Damon Dash’s shares in record label Roc-A-Fella Records may soon be no more.
According to a report by Rolling Stone, despite his estranged relationship with fellow Roc-A-Fella owners — music mogul Shawn “Jay-Z” Carter and Kareem “Biggs” Burke — all have remained connected to the label on paper. However, this could all change soon.
The latest development in ownership occurred in February 2024 when “a New York judge ordered Roc-A-Fella Inc. to deliver Dash’s company shares to the US Marshals to satisfy a $823,000 judgment from movie producer Josh Webber and Muddy Water Films.”
The judgement was the result of a 2019 lawsuit against Dash led by Webber and the production company, accusing him of defamation and copyright infringement related to the movie, “Dear Frank,” according to Rolling Stone. Dash had been fired as its director and allegedly attempted to sell the movie on his own under a new title, “The List.”
Manhattan lawyer Richard Roth of The Roth Law Firm stated that the most recent ruling leaves Dash in “big trouble” regarding his shares in the Hip-Hop company that he helped to build in the early 1990s.
“The only thing that would maybe slow it down would be bankruptcy,” Roth told the outlet. “If he files a bankruptcy, that could stop everything from happening. But other than that, these shares are going to be sold and sold to the highest bidder. And if the price is greater than the amount that the creditor is owed, then he’ll get the balance. If it’s less than the amount, the shares are gone, and he gets nothing.”
What’s more, Christopher Brown, an attorney at Brown & Rosen, who also represented Webber in the suit above against Dash, is now in control of the judgment process and says his shares could “be put up for auction within the next six months,” per Rolling Stone.
Once the shares are sold, someone else will be able to take possession of one-third of Roc-A-Fella Inc., which owns Jay-Z’s debut album, “Reasonable Doubt.”
While the fight for Dash’s shares continues, other music artists have been rumored to be getting involved.
The outlet notes that former Roc-A-Fella signee rapper Cam’ron and his co-host, fellow rapper Mase, hinted on their podcast, “It Is What It Is,” that they “hypothetically” own a third of the company. However, Rolling Stone confirms that no one has yet purchased Dash’s shares.
This isn’t the first time the record executive’s shares have been in jeopardy.
As previously reported by AFROTECH™, a restraining order was taken out against Dash in 2022 after he allegedly attempted to sell his stake in the “Reasonable Doubt” album through a non-fungible token (NFT) auction.
Lawyers for Dash quickly shut down the speculation, calling Carter’s action “completely meritless,” after confirming that Dash never attempted to “sell, transfer, assign, or dispose of any interest in the copyright to the Reasonable Doubt album, per Rolling Stone” Ultimately, the two parties settled the lawsuit.
At this time, Dash’s share of Roc-A-Fella Inc. is still up for auction.
For clarity, these shares are not to be confused with those of Roc-A-Fella LLC. Rolling Stone mentions that Roc-A-Fella LLC houses the rest of the label’s catalog (excluding “Reasonable Doubt”) and is an imprint established in June 1997 after Dash, Carter, and Burke established a 50/50 joint venture with Def Jam Records.
After a business deal in 2004, the owners sold their 50% stake in the LLC to Island Def Jam Records for $10 million; however, until the recent ruling, all three men still shared a stake in Roc-A-Fella Inc.
At this time, five entities have been identified as potential purchasers, including two “prominent New York rappers,” World One TV, another network, and a mysterious entity who Brown says is the current “front runner” and an entertainment company.
