Report: Death Row Records Files For Bankruptcy
July 10, 2006 at 10:09 AM (PT)
DEATH ROW RECORDS has been placed under a bankruptcy trustee order by a ruling from JUDGE ELLEN CARROL (7/7), reports AllHipHop.com. The ruling claims the label has been mismanaged because of its accounting practices. The label’s founder and CEO, MARION “SUGE” KNIGHT, hasn’t reviewed financial statements for almost ten years.
Although KNIGHT himself was not present during recent court proceedings, according to his lawyers, KNIGHT injured himself during a motorcycle accident last SUNDAY 7/1 and was placed under doctor’s orders while he recuperates. Under court orders the new trustee “owners” of DEATH ROW RECORDS have been authorized to seize the company’s assets and convert them to cash to pay off creditors. The label is reported to have assets valued at between $1 millon and $10 million, and debts that exceed $100 million. For the full story, click here.