Dame Dash At Risk Of Losing Roc-A-Fella Shares

Dame Dash At Risk Of Losing Roc-A-Fella Shares

Dame Dash's shares in Roc-A-Fella are reportedly at risk of hitting auction, according to court documents obtained by AllHipHop. Dash helped launch the label alongside JAY-Z and Kareem "Biggs" Burke back in 1995. The situation revolves around a lawsuit regarding Dash's dismissal as a co-director on the movie Dear Frank.

After being ousted from the project for allegedly being high on the set, Dash promoted himself to a producer on the project and changed its title to The List. An ensuing lawsuit resulted in a jury ruling against Dash and directed him to pay $805,000 in damages to filmmaker Josh Webber and Muddy Water Pictures. In order to complete the deal, Webber's lawyer, Christopher Brown, wants Dash's one-third interest in Roc-A-Fella to be sold at a live, in-person public auction.

Read More: Dame Dash Escapes Sexual Assault Lawsuit

Dame Dash Parties With JAY-Z

Damon Dash and Jay-Z during Damon Dash's Birthday Party - May 4, 2004 at La Bodega in N.Y.C. New York, United States. (Photo by Johnny Nunez/WireImage)

JAY-Z's attorney, Alex Spiro, has since jumped into the dispute. He argues that Dash can't do so due to the company's by-laws forbidding any such transfer or sale. "Neither [ Brown or Webber] nor Dash have obtained (or even sought) permission to auction Dash's 1/3rd interest in [Roc-A-Fella Records]. As a result, any purported transfer of Dash's 1/3rd interest in [Roc-A-Fella Records] at the public auction [Brown and Webber] seek would be 'void and ineffectual' and would 'not operate' to transfer Dash's interest. And the [Roc-A-Fella ] board is entitled to decide whether to approve any transfer of Dash's interest," Shapiro explained, as noted by AllHipHop. The judge has yet to issue a final ruling.

JAY-Z and Roc-A-Fella Records previously sued Dash for allegedly attempting to sell his shares of the label as a Reasonable Doubt NFT. The lawsuit concluded with both parties agreeing that no individual shareholder could mint an NFT of the album. Be on the lookout for further updates on the latest legal dilemma for Dame Dash and Roc-A-Fella on HotNewHipHop.

Read More: Dame Dash Ordered To Pay $805K In Copyright Lawsuit Over Movie

The post Dame Dash At Risk Of Losing Roc-A-Fella Shares appeared first on HotNewHipHop.

via: https://www.hotnewhiphop.com/712258-dame-dash-risk-losing-roc-a-fella-shares

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