In an attempt to settle nearly $1 million in debt from a defamation lawsuit, Damon “Dame” Dash’s film company, Poppington LLC., went to auction, however, there was only one bidder and it only sold for $100, according to the New York Post.
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Dame Dash Files For Chapter 7 Bankruptcy After Selling 1/3 Of Roc-A-Fella Shares To Chip Away At Debt
In early September, the Roc-A-Fella Records co-founder revealed he filed for Chapter 7 Bankruptcy in Florida. At the time, the Hip-Hop mogul faced multiple court violations, including tax bills, child support, and court judgments.
He was looking at a total debt of $25.3 million and claimed he only had $100 in cash on hand and a few assets worth a total of $4,250. These items included $2,500 worth of jewelry, a cellphone, clothes, and two guns.
Of his $25.3 million debt, $19 million stems from unpaid taxes to authorities in New York, New Jersey, and California. He also claimed he owed more than $600,000 in child support to two of his exes, Rachel Roy and Cindy Morales, and nearly $5 million to movie producer Josh Webber.
Nearly a year to the exact date of his bankruptcy filing, the state of New York purchased Dash’s one-third interest in Roc-A-Fella to settle similar debts. At auction, New York state reportedly put in a winning $1 million bid for Dash’s Roc-A-Fella shares in hopes to fulfill some of his debts.
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Dame Dash’s Film Company Sells For $100.50 To Help Settle Nearly $1 Million Defamation Lawsuit Debt
Days following Dash’s September bankruptcy news, the New York Post, citing Attorney Chris Brown, reported that $5 million of Dash’s $25.3 million debt is from civil lawsuits, filed by clients that Brown represents.
At the time Brown claimed, “It’s not going to work. He’s trying to pause the train he’s about to be run over by.” He explained that most of Dash’s debts are not dischargeable through bankruptcy, especially his civil lawsuit claims. He added, “It’s well settled that intentional torts, like defamation, are not dischargeable.”
Two months later, Attorney Brown told the NY Post about Dash’s $1 million defamation lawsuit filed by Mike Muntaser, CEO of Muddy Water Motion Pictures. Dash reportedly owes him $973,000 after losing three civil lawsuits.
Attorney Brown said there was an auction on Tuesday (December 30), where he hoped for outside bidders to offer at least a few hundred thousands dollars to settle the debt. However, Muntaser was the sole bidder and ultimately purchased Dash’s film company for a whopping $100.50.
The sale includes Poppington LLC. and rights to Dash’s best known film, ‘Honor Up,” featuring himself, rapper Cam’ron, and Dash’s cousin, actress Stacey Dash. Muntaser now also has the rights to the sequel ‘Too Honorable,’ a documentary called, ‘Welcome to Blakroc,’ and a personal film titled, ‘We Went To China: Our Search For Like Minded Individuals.’
Mike Muntaser Speaks After Bidding $100 On Dame Dash’s Film Company In Attempt To Settle Nearly $1 Million Defamation Lawsuit Debt
At the auction, Muntaser told the NY Post that purchasing Dash’s company was a “jab,” as he continues to blame Dash for dragging him through years-long litigation instead of sitting down like “grown men” and settling their differences.
Muntaser said, “I think he’s a fool, man. He’s just a problem. He has an ego. I think he’s just bitter [coming] from where he was to where he is and he just blames everybody else and doesn’t look at himself in the mirror.”
Muntaser said he and filmmaker Josh Webber successfully sued Dash twice for defamation. He also claimed that just last week, the two filed a third defamation lawsuit for comments seemingly made during an interview with Power 105.1’s ‘The Breakfast Club’ a few months ago.
It’s also reported that Attorney Brown will receive $33.50 from the auction after winning his own civil lawsuit against Dash for $150,000.
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