An anonymous Albany representative secured the winning bid of $1 million for a 33.3% stake in Roc-A-Fella Records, aiming to recoup $8.7 million owed by Damon Dash in back taxes. This strategic move allows New York State to resell the stake without upfront costs, potentially covering Dash’s debts as well as outstanding child support payments. The outcome will likely influence not just Dash's financial obligations, but also the future of the label's valued assets.
'The auction is over but the work is not complete,' stated attorney Chris Brown, emphasizing that Mr. Dash’s legacy has now become New York State property. With the state taking ownership, they will navigate the next steps to manage the shares. The significant debt owed by Dash creates a complex legal landscape regarding the potential sale of one of hip hop's iconic labels.
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