated ex-husband Michael "Harry O" Harris in 1991, gets precisely squat. Once all the lawyers, the IRS and other administrators are paid (and balances are settled for deals that were never paid out), the money left over won’t be enough to divide among any of Death Row’s unsecured creditors.
"I'm extremely frustrated with the judicial system that has allowed all of the lawyers to be paid and none of the people who were instrumental in creating Death Row Records to receive a dime," Harris tells Blender.
She won a $107 million settlement against Knight in 2005. The label subsequently went into bankruptcy in 2006, and a bankruptcy court ordered the labels assets liquidated. In a previous auction a company with a winning bid of $24 million defaulted on payments, restarting the auction that went down today.
This time, the winner was Canadian-based Wide Awake Holdings, which seems (according to a Web site bearing the same company name) to be in the business of developing “entertainment products in film, music, television production, and technology.”
This presumably also puts a cramp in Harris’s plans to helm Lady Boss Entertainment, her label that’s already signed New Jersey hip-hop duo Movin Music Platoon, whose "Picture Wit Me" included a collabo with Jim Jones and got air play on New York hip hop and R&B station Hot 97, according to a Billboard magazine report. The group’s debut is due out in mid-’09. Harris, a singer, also planned to release her own single “What Would You Do” in April.
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