Damon Dash has filed for Chapter 7 bankruptcy, revealing he is facing more than $25 million in debt with minimal assets on hand.
According to court documents, the Roc-A-Fella Records co-founder reported having just $100 in cash and total assets valued at $4,350. Dash estimates his liabilities at $25,303,049.47, while listing between one and 49 creditors and monthly expenses of $5,200.
Among those creditors is filmmaker Josh Webber of Muddy Water Pictures LLC, who previously sued Dash over their failed film Dear Frank. Webber is listed as being owed $4 million. Dash also cites outstanding tax debts to the IRS and state authorities.
In his filing, Dash claims he is still owed money by former Roc-A-Fella partner Kareem “Biggs” Burke and says he has potential claims involving Chris Brown, Claudia Jordan, Webber, and others. Despite the bankruptcy, Dash has continued to promote upcoming music and film projects in recent interviews.
Source: TMZ
