Damon Sprint, the co-founder of Roc-a-Fella Information, has filed for chapter, in response to court docket paperwork reviewed by The Hollywood Reporter.
Based on paperwork, filed in Florida on Thursday, Sprint is submitting for Chapter 7 chapter, stating that he’s over $25 million in debt, whereas having simply $4,350 to his title in belongings. Sprint co-founded Roc-a-Fella with Jay-Z and Kareem “Biggs” Burke again in 1994, and the label launched data together with Jay-Z’s debut Affordable Doubt, additionally signing acts comparable to Kanye West and Jadakiss.
Within the submitting, Sprint reported a couple of possessions, together with $500 value of garments, two weapons, his cellular phone and $2,500 value of jewellery. Sprint reported about $5,200 in month-to-month bills. The chief reported that he owes over $4 million to filmmaker Josh Webber, in addition to practically $650,000 in home help obligations to ex-partners Rachel Roy and Cindy Morales.
The majority of his money owed, nevertheless, lies in taxes to New York, California and New Jersey. Sprint reported that he owes about $9.6 million in New York, $3.5 million in New Jersey and practically $5.8 million in California. Sprint has confronted monetary struggles for years; the New York Submit reported final yr that New York state had purchased Sprint’s share of Roc-A-Fella for $1 million to assist pay down what Sprint owes in again taxes.
A rep for Sprint didn’t instantly reply to request for touch upon the chapter submitting.