Suge Knight member of Broke Phi Broke
 

Rap mogul "Suge" Knight files for bankruptcy


LOS ANGELES (Reuters) - Marion "Suge" Knight and his Death Row Records filed for bankruptcy on Tuesday, hours before the rap mogul was expected to lose control of his label in a $107 million civil court judgment.

By seeking bankruptcy protection, Knight, who co-founded Death Row in the 1990s and helped launch the careers of Snoop Dogg and Tupac Shakur, forestalled a court order that would have handed control of the label to a special court officer known as a receiver.

Superior Court Judge Ronald Sohigian issued the order after finding Knight had failed to make good on the $107 million judgment obtained last March by Lydia Harris, who claimed he cheated her out of a 50 percent stake in Death Row.

"He has no choice, the way these people have forced his hand," said Knight's new lawyer, Laurence Strick. He said he expected the rap kingpin to get a fairer shake in federal bankruptcy court than in state court.

Two weeks ago, Sohigian said he would appoint the receiver unless Knight fully disclosed his finances in a debtor's exam set for April 1. Sohigian said Knight could then petition the court to remove the receiver.

After the rap impresario failed to show up for the exam on Saturday, lawyers for Harris and her ex-husband, Michael Harris, filed a petition seeking the receiver and asking that Knight be found in contempt of court.

Sohigian, after a nearly daylong hearing, declined to find Knight in contempt.

Attorneys for Harris and her ex-husband said that while the latest legal maneuver would delay their collecting on the judgment, they expected Knight to ultimately be forced by a federal judge to make good on his debt.

"I think the $107 million, plus interest, is going to get paid," said Michael Harris' attorney, Steven Goldberg. "It's not going to be easy, but we're going to get him."

Plaintiffs' attorneys say Knight, 40, who saw his rap empire wither while he served two stints in prison since 1996, had spent the past year "playing games" in court to avoid paying the judgment.

Awesome thread title. :)

Co - Sign:)

If I was Lydia Harris, I would be really scurred rat about now.



ETA. I see why she isnt scarred of Suge, her ex-husband is a bigtime dealer. SMH

Awesome thread title. :) [/QUOTE]

I agree!!

Me too. Suge and his goons are crazy. Um...not so much on the thread title- he isn't broke. People who file bankruptcy aren't always broke. As is apparent in this case, he did it just to protect his assets.

we ain't got it

Exactly!! LOL.

Suge is not a member of Broke Phi Broke
 

He got some money
He got some clothes
He got a car
Can get some h*es:D :p

I agree with SKEEphistAKAte on this one. He's doing it to protect his assests.

EVERYBODY RUN AND HIDE YOUR VALUABLES!!!!!! I sense a serious shakedown coming on!!!

Totally agree.