Death Row Suffers More Money Drama
The mighty tend to fall, but this whole Death Row record label saga is getting a bit ridiculous. After Suge Knight got arrested too many times and had to give up stake in his former empire, it was snapped up by a company called WIDEawake Entertainment. The business received a loan from New Solutions Capital Group for the reported $18 million acquisition, but it hasn't been paid it back yet.
This comes as WIDEawake tries to re-release some of the labels classics to make money back without permission. In February, they put an expanded version of Dr. Dre's undeniably classic 'The Chronic' back on shelves and got sued by the good D.O.C. just as quickly for not paying royalties and neglecting to seek artist approval. With that lawsuit and the current debt -- which has jumped to between $23 million and $25 million since the loan -- things aren't looking so good for the West Coast powerhouse.
"If someone would pay the amount of debut incurred plus a dollar, we're out," explained Robert Thompson of New Solutions Capital Group to Canadian Business Magazine. "This is just another commercial loan transaction that started as a workout and continues to be a workout. Please -- step up to the table and take us out."