The auction forDame Dashs shares of Roc-A-Fella Inc. is currently at a legal stalemate.
Roc-A-Fella Inc. was co-created in 1996 by Dash, Jay-Z, and Kareem Biggs Burke.
Singleton says those statements have [poisoned] the environment for the auction.
Damon Dash and Jay-Z during Dash’s birthday party in 2004 at La Bodega in New YorkJohnny Nunez/WireImage
Their motion implies that Jay-Zs attorneys have off-put potential buyers with widely publicized statements about the filing.
Jay-Z himself hasnt spoken about termination rights publicly.
Jay-Zs lawyer, Alex Spiro, contends that the NYCDSS assertions are inaccurate.
For the latter group, Jay-Zs termination right is critical to their investment in the auction.
According to Bhushan, some buyers are not willing to move forward until they get some answers.
But Bhushan believes that its been delayed indefinitely to patch up the issues raised in NYCDSS motion.
Along with the confusion over Jay-Zs termination notice, theres contention over Roc-A-Fella Inc.s financial records.
Spiros letter says that Roc-A-Fella LLC objected to the citys subpoena after being denied the extension.
And he also believes the rapper doesnt want anyone showing up to the auction.
Since the auction process began, theres been speculation about who would purchase Dashs shares in the revered brand.
In February, Camron and Mase sparked headlines by joking about hypothetically purchasing the shares from Dash.
A representative for Drake did not respond toRolling Stones request for comment.
Drake recently purchased a ring once owned by rapper and actor Tupac Shakur for $1 million.
So, he actually doesnt have anything to sell.
Hes not even in possession of this stock.
Bhushan contends that while its technically true that Brown controls a stock certificate given to him by the U.S.
Marshals, its a mere symbol of your ownership.
So its one of these cooperative sales or nothing.
Over email, Brown expresses otherwise: I dont need Dash to sell anything.
There is no cooperation with Dash or his lawyer on this sale.
They are spectators along for the ride.
They have no say, and Dash owes millions in child support, taxes, and judgments.
The Roc-A-Fella Inc. sale likely wont happen until certain aspects of the corporation are clarified.
So we expect financials and things to be turned over to the city.
