Report: Irv Gotti Planning Return To Music Biz
April 7, 2006 at 4:14 PM (PT)
Rap impresario IRVING LORENZO -- better known as IRV GOTTI -- is on the verge of reviving his label, THE INC. (formerly known as MURDER INC.) with the backing of a private, SAN FRANCISCO-based hedge fund, and re-establishing his alliance with UNIVERSAL MUSIC GROUP, reports the NEW YORK TIMES.
GOTTI was indicted in JANUARY '05 on charges of laundering money for a "convicted drug kingpin," and UNIVERSAL severed ties with him soon after. GOTTI was acquitted of all charges in DECEMBER, however, and has been searching for a way back into the music biz ever since. According to the TIMES' report, LARRY GOLDFARB, managing partner of the BAYSTAR CAPITAL hedge fund, will commit up to $30 million to operate GOTTI's label in its first 3-5 years. The deal could be finalized within as little as the next 2 weeks.
According to the TIMES, GOTTI has struck up a potential distribution and promotion deal through UNIVERSAL. The paper goes on to say that company sources speculate that, as part of the deal, GOTTI would "probably gain ownership of the master recordings he previously released through the company, including hits by his two biggest stars, JA RULE and ASHANTI."
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