In the latest development surrounding the proposed sale, the City of New York has stepped into the fray, with a lawyer claiming that JAY-Z has done everything in his power to diminish potential bids for Dash’s stake, including withholding paperwork critical to its valuation.
In a filing obtained by AllHipHop to United States Magistrate Judge Robert W. Lehrburge, the City of New York, represented by the NYC Department of Social Services (NYCDSS) has requested a stay of Dash’s auction, as well as a pre-motion conference, amid damaging claims made by JAY-Z regarding Dash’s stake.
Jay-Z attends the Los Angeles Premiere of Sony Pictures’ “The Book Of Clarence” at Academy Museum of Motion Pictures on January 05, 2024 in Los Angeles, California.
“JAY-Z has issued widely publicized statements warning potential bidders that copyright ownership will revert back to him in 2031,” Gerald E. Singleton, the attorney representing the City, wrote in the letter to Judge Lehrburger.
Singleton’s accusation is in response to JAY-Z filing motion to claim ownership over the master recordings of his debut album, Reasonable Doubt , in August, a move widely publicized across media outlets.
According to Hov’s filing, ownership of Reasonable Doubt ‘s master recordings would revert back to him in 2031, meaning a potential buyer would only hold ownership of the album for roughly six years, thus minimizing the perceived value of Dash’s stake .
Damon Dash attends the National Film and Television Awards Ceremony at Globe Theatre on December 05, 2018 in Los Angeles, California.
However, Singleton has refuted JAY-Z’s claims, which he says are in conflict with the City of New York’s interest to receive payment to cover Dash’s various debts.
“Those statements are false and extremely damaging to the City’s interests in ensuring that the auction will generate sufficient funds to satisfy all existing child support arrearages and secure future child support payments.”
Singleton has also charged that JAY-Z has withheld information regarding Reasonable Doubt royalties, despite a subpoena ordering him to do so. According to the attorney, and Dash himself, such documents could vastly affect the valuation of the executive’s stake and heighten potential bids for ownership.
Damon Dash attends theOfficial Celebrity Boxing Press Conference at Luxe Media Studios on March 05, 2022 in Beverly Hills, California.
“The auction should be conducted in a manner that will bring the highest price for the benefit of affected judgment creditors,” Singleton insisted in his filing, which points out that JAY-Z’s contract with Roc-A-Fella explicity lists Reasonable Doubt as a “work made for hire,” thus granting Dash and the label ownership of the copyright until 2098.
The auction for Dash’s stake in Reasonable Doubt and Roc-A-Fella Records was scheduled for Aug. 29, with bids opening at $1.2 million, with a $240,000 deposit required.
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