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The saga of Death Row Records continues as the label's founder Marion "Suge" Knight is seeking bankruptcy protection for himself and the pioneering record label.
Knight's lawyer Laurence Strick told the Associated Press that the mogul was filing bankruptcy protection in an attempt to reorganize his financial affairs.
Death Row is also at the center of a legal battle involving Knight, incarcerated drug dealer Michael "Harry-O" Harris and his estranged wife Lydia Harris.
Harry-O, who is serving a 28-year sentence in San Quentin prison, claims he invested $1.5 million in the label through Knight's attorney David Kenner.
In March 2005, Knight was ordered to pay Mrs. Harris $107 million because Knight failed to show up to numerous court proceedings to disclose his assets. Knight recently missed another date this past Saturday (April 1).
"Mr. Knight doesn't have 107 million dollars," Strick said. "It remains to be seen what becomes of Death Row."
The label owns a catalog of multiplatinum albums from Dr. Dre, Tha Dogg Pound, Snoop Dogg and Tupac Shakur, the best selling rapper of all time.
A judge warned Knight that if he missed Saturday's hearing to disclose his assets, the label would be placed into receivership.
According to Knight's attorney, filing for bankruptcy protection temporarily prevents Knight from losing ownership of the label.
Harry-O filed for divorce from his wife Lydia shortly after the judgment was issued and is seeking half of the $107 million that was awarded his wife in March.
Source: allhiphop.com
Knight's lawyer Laurence Strick told the Associated Press that the mogul was filing bankruptcy protection in an attempt to reorganize his financial affairs.
Death Row is also at the center of a legal battle involving Knight, incarcerated drug dealer Michael "Harry-O" Harris and his estranged wife Lydia Harris.
Harry-O, who is serving a 28-year sentence in San Quentin prison, claims he invested $1.5 million in the label through Knight's attorney David Kenner.
In March 2005, Knight was ordered to pay Mrs. Harris $107 million because Knight failed to show up to numerous court proceedings to disclose his assets. Knight recently missed another date this past Saturday (April 1).
"Mr. Knight doesn't have 107 million dollars," Strick said. "It remains to be seen what becomes of Death Row."
The label owns a catalog of multiplatinum albums from Dr. Dre, Tha Dogg Pound, Snoop Dogg and Tupac Shakur, the best selling rapper of all time.
A judge warned Knight that if he missed Saturday's hearing to disclose his assets, the label would be placed into receivership.
According to Knight's attorney, filing for bankruptcy protection temporarily prevents Knight from losing ownership of the label.
Harry-O filed for divorce from his wife Lydia shortly after the judgment was issued and is seeking half of the $107 million that was awarded his wife in March.
Source: allhiphop.com