'Suge' Knight Bankrupt
05 April 2006
'Suge' Knight Bankrupt
LATEST: Music mogul Marion 'Suge' Knight filed for bankruptcy yesterday (04APR06) to avoid relinquishing control of his Death Row Records label after he lost a multi-million dollar (pound) lawsuit.
Last year (05) Knight was ordered to pay Lydia Harris $107 million (GBP62 million) after she successfully argued the rap mogul had denied her a rightful 50 per cent stake in the label which she helped found in 1989 - but Knight has failed make any payments to his former business partner.
Death Row Records, which launched the careers of stars including Snoop Dogg and Dr Dre, has also filed for bankruptcy, citing debts of over $100 million (GBP57 million).
On Saturday (01APR06) a Los Angeles court ordered the business into receivership after Knight failed to attend a hearing to discuss his assets.
Knight's lawyer LAURENCE STRICK says, "He has no choice, the way these people have forced his hand.
"Mr Knight doesn't have $107 million. It remains to be seen what becomes of Death Row."
Strick confirmed Knight will continue to oversee Death Row while the bankruptcy case goes to a federal court.
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