Last month Damon Dash's interest in Roc-A-Fella Records was auctioned off by court order to satisfy his mounting debts [click here if you missed that].
The auction fell short of covering the total amount and now Dame's film assets are also in danger...
From All Hip Hop
Damon Dash is grappling with the possibility of more assets being auctioned off to satisfy mounting debts.
A recent court-ordered sale of his one-third ownership stake in Roc-A-Fella Records fetched $1 million at a federal auction in Manhattan, but the proceeds fell short of addressing his sprawling financial obligations.
Although the minimum bid for the Roc-A-Fella sale was $1.2 million, New York State acquired Dash’s shares for $1 million using a creditor bid.
From that sum, New York City received $193,877.57 in back child support, while New York State allocated $1,702,626.34 toward Damon Dash’s outstanding taxes.
This left Webber and Muddy Water Pictures—initially owed the $823,284.71 judgment with interest—without settlement, alongside other creditors still awaiting payments.
According to court documents obtained by AllHipHop, Damon Dash could soon see other valuable personal property, including his Poppington business and copyrights tied to films he produced, put on the auction block.
Webber and lawyer Christopher Brown are seeking ownership documents from Damon Dash and an order forcing him to deliver them to the United States Marshal.
If Poppington cannot be sold, Brown is asking a judge for permission to sell movies like “We Went to… China,” “Welcome to Blackroc” and “Honor Up,” which was executive produced by Kanye West.
These assets are integral to Poppington LLC, Dash’s media company and air on his television network, America Nu.
Should additional works go to auction, creditors may face the same challenges of competing for limited proceeds with higher-priority claims, such as the rest of the unpaid state taxes.
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