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Suge Knight loses Death Row to bankruptcy

BY MIRACLE

Posted to rec.music.hip-hop on (publication date not stated in the post)

Suge Knight loses Death Row to bankruptcy Filed under: General, Music News by Miracle @ 8:34 pm Comments (0)

Gotta love karma

According to the Associated Press, U.S. Bankruptcy Judge Ellen Carroll ordered a bankruptcy trustee takeover of the label as a part of the proceedings initiated by Knight in April when he filed for bankruptcy. Carroll said the accounting practices at Death Row were in a state of disarray, and pointed to testimony from Knight admitting he had not reviewed the company’s financial statements in over ten years.

“It seems apparent there is no one at the helm,” Caroll said, adding that the gross mismanagement of the company allowed for the removal of Knight.

Claiming debts of over $100 million Death Row and Knight filed for protection under Chapter 11 of federal bankruptcy law earlier this year. Prior to filing, Knight had been ordered to pay a $107 million to former associate Lydia Harris, who claimed she helped Knight start Death Row.

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This story circulated on the newsgroup rec.music.hip-hop and reached the archive on July 11, 2006. It is reproduced as posted — headlines, typos and all. The post did not credit a source; this story is preserved as it reached the newsgroup.