Damon Dash, the co-founder of Roc-A-Fella Records, has filed a bankruptcy, according to court documents examined by The Hollywood Reporter.
According to documents, deposited Thursday in Florida, Dash will deposit the bankruptcy of chapter 7, declaring that it was more than $ 25 million in debt, while only having $ 4,350 with its active name. Dash co-founded Roc-A-Fella with Jay-Z and Kareem “Biggs” Burke in 1994, and the label published records, whose beginnings of Jay-Z Reasonable doubtAlso signing acts such as Kanye West and Jadakiss.
In the file, Dash reported a few goods, including $ 500 in clothing, two cannons, his mobile phone and $ 2,500 in jewelry. Dash said about $ 5,200 in monthly expenses. The executive reported that he owed more than $ 4 million to the Josh Webber filmmaker, as well as nearly $ 650,000 in interior support for former Rachel Roy and Cindy Morales.
Most of its debts are, however, in taxes in New York, California and New Jersey. Dash said it owed around $ 9.6 million in New York, $ 3.5 million in New Jersey and nearly $ 5.8 million in California. Dash faces financial difficulties for years; The New York Post reported last year that New York State bought the Dash of Roc-A-Fella for $ 1 million to help reimburse what Dash owes in rear taxes.
A Dash representative did not immediately respond to the request for comments on the bankruptcy submission.
