Whew, chile! In a move that’s got everyone talking, Damon “Dame” Dash’s film company, Poppington LLC., just sold for a mere $100 at auction. This comes as the mogul attempts to settle nearly $1 million in debt from a defamation lawsuit, but with only one bidder showing up, it certainly raises eyebrows, according to the New York Post.
This news follows Damon “Dame” Dash filing for Chapter 7 Bankruptcy in Florida back in early September. The Roc-A-Fella Records co-founder has been caught in a whirlwind of financial troubles, facing a string of court violations including tax bills, child support, and various court judgments.
At the time of his filing, Dash was staring down a massive $25.3 million in debt. Meanwhile, he claimed to have only $100 in cash and a handful of assets totaling $4,250, which included some jewelry, a cellphone, clothes, and two guns. It’s a stark picture for the Hip-Hop icon.
A staggering $19 million of his debt is tied to unpaid taxes owed to authorities in New York, New Jersey, and California. He also reportedly owes over $600,000 in child support to his exes, Rachel Roy and Cindy Morales, and another nearly $5 million to movie producer Josh Webber.
Interestingly, almost a year to the day of his bankruptcy filing, the state of New York stepped in and purchased Dash’s one-third interest in Roc-A-Fella. They reportedly put in a winning $1 million bid at auction, hoping to chip away at some of his accumulating debts.
Days after Dash’s September bankruptcy news hit, the New York Post, citing Attorney Chris Brown, reported that $5 million of Dash’s total $25.3 million debt comes from civil lawsuits filed by Brown’s clients. Brown didn’t hold back, saying, “It’s not going to work. He’s trying to pause the train he’s about to be run over by.”
He further explained that most of Dash’s debts are not dischargeable through bankruptcy, especially those from civil lawsuits. Brown emphasized, “It’s well settled that intentional torts, like defamation, are not dischargeable.”
Two months later, Attorney Brown shed more light on Dash’s $1 million defamation lawsuit, which was filed by Mike Muntaser, CEO of Muddy Water Motion Pictures. Dash reportedly owes Muntaser $973,000 after losing three civil lawsuits.
Brown revealed that an auction took place on Tuesday, December 30th. He had hoped for outside bidders to offer at least a few hundred thousand dollars to settle the debt. However, Muntaser was the sole bidder and ultimately snatched up Dash’s film company for a surprisingly low $100.50.
This sale includes Poppington LLC. and the rights to Dash’s well-known film, ‘Honor Up,’ which features himself, rapper Cam’ron, and his cousin, actress Stacey Dash. Muntaser also gained the rights to the sequel ‘Too Honorable,’ a documentary titled ‘Welcome to Blakroc,’ and a personal film called ‘We Went To China: Our Search For Like Minded Individuals.’
Speaking after the auction, Muntaser told the NY Post that purchasing Dash’s company was a “jab.” He continues to blame Dash for dragging him through years of litigation instead of settling their differences like “grown men.”
Muntaser didn’t mince words, stating, “I think he’s a fool, man. He’s just a problem. He has an ego. I think he’s just bitter [coming] from where he was to where he is and he just blames everybody else and doesn’t look at himself in the mirror.”
Muntaser also shared that he and filmmaker Josh Webber have successfully sued Dash for defamation twice. Just last week, they even filed a third defamation lawsuit for comments Dash allegedly made during an interview on Power 105.1’s ‘The Breakfast Club’ a few months prior.
It’s also reported that Attorney Brown himself will receive $33.50 from the auction proceeds, stemming from his own $150,000 civil lawsuit win against Dash.
