DJ AM’s Estate Sues Investment Company
Prior to his death last August, DJ AM spent nearly half a decade diversifying his business interests, stretching into television, nightlife and apparently putting money into a company called YTK Investments. In 2005, AM entered a contract where he would receive a 45.5 percent stake in YTK, granting the company what court documents refer to as a "limited, non-exclusive license to use" his name. YTK is still using AM's likeness to do business and has been sued for illegal exploitation of his name among other shady dealings.
The suit, filed in Los Angeles Superior Court, also accuses YTK of misappropriating the portion of the company formerly owned by AM to his estate. Court documents indicate that AM's name is being used to sell securities in a venture called Orange Manor that is run by YTK.
This officially breaks down to a suit for breach of contract, breach of fiduciary duty, misappropriation of likeness and unfair business damages. AM's estate is looking for answers as to what's going on and damages in the excess of $1 million dollars. Most notably, YTK owns Club LAX in Las Vegas -- a venue where DJ AM routinely held performances for a drastically reduced fee because of his relationship with the investment firm.
The court papers were filed on June 1, 2010.