Posted by Robert
Rap News Network
1/23/2004 11:25:22 AM
Tags and topics realted to this article include Master P.
Apparently the founder of No Limit Records, Master P. (aka Percy Miller) does have a limit--a financial limit. PopFeed.com has learned that Miller's company quietly filed for bankruptcy a little over a month ago on December 17, 2003. 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."
Just a year ago, Miller was ranked on Fortune Magazine's "40 Richest Under 40" list with an estimated $361 million in holdings. Miller is scheduled to appear in court for a bankruptcy hearing in California in two weeks on February 2nd.
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