Knight Explains Death Row Bankruptcy

MARION 'SUGE' KNIGHT has told a US court how his Death Row Records label has been left financially crippled by his time in jail and a lawsuit by a couple claiming to have helped him set up the company. The rap mogul was forced before a federal bankruptcy hearing in Los Angeles on Friday (05MAY06) to allow his creditors to quiz him about his assets and debts amounting to more than $100 million (GBP57 million). Knight explained how two prison sentences - five years in 1996 for violating probation, and another year in 2003 for assaulting a parking attendant - had cost the company millions of dollars. While in prison the label, which had a succession of hits in the 1990s, fell into debt. Knight filed for bankruptcy in April (06) to avoid Death Row being put into receivership. Bankruptcy documents reveal his bank account contains just $11 (GBP6.29) and he has belongings worth just $28,000 (GBP16,000). Under questioning Knight denied having money invested in foreign countries and refuted claims he invested in an African company that deals in diamonds and gold. The mogul has also had to contend with MICHAEL and LYDIA HARRIS who claim they helped him found Death Row and are suing for $107 million (GBP611,430). Knight claimed on Friday that he had reached a settlement with Lydia Harris for $1 million (GBP570,000). Lydia confirmed the payment had been made, but denies having settled. Despite its troubles Knight is determined to resurrect the label, telling reporters outside court, "Yes (I will revive it). Got to play for the people."


Contactmusic

Tags: Marion Suge - Michael - Lydia Harris


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