Ready to Take Over The World in 1992, Broke by 2006, How?
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The Man Behind The Chronic, Doggstyle, The Dogg Pound, 2Pac and countless others on Death Records is now broke as a joke! "According to bankruptcy papers obtained by the New York Daily News, Death Row Records music mogul Marion 'Suge' Knight says he's only got $11 in his Washington Mutual checking account, some accessories put away in his jewelry bling-box, and he still owes a staggering $137.4M in debts.
Suge and Death Row Records filed for 'Chapter 11' in April in attempts to avoid the $107M civil judgment he was demanded to pay to Lydia Harris, his former business associate who insists she and her ex-husband Michael Harris assisted in creating the hip-hop empire."
Suge explains in a 22-page document that his debts include a whopping $11.3M in federal income tax, $437,000 in state income tax, $15,000 on his Orchard Bank credit card, $9,300 to Nextel, and last but not least, $1,100 to Cingular Wireless.
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by Toshiba Reynolds
May 6, 2006
Labels: Music News
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