Global Pact For Death Row
A legal dispute between New York-based Global Music Group and Delaware-based Global Music Group over who owns Death Row Records’ assets has reportedly been settled with both entities sharing the wealth.
Global Delaware officials told the Wall Street Journal the company dropped its lawsuit, filed last month, that claimed its New York counterpart wasn’t the rightful buyer of the auctioned-off label. The settlement gives Delaware a share in the label’s assets, including rights to recordings by such artists as Snoop Dogg, Dr. Dre and Tupac Shakur.
U.S. Bankruptcy Court in Los Angeles declared June 24 that Global New York’s bid of $24 million was the winner of one of rap’s most famous labels, formerly owned by Marion “Suge” Knight. Global Delaware’s lawsuit held up the funding needed to close the deal, which is now expected to move forward, the paper said.
Death Row was placed into receivership in 2006 after Knight’s former associate Lydia Harris and her imprisoned former husband, Michael Harris, were awarded $107 million in a lawsuit that claimed they helped start the label. Knight filed for Chapter 11 bankruptcy protection shortly after, claiming debts of $100 million.