debt Archives - New Hip Hop News

Russell Simmons Facing $3 Million Debt For Alleged Failed Settlement Payments To Three Women

October 3, 2024 by newhiphopnews

Russell Simmons faces yet another legal obstacle after allegedly failing to fulfill previously agreed settlement payments to three women totaling $3 million, putting him in debt for this amount. The three individuals in question are Sil Lai Abrams, Wendy Carolina Franco, and Sherri Abernathy. Moreover, they reportedly agreed on confidential settlements with him in November 2023 for “alleged personal, physical injuries and sickness.” According to Variety, the payments were due by earlier this week on Tuesday (October 1). Simmons offered confessions of judgement and allowed the three women to pursue expedited judgements and start a collection process in the case of his default, which is now reportedly a reality.

However, Russell Simmons did not admit wrongdoing, and it’s unclear why these individuals agreed on these settlements due to the confidential nature of what court documents are available. Nevertheless, he agreed to pay Franco $515,000, whereas he reportedly promised to pay Abrams and Abernathy $1,265,000 each. Abrams previously alleged that Simmons sexually assaulted her in 1994, one of various allegations of sexual misconduct against the music executive. As previously stated, though, the nature of all the three settlements here is unclear.

Russell Simmons At A MusiCares Event

Russell Simmons Settlement Debt Three Women Hip Hop News — LOS ANGELES, CALIFORNIA – FEBRUARY 03: Russell Simmons attends MusiCares Persons of the Year Honoring Berry Gordy and Smokey Robinson at Los Angeles Convention Center on February 03, 2023 in Los Angeles, California. (Photo by Matt Winkelmeyer/Getty Images for The Recording Academy)

Elsewhere, Russell Simmons appeared in the headlines recently for a social media interaction relating to the current Diddy scandal. He liked a post from Instagram page The Neighborhood Talk that shared a clip from an interview with Ariel Mitchell-Kidd, an attorney representing one of the Bad Boy mogul’s allege victims. Mitchell-Kidd alleged that someone contacted her about the sale of one of the alleged “freak-off” tapes. In addition, she brought forth the allegation that this footage features another high-profile celebrity. While many online users speculated about this “like,” it’s all just rumor and interpretation, not a concrete connection.

Meanwhile, Russell Simmons continues to engage in a legal battle with his ex, Kimora Lee Simmons. This is based on allegations that she stole money from him to bail her ex husband out of prison, to make a long story short. As for allegedly failing to pay these three women’s agreed court settlements, the available reports on the matter don’t indicate a next step.

[via]

The post Russell Simmons Facing $3 Million Debt For Alleged Failed Settlement Payments To Three Women appeared first on HotNewHipHop.

50 Cent Sends Message To Young Buck As He Prepares To Repay Debt

August 13, 2024 by newhiphopnews

Yesterday, a major update in the ongoing battle between former G-Unit bandmates came through by way of AllHipHop. According to them, Young Buck had collected enough money to pay off the debt he owes 50 Cent. It totals out to $250,000 and it comes from a loan that the G-Unit head honcho took out to aid Buck. Speaking of which, the latter had to apply for bankruptcy in 2020 after life hit him hard in 2019. It took the Nashville, Tennessee rapper quite a bit of time to come up with the money. However, things finally seem to be on the up and up for Buck.

Unfortunately, he did need to sell a lot of valuable assets to get this done. From jewelry to expensive cars to his catalog, Buck ultimately had to sacrifice in order to satisfy 50. All of this was able to go for over one million dollars and because of this, he’s also able to pay the IRS the $190,000 he owes to them for child support. Now, with this being done, HipHopDX says that Buck has no more contractual obligations to 50 Cent.

50 Is Ready For His Payment From Young Buck

View this post on Instagram

A post shared by 50 Cent (@50cent)

After years of going back-and-forth online and being at an extremely low point in his career, Young Buck can finally find his footing again. However, you know that when it comes to Fif, he’s not going to not have the last word. After hearing about this news from AllHipHop, The Massacre MC reshared the publication’s article on his IG with a caption. The master troller wrote, “I don’t know why they make me go through this part, but I’m a need that money by Monday. ”.

What are your thoughts on 50 Cent’s message to Young Buck following the latter accruing enough money to pay back the former? Is he the most ruthless dude in the industry when it comes to getting paid? How do you think things will play out in the future between these two? 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 Young Buck and 50 Cent. Finally, stay with us for everything else going on in the music world.

[Via]

The post 50 Cent Sends Message To Young Buck As He Prepares To Repay Debt appeared first on HotNewHipHop.

Young Buck Finally Able To Repay His $250,000 Debt To 50 Cent

August 12, 2024 by newhiphopnews

According to a report from AllHipHop, Nashville rapper Young Buck, former G-Unit member, is now able to repay 50 Cent. This of course stems from the longstanding dispute between these two mortal enemies over failing to meet contractual obligations. Young Buck had to file for bankruptcy in May of 2020 due to severe financial struggles and jail time as well. However, because Fif felt that Buck was not living up to these requirements, the G-Unit boss was trying to block him from filing for bankruptcy. Overall, it seems that the head honcho has won the never-ending back-and-forth. Overall, $250,000 was the target for the multi-hyphenate, and he’s getting all of it.

“According to documents obtained by AllHipHop.com, Buck has sold enough assets from his estate to cover all outstanding claims, including his debt to 50 Cent”. The publication goes into further detail on exactly what Buck had to sell off. That reportedly includes jewelry, vehicles, and his catalog. Overall, all of this turned out to total $1,023,669.67.

Young Buck Can Reset After Paying 50 Cent

On top of removing this massive figure off his plate, Young Buck is also able to clear off his child support burden. That number has accumulated to $190,000 and is owed to the IRS. This has to be a great feeling for the Tennessee native, regardless of how he feels toward 50. It might be a decently long road back, but the veteran MC can start over a bit and focus on his future.

What are your thoughts on Young Buck paying back the $250,000 he owes to 50 Cent? Do you think the G-Unit signee will be able rebound fully after this? Does this signify the end of their ugly relationship npw that Fif has his money? 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 Young Buck and 50 Cent. Finally, stay with us for everything else going on in the music world.

[Via]

The post Young Buck Finally Able To Repay His $250,000 Debt To 50 Cent appeared first on HotNewHipHop.

Cardi B Debunks Financial Trouble Rumors With Receipts

August 4, 2024 by newhiphopnews

Cardi B shared a series of texts with someone from her team on X (formerly Twitter) on Sunday to shut down a report from The Sun, which alleged she may be millions of dollars in debt from her mortgage. With the rumors lasting for days already, Cardi appeared incredibly frustrated by the situation.

“First of all, The Sun is posting rumors that y’all are making up and sending blind items about… that’s why it’s NO DOCUMENTS, just word of mouth,” she wrote. “Everybody gets a loan to buy a house and I never been behind on any of them.. i bought my house in 2021 and put almost 12 million in it now look how much I got left. I’m very responsible with money, my bills come before luxury and I just spent 400 thousand on jewelry this month because I also still know how to BUDGET… stop playin wit me.”

Cardi B Steps Out In Paris

PARIS, FRANCE – JULY 9: Cardi B is seen leaving Cesar restaurant on July 9, 2024, in Paris, France. (Photo by MEGA/GC Images)

The rumors have been running rampant for days. Back on Tuesday, she fired back at haters on X in a since-deleted tweet caught by AllHipHop. “LMAOOO You bum b*tches wish,” she wrote to one user. “Me and offset bought that house in 2019 for 5 million now it’s worth 7. Check the Atlanta market. And no, we not selling it… And if I ever sold it I would just sell my part to Offset since he loves Atlanta. Throwing salt on my home? Hating bad.” She also discussed the drama in an X Spaces conversation.

Cardi B Speaks On Rumors Of Real Estate Debt

Cardi B drops receipts to shut down persistent real estate debt rumors pic.twitter.com/qbs8pOlAq0

— HipHopDX (@HipHopDX) August 4, 2024

While Cardi deleted her latest post on the topic, HipHopDX caught them before she did so. Check it out above. The rumors come after reports surfaced, earlier this week, that Cardi filed for divorce from Offset. Be on the lookout for further updates on Cardi B on HotNewHipHop.

[Via]

The post Cardi B Debunks Financial Trouble Rumors With Receipts appeared first on HotNewHipHop.

Bow Wow Threatens To Name-Drop Rappers Who Owe Him Money

May 31, 2024 by newhiphopnews

Bow Wow has apparently been quite the philanthropist (while missing the point) in the rap game as of late, as he recently threatened to reveal which MCs owe him money. “yo! yall think 50 gotta long list of rappers owing hiM MONEY??!!!” he asked on Twitter on Thursday night (May 30). “IMA START NAMING RAPPERS THAT OWE ME AND BEEN RUNNING OFF WITH THE PAPE FOR 3 yrs! dont let that like mike s**t fool you! I WANT MY MONEY!!!! ima start naming u n***as.” With a new collaboration with Chris Brown coming up soon, maybe that’s part of Breezy’s repayment plan.

Jokes and completely unfounded speculation aside, Bow Wow also has plenty to reflect on when it comes to how he made his money, such as his recent recollection of how T.I. helped craft his 2003 album, Unleashed. “This is before the King album, this is before A.T.L., this is young Tip… Me and Tip wrote that third album together with my man R.O.C.,” he told The Art Of Dialogue, specifically clarifying that this was his first project without Jermaine Dupri’s input and that he hit the Atlanta trap pioneer up after advice to do so from his A&R Kawan “KP” Prather.

Read More: How Many Kids Does Bow Wow Have?

Bow Wow Warns Rappers To Pay Him Back… Or Else

View this post on Instagram

A post shared by DJ Akademiks (@akademiks)

“Me and Tip really kicked it,” Bow Wow continued. “We had moments, especially in the studio. Him giving me that freedom, him teaching me how to write. Cadence, bars, song structure, just everything. He was giving me the answers that I wanted Jermaine to give me. He was definitely a hundred in the studio. Tip was, that’s my dog. Even to this day, that’s my big bro right there.” Despite his current legal dispute with Dupri’s father, it’s clear that whatever issues during or after Unleashed are water under the bridge.

Meanwhile, Bow Wow also reflected on kicking his lean habit, something which he thinks has really turned his life around. The only thing that could make it even better, it seems, is if all these alleged rappers start paying their debts. Maybe he’ll spend the rest of his career looking for this. But maybe this isn’t the exaggerated situation some folks might paint this as.

The post Bow Wow Threatens To Name-Drop Rappers Who Owe Him Money appeared first on HotNewHipHop.

Diddy Reportedly Owes Nearly $100 Million To The Bank

March 29, 2024 by newhiphopnews

The news relating to Diddy recently has turned into a full on avalanche as one thing after another manages to go wrong. It first began last year when Cassie filed the first of a barrage of lawsuits against the rap mogul. Those allegations piled up one after another but the level of potential threat was raised significantly earlier this week. That came when police raided two of Diddy’s properties in Los Angeles and Miami.

While he wasn’t present himself for the raids they’ve been the biggest story in hip hop this week. The actual houses themselves are the subject of a newly emerging story. Diddy reportedly owes the banks over $100 million spawning from eight different mortgages taken out on his three houses. The total value of what he borrowed is reported to be more than $140 million. Reportedly the first loan that needs to be settled is one for $23 million that’s due in 2029. Check out the full report below.

Diddy May Owe More Than $100 Million

View this post on Instagram

A post shared by DJ Akademiks (@akademiks)

Overnight Diddy didn’t seem overly worried by the ongoing circumstances. Despite everything he’s dealt with this week he still got out to relax, hitting up Top Golf with his twin daughters. He flashed up a pretty nonchalant peace sign to cameras when they caught up with him outside. The rap mogul himself has been pretty quiet even as seemingly everyone in entertainment fights to get their thoughts out on the proceedings online.

The situation has also forced Yung Miami to play defense for herself. First she had to deny any involvement in the raids themselves when fans on Twitter called her an informant. Then her legal team had to pull up some receipts after she was added to and amendment to producer Lil Rod’s lawsuit against Diddy. What do you think about Diddy potentially owing more than $100 million to banks from mortgages taken out on his houses? Do you think he’s actually in possession of the fortune he claims to have? Let us know in the comment section below.

[Via]

The post Diddy Reportedly Owes Nearly $100 Million To The Bank appeared first on HotNewHipHop.

Wendy Williams Reportedly Owes Over $500K, Feds Hit Her With Tax Lien

March 13, 2024 by newhiphopnews

It goes without saying that it’s been a tough few months for Wendy Williams. The personality’s Lifetime docuseries came out last month and has since resulted in a great deal of controversy. Just ahead of the doc’s release, it was also revealed that Williams has been diagnosed with dementia and aphasia. For these reasons, supporters suspect foul play on the part of producers and accuse them of exploiting Williams by putting her most vulnerable moments on display for the world to see.

In the doc, for example, Williams opens up about her financial struggles, revealing that she’s not bringing in the kind of money that she used to. There have also been various reports that people in her life, including her own family members, have stolen money from her. Now, the icon is facing yet another serious consequence of her fortune running dry.

Wendy Williams Faces More Financial Problems

Wendy Williams Reportedly Owes Over $500K, Feds Hit Her With Tax Lien — Wendy Williams is seen walking in Midtown in the rain on October 30, 2017 in New York City. (Photo by Raymond Hall/GC Images) *** Local Caption *** Wendy Williams

According to TMZ, the federal government recently hit Williams with a tax lien on her New York City condo. This means that if she doesn’t pay up soon, they can start foreclosure proceedings, and take ownership of the property themselves. According to legal docs filed in January, she currently owes them $558,451.57 in unpaid taxes. Records show that she purchased the condo back in 2021 for roughly $4.5 million. This latest development has only increased fans’ concerns surrounding Williams’ team.

The outlet reports that her financial guardian, Sabrina Morrissey, was appointed in the spring of 2022. It’s unclear at the time of writing whether or not she, or Williams, is handling the violations. What do you think of reports that Wendy Williams owes over $500K in unpaid taxes? Are you surprised? Share your thoughts in the comments section down below, and keep an eye on HNHH for more updates.

[Via]

The post Wendy Williams Reportedly Owes Over $500K, Feds Hit Her With Tax Lien appeared first on HotNewHipHop.

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.

[Via]

The post Young Buck Bankruptcy: Nashville Native Denies Owing 50 Cent $250K appeared first on HotNewHipHop.

Jay-Z Protects Dame Dash From Having To Sell His Roc-A-Fella Shares

February 23, 2024 by newhiphopnews

Despite all that Jay-Z and Dame Dash have allegedly went through in the fallout of Roc-A-Fella, it looks like there’s still enough there for them to defend each other. For those unaware, according to legal documents reportedly obtained by AllHipHop, the latter might have to give up his shares in the Roc to pay off a debt to film producer Josh Webber and Muddy Waters Pictures. They sued the music executive in 2022, and to collect their $832,000 judgement, they want to go after his stake in the record company. But Hov and the label’s third co-founder Kareem “Biggs” Burke stepped in to prevent these shares from selling out.

Before getting into that, it’s important to bring things back to 2016, when Dame Dash was fired as the director of Webber’s crime thriller flick, Dear Frank. He was allegedly unfit for the directorial role, being verbally abusive to staff and showing up to set high. The 52-year-old thought Webber tried “to take credit for a Black man’s work” and attempted to sell his original directorial vision of the film independently under another title, The List. Webber and Muddy Waters Pictures sued for copyright infringement and defamation, and received a 2022 judgement, but Dash still hasn’t complied with this order at press time.

Dame Dash At “The Prince Of Detroit” Premiere

<a href= — DETROIT, MICHIGAN – JUNE 23: Entrepreneur/Director Damon Dash arrives at “The Prince Of Detroit” Detroit Premiere at Detroit Music Hall on June 23, 2023 in Detroit, Michigan. (Photo by Monica Morgan/Getty Images)

Now, Jay-Z and Kareem “Biggs” Burke objected to this judgement’s collection, and argued that Roc-A-Fella’s bylaws call for the full board to approve of any significant sell-offs like this. U.S. Magistrate Judge Robert W. Lehrburger criticized that this decision finalized at a 2021 board meeting in which Dame Dash was not present and didn’t vote for it. Regardless, the court ordered the Roc to make his stock certification available to the U.S. Marshal’s Service within 180 days.

“The question at the core of the instant dispute is whether the Roc-A-Fella By Laws’ prohibition on transfer and sale of Dash’s one-third ownership interest in shares of RAF without the consent of RAF’s board of directors legally prevents the sale of Dash’s interest in RAF to satisfy the Judgment,” Leherburger questioned. “The answer indisputably is no.” Hov and Burke still has equal opportunity to buy the shares, and Webber’s last attempt to collect the judgement was on Februrary 13. Meanwhile, for more news and the latest updates on Dame Dash and Jay-Z, stick around on HNHH.

[via]

The post Jay-Z Protects Dame Dash From Having To Sell His Roc-A-Fella Shares appeared first on HotNewHipHop.

Angus Cloud Estate Sued Over Outstanding Debts

January 31, 2024 by newhiphopnews

The estate of late actor Angus Cloud has been sued by multiple parties over a number of outstanding debts. Plaintiffs include Cloud’s manager Diomi Cordero, who is reportedly owed over $94,000, and Verizon, who is reportedly owed over $4,000. These suits list Cloud’s mother Lisa as the primary defendant as she is the sole executor of her son’s estate.

Cloud died last year as a result of an accidental overdose. Cloud passed away on July 31, less than a week after he buried his father in Ireland. “It is with the heaviest heart that we had to say goodbye to an incredible human today. As an artist, a friend, a brother and a son, Angus was special to all of us in so many ways. Last week he buried his father and intensely struggled with this loss. The only comfort we have is knowing Angus is now reunited with his dad, who was his best friend. Angus was open about his battle with mental health, and we hope that his passing can be a reminder to others that they are not alone and should not fight this on their own in silence,” his family wrote in a statement at the time.

Angus Cloud Memorialized With Mural

View this post on Instagram

A post shared by the Jasmine BRAND (@thejasminebrand)

Meanwhile, soon after his death, Cloud’s local community came out to give the actor a moving tribute. Local Oakland artist Darin Balaban teamed up with a group of Cloud’s friends to create a touching tribute to the late actor. Working on the side of a car wash, Balaban created a nine-foot mural inspired by three photos of Cloud provided by his friends. Balaban, who also knew Angus, said that Cloud was “always smiling and calm”. One of Cloud’s best friends Kalani is also an artist and reportedly helped Balaban with the mural.

According to TMZ, the mural painting became something of a community wake. People provided beer and pizza as they swapped stories about Cloud. However, Balaban admitted that he was surprised at how quickly the mural, located at Park and E. 19th, became a gathering place for those looking to mourn.

[via]

The post Angus Cloud Estate Sued Over Outstanding Debts appeared first on HotNewHipHop.