Lil Wayne Wants Judge To Sanction Cash Money Over Crappy Accounting
Written by admin on March 4, 2018
Lil Wayne’s $51 million-dollar with Cash Money Records shows no signs of being settled anytime soon.
The rap star marched into court in late February, and asked a judge to slap sanctions on Bryan “Birdman” Williams and his brother Ronald “Slim” Williams, the founder of the legendary label.
According to new documents, Lil Wayne claims Cash Money is refusing to turn over valuable documents related to Nicki Minaj and Drake’s contracts.
The two artists, who are arguably the best-known pop stars in the world, are signed to Lil Wayne’s Young Money Records.
While Cash Money has produced 121,000 documents, Lil Wayne’s lawyers says those documents were from Universal records, which distributes the labels.
According to a document obtained by TheBlast.com, Lil Wayne claims Cash Money has over $200 million dollars in cash flow, yet the label keeps “no accounting records, no general ledger, no bank account records and no tax returns at all.”
“Unless Cash Money admits to criminal failure to file tax returns for 2011 to present, Cash Money must produce these returns.”
Lil Wayne alleges Bryan “Birdman” Williams squandered nearly 70% of a $100 million advance intended to subsidize their Young Money/Cash Money venture.
Lil Wayne created Young Money in 2003 with a 49% stake in the enterprise, while the other 51% is controlled by Cash Money Records.
Wayne’s lawsuit against the label maintains he was shorted almost $10 million in advances, while getting stiffed on receiving royalties for Nicki Minaj and Drake.
Posted by : AllHiphop.com