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Old 09-05-2006, 05:05 PM   #1
LALakerFan4Life
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Default Death Row Bankruptcy Continues, Judge Sets A Date For Claims

A Los Angeles bankruptcy judge has set a deadline for parties to file claims against Death Row Records and Marion "Suge" Knight as part of a Chapter 11 restructuring of the legendary West coast label.

Death Row Records and Knight filed for Chapter 11 of the U.S. Bankruptcy Code in April of 2006, listing debts of $137.4 million and $4.4 million in assets.

Those filing claims must file with the bankruptcy court presiding over the case must file by Oct. 31 or risk being barred from asserting claims against Death Row Records or Suge Knight.

"We believe that it is vital that all parties asserting claims come forward and assert them in a timely manner so that Death Row can come out of Chapter 11 quickly," said Todd Neilson, the Death Row chapter 11 trustee.

In March of 2005, Knight was ordered to pay over $100 million to Lydia Harris, who claims her husband, incarcerated drug kingpin Michael "Harry-O" Harris, provided $1.5 million in start-up money for Death Row in return for a 50% stake in the label.

Knight missed several court dates in regards to the Harris' ownership claims, resulting in a default judgment.

He filed for Chapter 11 bankruptcy protection, which allows a company to continue business operations while restructuring. Death Row is currently being operated by Neilson during the bankruptcy proceedings, while Knight oversees his bankruptcy estate as a debtor in possession.

Among those listed as unsecured creditors to Death Row include the Harris', the Internal Revenue Service ($6,900,000), Koch Records ($3,400,000), Interscope Records ($2,500,000) and others.

http://allhiphop.com/hiphopnews/?ID=6097
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