Jay-Z Can't Make Payment On $52 Million Dollar Loan

Your boy camel is suing a lender for millions in stacks after a company he owns got a loan and defaulted on payments. What we want to know is, why-TF couldn’t blinged-up Camel make the loan payments?

Shawn Carter, the rap music artist and Rocawear clothing business founder known as Jay-Z, sued the investment firm Highland Capital Management LP in a dispute over loan guarantees.
Carter, in his complaint filed yesterday in federal court in New York, claims Highland and co-defendant NexBank SSB are attempting to “bleed” from him finds in excess of those he and two other men pledged to pay when they guaranteed the non- principal obligations of a company planning to build a hotel in Manhattan’s west side neighborhood of Chelsea
he rap star is seeking a declaratory judgment that he has met those obligations. He’s also seeking damages of more than $3.7 million for the additional interest and other costs incurred while still being held liable under the agreements.
“In August 2007, a company controlled by Mr. Carter borrowed $52 million as a loan to purchase Manhattan property for a future boutique hotel,” Nina Devlin, a Highland spokeswoman, said in an e-mailed statement yesterday.

The loan, held by funds managed by Highland, matured in August and is in default, Devlin said.
“Highland Capital Management believes the claims asserted by Mr. Carter are meritless and will vigorously defend itself and intends to pursue the obligations owed to Highland’s investors,” she said.

We know your boy Nic Cage starting suing folks when he ran into financial trouble but we have faith in Camel that maybe there was a logical reason for not paying. His proven business acumen is “almost” beyond questioning.

source:

www.bossip.com

 

Jay-Z Having Liquidity Issues

Yesterday, BOSSIP reported that Camel defaulted on debt payments on a $52 million dollar loan and then sued the lender for harassing him and wanting their money back. Well, BOSSIP went digging.

Last year, Camel’s attorney Michael DiMattia sued him for not paying his legal bills. The lawyer was working on behalf of Jay-Z in a federal lawsuit that claimed 400 workers his NYC 40/40 club were not paid minimum wage or overtime.

Back in 2007 before the economic collapse, Camel bragged in “30 Something” that “I got the right stock, I got stockbrokers that’s movin’ it like white tops”.

After this track dropped, the stock market fell by more than 50% and it’s very likely the investment portfolio Jay-Z was bragging about took a big hit and he sold off his investments near the bottom, like many inexperienced investors who didn’t want to lose anymore stacks.

Even with the “seemingly” lucrative $150 million LiveNation deal, with the collapse of music sales, fashion sales, some investments he had in the stock market before it imploded, and considering his “private plane with a bodyguard lifestyle”, it’s very likely Jay-Z is still very rich but is not “liquid” (have access to a lot of his net worth). This is a possible reason why he had trouble making payments on the $52 million loan and why he has to crank out hip-hop albums once every 2 years at 40+.

source:

www.bossip.com