Dame Dash’s Financial Troubles Deepen: Forced Asset Sales, Legal Battles, and Bankruptcy Threat
Dame Dash, the Roc-A-Fella co-founder, continues to face a cascade of financial and legal woes. Recent developments reveal a deepening crisis, forcing him to sell assets, battling ongoing lawsuits, and teetering on the brink of bankruptcy. The situation, already complex, involves his wife, Raquel Horn, and threatens to impact his business ventures and legacy.
It's not new that Dame Dash is in a financial pickle, but things are getting increasingly tight. According to AllHipHop, Dash is being compelled to relinquish portions of The Dash Group and other assets to settle a $78,000 debt owed to filmmaker Edwyna Brooks. Brooks sued Dash for copyright infringement back in 2019, accusing him of distributing a film based on her 'Mafietta' book series and won the judgement in the following year.
Adding another layer to the complexity, Dash's wife, Raquel Horn, is now directly involved. Horn, who holds 100% ownership of The Dash Group, which encompasses his streaming network America Nu, his website CEOByDash, and his children’s book 'Dusko Goes To Space', is required to sell her stake in these businesses to help alleviate his mounting debts. A receiver has been appointed by the U.S. District Court for the Southern District of New York to oversee these sales.
Dash's legal troubles extend beyond the Brooks case. He's also locked in a battle with filmmaker Josh Webber over unpaid judgments related to the movie 'Dear Frank.' He owes Webber and Muddy Water Pictures a substantial $823,000. Furthermore, a $4 million defamation suit hangs over Dash due to comments he made about Webber. The legal team is requesting to seize Dash's personal property, like his film rights of the famous State Property, but the judge isn't allowing that to happen until ownership and turnover proceedings are solved.
The financial strain is so severe that Dame Dash is reportedly preparing to file for bankruptcy. However, even this prospect is fraught with potential complications. His past behavior, including alleged attempts to hide assets and a history of non-cooperation with the courts, could lead to further legal repercussions, including being held in contempt or even facing arrest. His former lawyers even withdrew because he refused to cooperate and mentioned he wanted to file bankruptcy.
While Brooks is set to receive the $78,000 owed to her from the auctioning of of Dame Dash Studios, almost $200,000 from the previous auction of Roc-A-Fella records (of which he co-founded) went to unpaid child support, leaving no extra money for her copyright infringement case. On top of that, $2 million went to Damon Dash's $8 million outstanding estate tax bill to New York.
The unfolding saga of Dame Dash serves as a stark reminder of the complexities of navigating the music industry and the potential pitfalls of financial mismanagement. What does the future hold for Dame Dash and his empire? Will he be able to salvage his business ventures and legacy amidst this storm? Share your thoughts and predictions in the comments below.