NAYZE MEDIA (STAFF)
ENTERTAINMENT
Cover Photo Courtesy: BET
Don’t forget to like, comment, and subscribe to our Youtube Channel
Former Roc-A-Fella Records Founder & Executive, Damon Dash has been ordered by a judge to hand over his 1/3 ownership shares in Roc-A-Fella Records to satisfy an $823k judgement, as the result of a civil suit brought against Dash by movie producer, Josh Weber.
A report from RadarOnline.com said a New York Judge made the ruling against Dash after he refused to pay the judgement following a civil trial in which he was successfully sued for defamation and copyright infringement by Weber, in relation to the 2016 film Dear Frank.
Dash’s shares were ordered to be put up for auction by the judge. Dash’s partners in Roc-A-Fella Records, Shawn (Jay-Z) Carter and Kareem (Biggs) Burke, objected to the auction stating, “the company’s (Roc-A-Fella Records/RFR), bylaws mandate that the board of directors must first approve the sell-off”. U.S. Magistrate Judge, Robert W. Lehrburger shot down RFR’s claim in a 15-page decision.
“The question at the core of the instant dispute is whether the RAF bylaws’ prohibition on transfer and sale of Dash’s one-third ownership interest in RAF without the consent of RAF’s board of directors legally prevent sale of Dash’s interest in RAF to satisfy judgement. The answer indisputably is no. Without jurisdiction to enforce a judgement entered by a federal court, the judicial power would be incomplete and entirely inadequate to the purposes for which it was conferred by the Constitution”, Judge Lehrburger wrote in his 15-page decision.
Roc-A-Fella has been ordered to deliver Dash’s stock certificate to the U.S. Marshals Service for auction within the next 180 days.
NAYZE MEDIA 