Damon Dash Is Already Selling His Stake In Roc-A-Fella, But Who Will Get Paid 1st?

A New York judge is asking Damon Dash to pay up. He already has to auction his third of Roc-A-Fella Records to settle a 2022 judgment, but now, New York’s Department of Taxation & Finance says that they also have a claim on any monies earned from the sale. They filed a motion last week in Manhattan federal court for a piece of the upcoming auction on Aug. 29.

According to their accounting, Dash owes back taxes and penalties from personal income reported between 2005 and 2018, and the auction of his 33.3% interest in Roc-A-Fella may be their last opportunity to collect the long-overdue debt.

As the state’s attorneys put it, “To date, the Department has been unsuccessful in its efforts to collect the unpaid New York State tax debt owed by Dash. Intervening in this matter may be the Department’s only opportunity to collect some of the unpaid taxes Dash owes to New York.”

The auction is primarily being held to satisfy an $823,000 judgment against Dash that was awarded to movie producer Josh Webber after a failed film partnership. New York City’s Department of Social Services will be paid first to settle Dash’s $145,096 in unpaid child support. But the tax man says that while they won’t supersede the child support claim, their lien against the auction proceeds dates back over a decade before Webber’s claim, and they believe they should be paid before he is.

Webber’s attorney, ironically named Chris Brown, who is coordinating the auction, said there is interest from multiple high-end buyers.

He told Billboard, “What is clear is that Mr. Damon Dash is allergic to responsibility. I’m more interested in learning if New York State will file tax evasion charges against him or if he will be arrested at the upcoming auction. That is what I want to find out. Just my opinion.”

Jay-Z and Kareem “Biggs” Burke own the remaining two-thirds of Roc-A-Fella, which was shuttered in 2013. Through their lawyers, they’ve tried to prevent the auction from happening. But a federal judge dismissed their case in February.

The Roc-A-Fella auction will begin with a minimum bid of $1.2 millionb, but the sale only covers Dash’s stake in Roc-A-Fella Inc., whose main asset is Jay-Z’s critically acclaimed 1996 debut, Reasonable Doubt. Roc-A-Fella’s other musical assets are not part of the auction.

Despite the price, there is no specific worth attached to the stake. Reasonable Doubt has sold 2.2 million equivalent album units since it came out and is believed to be the most lucrative asset. However, whoever buys Dash’s percentage would also become a minority owner in a company with partners who didn’t want to share it and limited ability to assess its accurate value. And, Roc-A-Fella’s rights to Reasonable Doubt may revert to Jay in 2031 due to copyright laws.

Should any funds remain after paying off the debts, the surplus would go to Dash. His attorney, Natraj Bhushan, believes that despite the uncertainty, bids could reach several million dollars. If bids go past $10 million, Dash has promised to gift the buyer with an original Roc-A-Fella chain.

Dash plans to attend the auction on Aug. 29.

See how social media reacted to the initial news of the auction below.

The post Damon Dash Is Already Selling His Stake In Roc-A-Fella, But Who Will Get Paid 1st? appeared first on Cassius Life.

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, A New York judge is asking Damon Dash to pay up. He already has to auction his third of Roc-A-Fella Records to settle a 2022 judgment, but now, New York’s Department of Taxation & Finance says that they also have a claim on any monies earned from the sale. They filed a motion last week
The post Damon Dash Is Already Selling His Stake In Roc-A-Fella, But Who Will Get Paid 1st? appeared first on Cassius Life.
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