The State made the purchase in an attempt to claim the millions in debt owed by the Hip-Hop mogul.
The New York State government completed the purchase in an attempted to recover the millions of dollars in taxes that Dame Dash owes to the state. As reported by the New York Post, a winning bid of $1 million dollars was made by an unnamed Albany rep at an auction in Manhattan on Thursday 14th November. The State made a creditors bid. This means that they don’t have to immediately pay the $1 million dollar figure straight away, but can attempt to sell the 33.3% shares of Roc-A-Fella for a profit, with the ultimate goal of recouping $8.7 million dollars in back taxes owed by Dame Dash.
In August, Jay-Z – a one-third shareholder in the hip-hop label – had his legal team file a notice stating to all interested parties that they will be wasting their time buying Dame’s shares of Roc-A-Fella. This is because ownership of his legendary ‘Reasonable Doubt’ master recordings will allegedly revert to him in 2031 anyway. Furthermore, the company’s other two shareholders, Jay and Biggs, also allegedly attached stipulations to the company, stating that any purchasers of the final share will have no decision-making powers, or the ability to sell, copy, or borrow against the ‘Reasonable Doubt’ master recordings, as reported by Billboard. It would therefore come as no surprise if we were to eventually see Jay-Z as the new owner of Dame’s shares once the New York State decide to sell. It seems to make the most sense.
