Business tycoon Damon Dash files for bankruptcy, citing a significant debt of approximately $25 million.
Damon Dash Files for Chapter 7 Bankruptcy, Owing Millions in Taxes and Support
Damon Dash, co-founder of the iconic Roc-a-Fella Records, has filed for Chapter 7 bankruptcy. The filing, reviewed by our website, was made in Florida on Thursday.
Roc-a-Fella Records, founded in 1994 by Dash, Jay-Z, and Kareem "Biggs" Burke, was a trailblazer in the hip-hop industry, signing acts such as Kanye West and Jadakiss. Jay-Z's debut album, Reasonable Doubt, was also released by the record label.
However, Dash's financial situation appears to be in disarray. According to the filing, he owes nearly $5.8 million in taxes to California, over $4 million to filmmaker Josh Webber, and about $3.5 million in taxes to New Jersey. He also has domestic support obligations totaling nearly $650,000 to his ex-partners Rachel Roy and Cindy Morales. The specific reasons for Dash's bankruptcy were not disclosed in the filing.
Dash's assets, according to the filing, amount to $4,350. He reported approximately $5,200 in monthly expenses and $500 worth of possessions, which include clothes, two guns, his cell phone, and $2,500 worth of jewelry.
The current addresses of Dash's ex-partners Rachel Roy and Cindy Morales are not publicly available. The current status of Roc-a-Fella Records following Dash's bankruptcy is not specified in the latest filing.
In an attempt to alleviate some of his debts, New York state bought Dash's share of Roc-A-Fella for $1 million to help pay down what Dash owes in back taxes. Dash states he is over $25 million in debt.
A rep for Dash did not immediately respond to a request for comment on the bankruptcy filing.
This news serves as a stark reminder of the financial challenges that can plague even the most successful individuals. As the story develops, we will continue to bring you updates on Dash's bankruptcy and the future of Roc-a-Fella Records.
