Marion ‘Suge’ Knight, the founder of one of the most powerful and influential record labels in rap’s history – Death Row – has officially lost control of the company he set up in 1991.
The label, which once was home to legendary rap artists such as Snoop Dogg, Tupac Shakur and Dr. Dre is in $100million debt and was handed over to a Los Angeles bankruptcy trustee after a decision by U.S. Bankruptcy Judge Ellen Carol on Friday.
Mrs. Carol said Death Row was in financial disarray due to the absence of accounting protocol, which was the result of poor management. “It seems apparent there is no-one at the helm,” she said.”
Knight was not present to hear the decision, although he did attempt to stall proceedings by securing distribution deals for the music owned by the label in an effort to raise funds.
Knight testified that he had not looked at the accounts of Death Row in over ten years, that he had $11 in his bank account and roughly $28,000 worth of assets.
External estimates put the value of Death Row anywhere between $1million and $10million.
Laurence Strick, Knight’s lawyer, said that his client was “optimistic” and “focused.”
The forty-one year old filed for bankruptcy in April after a ruling ordered him to pay $100million to a past business associate instrumental in establishing the label.
The label, which once was home to legendary rap artists such as Snoop Dogg, Tupac Shakur and Dr. Dre is in $100million debt and was handed over to a Los Angeles bankruptcy trustee after a decision by U.S. Bankruptcy Judge Ellen Carol on Friday.
Mrs. Carol said Death Row was in financial disarray due to the absence of accounting protocol, which was the result of poor management. “It seems apparent there is no-one at the helm,” she said.”
Knight was not present to hear the decision, although he did attempt to stall proceedings by securing distribution deals for the music owned by the label in an effort to raise funds.
Knight testified that he had not looked at the accounts of Death Row in over ten years, that he had $11 in his bank account and roughly $28,000 worth of assets.
External estimates put the value of Death Row anywhere between $1million and $10million.
Laurence Strick, Knight’s lawyer, said that his client was “optimistic” and “focused.”
The forty-one year old filed for bankruptcy in April after a ruling ordered him to pay $100million to a past business associate instrumental in establishing the label.
