Dame Dash is back at it again.
The Roc-A-Fella Records co-founder went on Instagram Live to talk about selling his shares of the legendary rap label and wondered just how much Jay-Z is willing to pay. “I don’t expect anyone, just some average person, to come buy it — or a third of it, my third. I don’t wanna get sued again,” he says at the beginning of the clip. “I know, for some reason, nobody wants me to sell it, but I’m ready to just move on, do my thing. I had a lawsuit, I had a judgement, and I’m like, ‘Yo, that’s 800 grand. Go get it from over there. They not paying me neither,” he said in regards to the Aug. 29 auction that’s taking place in order to satisfy the $823,000 he owes to movie producer Josh Weber.
Dame then brought up the fact that Jay has the option to block potential buyers and brought up the emergency meeting he and Biggs had to stop him from selling his shares. “I’m sure there’s a little twist they put on things. I don’t know why. I do know why, but I don’t know why. I don’t know why about one thing, but I do know why about the other,” he said cryptically. “[Jay-Z] has the first right of refusal. They had some bum-ass board meeting and all of a sudden he gets first right of refusal. I don’t really care. It don’t slow nothing down for me.” Adding, “Now I don’t know how deep homie’s pockets is. I’m curious if he’s gonna match that. I put an offer on the table, lemme see if he’ll match it. But it was from other people.”
Earlier this month, Billboard reported that although Jay and Biggs’ last minute attempt to change the company’s by-laws are unenforceable, there are still some stipulations. “Whomever buys Dame’s stake in Roc-A-Fella will be a minority owner without authority over any decision-making,” the source tells Billboard. “They won’t have the ability to sell the copyright or borrow against the master as all decisions require majority vote.”
There’s also the fact that Roc-A-Fella Inc.’s crown jewel Reasonable Doubt will revert back to Jay-Z in 2031 because copyright’s termination right allows him to control the rights of the album 35 years after its initial release in 1996. “There’s also an expiration date on the master ownership for the company, which means revenue and the only asset doesn’t have many years left,” the source also told Billboard.
Dame has recently been in the news for offering up an original Roc-A-Fella chain to anyone who bids over $10 million for his third of the company. “So if you do wanna buy one-third of Roc-A-Fella Inc., you are gonna have to bring some bread,” he said. “And anything over $10 million, I’m gonna sweeten the pot: you get an original Roc-A-Fella chain from off my neck.”
Thursday, Aug. 29 is going to be a crazy day on Rap Twitter.
