bankruptcy Archives - New Hip Hop News

Drake Swoops In To Save Italian Soccer Club From Going Bankrupt

August 9, 2024 by newhiphopnews

Over these last few days, Drake has been the talk of the town. After going silent following the Kendrick Lamar battle, aside from some lackluster guest performances, he shook the hip-hop community’s foundation in a good way. Out of the blue, he dropped off over 100 GB of files via 100gigs.org. On the site, there are hundreds of files that include BTS footage across the last several years, alternate album covers, and three new songs. “It’s Up”, featuring Young Thug and 21 Savage, “Red Blue Green”, and “Housekeeping Knows” with Latto, were all included. The first of them sees 21 and Drizzy potentially firing off shots at Lamar and A$AP Rocky, adding more drama to those feuds. Now, Drake is taking more W’s by helping an Italian soccer club financially speaking.

According to TMZ Sports, Venice’s Venezia FC team is a big deal, having been around since 1907 and a force in the Serie B division. Unfortunately, though, due to the dishing out the big bucks, they have slowly been suffering. Because of this they have been staring bankruptcy in the face and have been close to dropping down to Serie D. So, with them running out of options, Venezia FC’s owner, Brad Katsuyama asked Matte Babel for a massive favor.

Drake Donates Tens Of Millions Of Dollars

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These two are close friends, and Babel happens to be a part of Drake’s team, specifically the Chief Brand Officer and on the management team. “He laid out the problem, simply — Venezia needs to raise ten million euros in a couple weeks, and then at least thirty million euros in a few months, or the club will go bankrupt”, Babel said. So, him, Drake, and Katsuyama were able to work things out. Apparently, in about two weeks, all three men were able to negotiate a $40 million donation through a handful of North American investors. Now, Venezia FC is doing much better. TMZ says that new talent and facilities are in the works with the investments looking to be finished by the 2027-2028 season.

What are your thoughts on Drake donating $40 million to help save Italian soccer team, Venezia FC, from bankruptcy? Is this one of the generous deeds you have seen from a rapper this year? If you’re a Drizzy critic, does change the way you view him, why or why not? We would like to hear what you have to say, so leave your thoughts in the comments. Additionally, always keep it locked in with HNHH for all of the latest news surrounding Drake. Finally, stay with us for everything else going on in the worlds of sports and music.

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Antonio Brown Files For Bankruptcy

May 20, 2024 by newhiphopnews

Antonio Brown cannot stay out of trouble to save his life. The controversial ex-athlete was recently embroiled in a scandal in which he sent a NSFW message to Caitlin Clark, and now, he’s opening up about his recent financial troubles. In classic AB fashion, he announced he was filing for bankruptcy on social media, while at the same type hyping up his career and accomplishments. Needless to say, the bankruptcy overshadowed the flexing.

Brown made the announcement on the X (formerly Twitter) account of CTESPN Network. CTESPN is the sports organization Brown launched in April 2024. He put the bad news up top, but he maintained that he was still a “legend” in world of football. “NFL legend Antonio Brown has filed bankruptcy today,” he wrote in the tweet. If AB’s legendary status was not made clear, the account noted that he’s destined to go into the hall of fame in his first year of eligibility. Also, he’s cooking up new music? “Brown will be a first ballot hall of famer in 2027,” the account added. “He will be releasing new music this summer.”

Antonio Brown Also Teased New Music This Summer

It seemed as though the tweet could not have had a more biased spin, but CTESPN outdid itself once again. “He is also the founder of the most trusted source in all of sports,” the account wrote, without a shred of self-awareness. “The generational run continues.” Brown has attempted multiple careers since he stop playing football professionally. During a 2022 appearance on Assets Over Liabilities, he spoke on the importance of making his money work for him and investing properly.

“For me, while I’m not playing to be able to make the big checks, I want to make my millions work for me,” he told the hosts. “So, partner with a real estate company with over a billion dollars in equity, put some millions in there… just helps my residuals. So, now I don’t got to wake up and look for money — they’re providing me interest off equity every month.” Based on his recent announcement, though, it appears Antonio Brown’s money is working against him.

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50 Cent Continues Legal Pursuit Of Former Employee, Seeking To Seize Property

April 29, 2024 by newhiphopnews

If there’s one thing we’ve learned about 50 Cent recently, it’s that he doesn’t give up. Just ask anyone that the “In Da Club” rapper has decided to target on Instagram. His most notable foe has been Diddy, who he’s been posting about near constantly since the lawsuit Cassie filed against him was made public last year. Unsurprisingly, that included a lot of talk following recent moments like the Lil Rod lawsuit and the federal raids on his properties.

Speaking of property, that’s at the center of a new legal development 50 is pursuing. He’s seeking retribution from a former employee who admitted to financial misconduct that resulted in embezzling money from the rapper’s spirits company Sire. According to All Hip Hop, the battle has been taken to a Connecticut bankruptcy court. The former employee is seeking bankruptcy protections to help keep some of his assets exempt from being turned over to repay Sire Spirits. But 50, or more specifically his lawyers, aren’t backing down from a fight. Check out the full legal details below.

Read More: 50 Cent Has A New Album On The Way

50 Cent Keeping Up The Legal Pressure

EXCLUSIVE: 50 Cent Determined To Seize House Of Man Who Stole Millions From Sire Spiritshttps://t.co/emeL8ga84v

— allhiphopcom (@allhiphopcom) April 27, 2024

Additionally, 50 Cent likes to use his social media to comment on just about anything going on in the world. That’s unsurprisingly included one of the biggest stories in rap this year, Drake and Kendrick Lamar’s beef. He most recently shared his thoughts following the release of Drake’s newest diss track. The conflict also has one of 50’s original adversaries, Ja Rule, reflecting on their time at odds. in particular, he shared the claim that 50 had an order of protection during the pair’s feud.

Last year, 50 began teasing the idea of a new album in the works. He appeared for a memorable verse alongside Nas on his album Magic 2 earlier in the year. What do you think of 50 Cent trying to take the house of a former employee who admitted to stealing money from his spirits company? Do you think 50 and his lawyers will be able to sway the court in their favor? Let us know in the comment section below.

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Young Buck Bankruptcy: Nashville Native Denies Owing 50 Cent $250K

March 6, 2024 by newhiphopnews

Young Buck has been facing financial struggles head-on for over a decade now, but he and his legal team are putting up a fight when it comes to paying Curtis Jackson back an alleged $250K advance from G-Unit. According to documents exclusively obtained by AllHipHop, this conflict between 50 Cent and Buck goes back to July 2014, with the former alleging that the latter’s failure to complete his contract with the East Coast label means he owes hundreds of thousands of dollars. Meanwhile, the Nashville native claims the money was never classified as a loan, and therefore, he’s not worried about returning it.

“They argue that any money Buck received would have been before the contract’s signing and should be considered an advance rather than a debt,” the outlet says of the 42-year-old’s lawyers. Attorney Jonathan Augusta also notes that “the contract lacks any provision requiring Buck to repay these funds, thereby challenging the basis of G-Unit Records’ claim.” Overall, Buck’s legal team is seeking to have the case dismissed.

Young Buck and 50 Cent Remain at Odds

It’s worth noting that this isn’t Buck’s first time filing bankruptcy. That was back in 2010 when his debts to Fif, the IRS, his co-parent, and other poor spending habits caught up to him. The second instance was a decade later, focusing on “restructuring his debts under Chapter 13 bankruptcy protection” following a bumpy 2019 with jail time and more money struggles arising. In part, this strategic move has been an attempt to challenge Jackson, and we’re eager to see what happens for both creatives when all is said and done.

Even when he has numerous legal battles and a hectic work schedule to stay on top of, 50 Cent knows how to keep us laughing. As he continues to work on his exposé documentary about Sean “Diddy” Combs, the New York native isn’t tiptoeing as he loudly taunts the accused assailant and his alleged past transgressions. Read the latest on that at the link below, and check back later for more hip-hop/pop culture news updates.

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Cardi B Accuses Tasha K Of Hiding Assets To Avoid Collection Efforts

January 20, 2024 by newhiphopnews

For those who don’t know, gossip blogger Tasha K owes Cardi B a sizeable chunk of change, $4 million to be exact. The femcee sued her for defamation back in 2019, accusing her of spearheading a “malicious campaign” against her online. Ultimately, Cardi B won, but Tasha K hasn’t been able to pay up.

She filed for bankruptcy in May, and only a few months later, it looked like the tension between them had come to a halt. Tasha K reportedly reached out to the “Bongos” performer after she shared a concerning post on social media, which seemingly caused Cardi to reexamine their beef. It doesn’t appear to have lasted, however, based on new legal documents obtained by Radar Online.

Cardi B Won’t Back Down

US rapper and songwriter Cardi B (C) appears at Queens County Criminal Court in New York on September 15, 2022. – Cardi B is appearing in court for a hearing regarding charges of assaulting two strippers. (Photo by Dennis A. Clark / POOL / AFP) (Photo by DENNIS A. CLARK/POOL/AFP via Getty Images)

According to the docs, Cardi’s team is trying to get Patricia Haynes to comply with subpoenas against her, which they accuse her of trying to avoid. They suspect that she has information about offshore accounts allegedly held by Tasha K and her husband. They accuse Tasha K of failing to disclose these in her aforementioned bankruptcy filing, which is a federal offense.

These are similar accusations to those recently made by Kevin Hart. In December of last year, the comedian alleged that Tasha K tried to extort him out of $250K. He later added an amendment to his original lawsuit, accusing her of dodging “financial liabilities.” He alleges that she did so with “shell entities” owned by her husband. What do you think of Cardi B accusing Tasha K of hiding assets amid their legal battle? Share your thoughts in the comments section down below, and keep an eye on HNHH for more updates.

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Young Buck Questions 50 Cent Feud Origin: “Why Are You Doing This To Me?”

January 11, 2024 by newhiphopnews

It’s no secret that Young Buck and 50 Cent have had their fair share of differences in the past. According to the Nashville-born performer, however, he’s not quite sure what’s prompted things to go as far as they have. During a recent appearance on Steve-O’s Wild Ride! podcast, Young Buck expressed confusion surrounding his and Fif’s feud, detailing the impact it’s had on his life and career.

Young Buck was kicked out of G-Unit back in 2008 for claiming that 50 Cent failed to pay him royalties. From there, Fif accused him of owing him two G-Unit albums and $250K in 2020, after Young Buck filed for bankruptcy. While he acknowledges having made “mistakes” in the past, Young Buck is unsure what made 50 Cent go after him as aggressively as he has.

Young Buck Doesn’t Know What He Did

“I don’t know what I did to make him want to see me not feed my children,” he began. “50’s his own person, but I would never wish death or wanna see him not be able to feed his family. Yeah, we had our misunderstandings — I don’t even call them beefs. But to do some of the things that he’s done in attempt to try to discredit my name, discredit me as a person, to damage my character and put out all these false narratives of different things in regards to certain cr*ziness that I’ve went through.”

“It’s just like, ‘You rich, my man. You still doing your thing,’” he continued. “‘I love your TV show Power, you know what I mean? Why are you doing this to me? Bruh, we was once brothers. I’ve always looked at you as big brother. Yes, I’ve made mistakes too. But I’ve never done anything to try to take food out of your mouth or stop you from eating.’ To see how aggressive he is towards me makes me feel like, ‘Damn, are you trying to Ja Rule me, too?!’” What do you think of Young Buck’s recent comments on his feud with 50 Cent? Share your thoughts in the comments section down below, and keep an eye on HNHH for more updates.

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DJ Envy Arrest Possible If Radio Host Doesn’t Produce Bankruptcy Documents For Ex-Business Partner’s Company

December 21, 2023 by newhiphopnews

DJ Envy could be arrested if he does disclose documents related to the bankruptcy filing of his former business partner, Cesar Pina. Per Meghann Cuniff, Envy has until January 8 to produce any and all documents requested by the court-appointed trustee of Pina’s Whairhouse LLC. Failure to comply could result in Envy’s arrest and a subsequent appearance in a New Jersey bankruptcy court. This news comes after Envy recently switched lawyers. The radio host dropped high-profile Blank Rome LLP in favor of the New Jersey-based firm, Williams, Graffeo & Stern, LLC.

Envy and Pina, along with Pina’s wife, are accused of running a multi-million dollar real estate scam that defrauded investors out of an amount in excess of $100 million. Envy has denied all the charges against him and has fiercely defended his name. This includes going as far as to sue former NFL player Tony Robinson for defamation. The situation against Envy is an ongoing one and will likely stretch well into 2024.

Rick Ross Continues Trolling DJ Envy

DJ Envy of the popular radio show The Breakfast Club could be arrested if he doesn’t disclose documents to a bankruptcy trustee in charge of his former business partner Cesar Pina’s companies.

That’s according to a federal judge’s new ruling. https://t.co/NwcKctyCX8 pic.twitter.com/nvZk917M7r

— Meghann Cuniff (@meghanncuniff) December 21, 2023

One person who has been thoroughly enjoying the whole mess with DJ Envy is Rick Ross. Time and time again, Ross has found something new to say about the various twists and turns in the case. “15 names on one piece of land, 14 n-ggas gonna take the stand,” Ross spat on Instagram in October. Ross isn’t the only person who has been clowning Envy about his mounting legal troubles. However, he is certainly the most consistent figure in the whole saga.

Furthermore, Ross also hit up Tyrese for a potential collab after the actor/singer became involved in a separate beef with Envy. “@Tyrese, let’s drop one,” Ross wrote on Instagram in September alongside a picture of Hollywood Unlocked report on claims that Ross wanted to sign the musician to MMG. Tyrese had been feuding with Envy over claims that Envy had mocked the former’s divorce. Things reignited a while later. In that instance, Tyrese took issue with comments that Envy made. Specifically, the comments were about Tyrese’s “inappropriate behavior” towards the radio host’s wife.

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Snoop Dogg Reveals Spotify Earnings, Recalls Nearly Filing For Bankruptcy

December 8, 2023 by newhiphopnews

Back in May, Snoop Dogg stopped by The Milken Institute’s 2023 Global Conference in Beverly Hills, where the hitmaker shared his thoughts on artificial intelligence. At one point in the conversation, Snoop went off topic momentarily to express his frustrations with streaming, noting how artists’ success is typically not reflected by their earnings.

“Can someone explain to me how you can get a billion streams and not get a million dollars? That sh*t don’t make sense to me,” he explained. “I don’t know who the f*ck is running the streaming industry if you in here or not? But you need to give us some information on how to f*cking track this money down… Because one plus one ain’t adding up to two.”

Snoop Dogg Didn’t Even Make $45K From A Billion Streams

The Long Beach native continued, revealing how much he earned from hitting a billion streams on Spotify. “They just sent me some sh*t from Spotify where I got a billion streams,” he shared. “My publisher hit me. I said, ‘Break that down. How much money is that?’ That sh*t wasn’t even $45K.” Unfortunately, this isn’t the only time that Snoop’s talents haven’t paid off financially. During a recent appearance on the Business Untitled podcast, he advocated for schools teaching students financial literacy, reflecting on some of the most difficult points of his career.

“There were times in my career where it got so bad my accountant was like, ‘We should just do bankruptcy,’” he recalled. “My pride got involved. F*ck that. If I say bankruptcy then I look like I f*cked off everything.” He went on, calling for better education when it comes to managing finances. “You got these athletes, you teaching them how to run routes, how to dunk, do interviews and convert into analysts after they finish their career; how about teaching them to be businessmen at the end of their career?”

Snoop Dogg On Rough Patches Of His Career

Are you surprised by Snoop Dogg’s Spotify earnings? What about him nearly filing for bankruptcy? Share your thoughts in the comments section down below, and keep an eye on HNHH for more updates.

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Cardi B And Tasha K’s Legal Battle At A Standstill

October 7, 2023 by newhiphopnews

Last year, a judge awarded Cardi B nearly $4 million in her defamation lawsuit against Tasha K. Back in May, the internet personality filed for Chapter 11 bankruptcy, and her documents unveiled her assets. It quickly became clear that the gossip blogger had no way of paying off her debt to Cardi anytime soon.

In August, Tasha K offered the rapper just a small fraction of what she owes her, $220k. She proposed this as part of a payment plan, which had to be submitted within a month of her bankruptcy filing. The “Bongos” performer turned down her offer. She stated that Tasha K had chances to take back the damaging claims she made about her, but didn’t. “Defendant was given multiple opportunities to retract the false and defamatory statements and videos, but Defendant steadfastly refused to do so,” Cardi’s objection filed by her lawyer reads.

Cardi B And Tasha K’s Case Continues

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Now, new documents filed yesterday (October 6), confirm that the case continues to drag on. The paperwork lists the slew of damages and other expenses owed to Cardi by Tasha K, adding up to millions of dollars. It’s unclear when the case could finally be resolved, however, it’s not looking like that will happen any time soon.

Amid the ongoing case, Cardi recently took to social media to clap back at the frequent hate she continues to be a target for online. “I been trying not to disappoint my fans because I’ve been trying to be Cardi B the professional. But Belcalis the Demon, it be really close to come out,” she told viewers. What do you think of Cardi B and Tasha K’s legal battle continuing? Do you think that Cardi B will ever get the nearly $4 million owed to her by Tasha K? Share your thoughts in the comments section down below, and keep an eye on HNHH for more updates on Cardi B.

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Cardi B To Have Tasha K Examined Under Oath

September 13, 2023 by newhiphopnews

Cardi B has successfully gotten the opportunity to have the finances of Tasha K scrutinized under oath. According to court documents obtained by AllHipHop, the YouTuber will have to go into detail about the money she earns as a result of Cardi B winning her defamation case against Tasha K. While owing the rapper $4 million in damages, Tasha K filed for bankruptcy.

“The examination is pursuant to Bankruptcy Rule 2004 and Local Rule 2004-1 and will be recorded by video and/or stenographic means before a court reporter or any officer duly authorized by law to administer oaths and record testimony,” Cardi B’s legal team wrote to Tasha K. “The scope of the examination shall be as described in Bankruptcy Rule 2004 … Pursuant to Local Rule 2004-1, no order shall be necessary.”

Cardi B At The VMAs

NEWARK, NEW JERSEY – SEPTEMBER 12: Cardi B during the 2023 MTV Video Music Awards at Prudential Center on September 12, 2023 in Newark, New Jersey. (Photo by Udo Salters/Patrick McMullan via Getty Images)

After filing for bankruptcy, Tasha K proposed paying just $220,239.20 to Cardi B. In response, Cardi’s lawyers are objecting to Tasha’s explanation of only being able to pay a limited amount. They want extensive access to her financials. They’re seeking tax returns for 2019-2022, financial transfers to her husband, Cheickna Kebe, and much more. Attorneys asked for a “detailed listing and photographs of all household goods and furnishings, furs and jewelry,” as well as “statements from any and all Social Media Platforms evidencing payments made to Debtor as a result of monthly subscriptions, pay-per-view (PPV) content, private messages/media and/or tips or YouTube ‘super chat’ donations or payments since March 21, 2019.” The attorney’s are further requesting copies of “all paystubs, receipts or communications reflecting payments” made to Tasha K since 2019. They’ll be focused on any advertisers who have paid Tasha K for product placements and endorsements.

Tasha K could be examined under oath as early as Wednesday, September 13. Be on the lookout for further updates from the case on HotNewHipHop.

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