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MASTER P FILES FOR BANKRUPTCY
Apparently the founder of No Limit Records, Master P (aka Percy Miller), does in fact have a limit--a financial limit. In a world exclusive, PopFeed has learned that Miller's company quietly filed for bankruptcy a little over a month ago on December 17, 2003. Our suspicions were raised when Koch Distribution, announced yesterday that they had signed Miller and his label New No Limit to a distribution deal (Miller's former distributor was major label Universal). Known as the final resting place for failing artists, in 2003 Billboard Magazine said that Koch has, "a tendency to sign acts that appear to be past their commercial prime."
Headed by Austrian native Michael Koch, the privileged son of Franz Koch, the company's Long Island, New York based independent distribution company has given many financially strapped rappers a final chance when no one else would touch them. Just recently Koch signed Suge Knight's Tha Row Records (formerly Death Row) to a new deal--presumably Knight will run the label from prison. Koch's own rap roster, run by the portly Alan Grunblatt, boasts such stellar hit makers as Grand Puba, Onyx and Afu-Ra -- all has-been, or never-was artists.
The most bewildering part of this story is that just a year ago, Miller was ranked on Fortune Magazine's "40 Richest Under 40" list with an estimated $361 million in holdings. But, as these documents clearly show [Page 1, Page 2, Page 3] Percy Miller's No Limit army is suffering heavy casualties. Miller is scheduled to appear in court for a bankruptcy hearing in California in two weeks on February 2nd.
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