Posted by Dave
Rap News Network
4/4/2006 3:47:25 PM
Tags and topics realted to this article include Suge Knight. Hip Hop, Rap, Law and Record Labels.
Marion ‘Suge’ Knight, once one of the most powerful hip hop moguls, announced that he will file for bankruptcy on Tuesday (April 4).
Knight’s lawyers said Knight had to file for bankruptcy to avoid losing control of his Death Row Records label in a $107 million civil court judgment.
"He has no choice, the way these people have forced his hand," Laurence Strick, Knight's new lawyer, told Reuters.
Knight skipped several court hearings since losing the $107 million lawsuit filed last year by Lydia Harris, a former colleague. Harris claims she helped Knight start Death Row with her former husband, Michael Harris, an imprisoned drug dealer, who in turn, is claiming to have put up $1.5 million to help fund the label.
Knight was told by a Los Angeles County Superior Court judge that he must appear in court to disclose his assets at a debtor’s hearing on April 1 or his Death Row Records label would be put into receivership. Knight didn’t show this past Saturday, April 1.
According to Reuters, another court hearing was set for Tuesday, during which the judge could formalize the receivership.
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