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Death Row Records mogul Marion"Suge" Knight handed over the reigns to his business on Friday (July 7).
According to the Associated Press, U.S. Bankruptcy Judge Ellen Carroll ordered a bankruptcy trustee takeover of the label as a part of the proceedings initiated by Knight in April when he filed for bankruptcy. Carroll said the accounting practices at Death Row were in a state of disarray, and pointed to testimony from Knight admitting he had not reviewed the company's financial statements in over ten years.
"It seems apparent there is no one at the helm," Caroll said, adding that the gross mismanagement of the company allowed for the removal of Knight.
Claiming debts of over $100 million Death Row and Knight filed for protection under Chapter 11 of federal bankruptcy law earlier this year. Prior to filing, Knight had been ordered to pay a $107 million to former associate Lydia Harris, who claimed she helped Knight start Death Row.
Knight was not present at the hearing last Friday and has not responded publicly to Judge Carroll's decision.
Source: sohh.com
According to the Associated Press, U.S. Bankruptcy Judge Ellen Carroll ordered a bankruptcy trustee takeover of the label as a part of the proceedings initiated by Knight in April when he filed for bankruptcy. Carroll said the accounting practices at Death Row were in a state of disarray, and pointed to testimony from Knight admitting he had not reviewed the company's financial statements in over ten years.
"It seems apparent there is no one at the helm," Caroll said, adding that the gross mismanagement of the company allowed for the removal of Knight.
Claiming debts of over $100 million Death Row and Knight filed for protection under Chapter 11 of federal bankruptcy law earlier this year. Prior to filing, Knight had been ordered to pay a $107 million to former associate Lydia Harris, who claimed she helped Knight start Death Row.
Knight was not present at the hearing last Friday and has not responded publicly to Judge Carroll's decision.
Source: sohh.com