: MediaTakeOut.com has been reporting for weeks that mogul Damon Dash was in serious financial trouble. Now, according to the NY Daily News - he's practically penniless!!!
Here's how they're reporting it:
A bank wants his Tribeca condos, the city is seizing his SUV and his lawyer dropped him for not paying his legal bills.We actually kinda feel sorry for dude...It's not easy being Damon Dash, has-been hip-hop mogul.
The co-founder of Roc-A-Fella Records and Rocawear - who in 2005 sold his share in the clothing empire to Jay-Z for $20 million - is under assault in Manhattan Supreme Court from lawyers, lenders and landlords fed up with not getting paid.
The fall has been a dizzying one for Dash, who has gone from owning Keds, a vodka company and 1,300 pairs of shoes to dodging bills and accusing a former accountant of ripping him off for millions of dollars.
"I've worked with musicians, artists and entertainers that in the eyes of the media are very wealthy," said lawyer Jason Gabbard, who represented a fashion firm that settled a suit against Dash and his wife over $148,505 in unpaid fees. "But to borrow a phrase from my Kentucky homeland, they haven't got a pot to p--- in - they're broke."
This is what happens when you get to big for you britches...He thought he was more of a main stay thet Jay-Z, now we see that he was just standing on the should of the media giant...
Look at the situations he has put himself in, or out rather since the break up of the ROC.
Dame will be ok, borrow some byrd gang money. HAHAH, if there is any
His wife Rachel Roy has some high end designer line, that she even had some celebrities wearing at some point. I remember reading about her in O magazine about a year ago and she was so full of herself, bragging about how she worked her way up from retail. It shouldn't be long before she files for divorce.
I don't really feel sorry for this dude. His character in State Property made me dislike him. I heard him say one time that "a million dollars is nothing". He said that his jewlels and clothing were worth more than most hard working people will ever see in their lifetime. He was bragging when he said it too. Hopefully the Jiggaman will help him out. That's ya manz right? Get teh Fluckk outta here!
MTO you would leave out the whole story. That quote was from lawsuit they settled, which they means they accepted a certain amount of money. The article also contains a quote from the lawyers that dropped him. They were representing him in a lawsuit against his accountant, which he said was meterious, meaning he has a evidence that proves this man mismanaged his money and/or stole it. If your accountant messes up, you never find out until after the fact. They control your money. That is where he went wrong. Always control your own money. It is okay to employ one to look over financials, but their word is not god and can not be trusted. Accountants are thieves and they can ruin your life without you knowing it. All those taxes and worker's comp taxes, are supposed to be paid and handled by the accountant. The senior partner of my lawfirm, has never wrote out a tax check himself, he just signs it when our accountant sends it. If is wrong he would not know until he sees an IRS notice, which may not happen if the accountant does not show them to him. MTO should have put up all the info. They just want to hate on Dame so they can keep riding camel and bey's DIC!!
Somehow, I just don't feel bad for his arrogant, cocky, ignorant ass.
Karma is a bitch who comes back to bite you in the ass. Look like he's bait!
SUCKA! Now you know what it feels like to be "average" middle class, huh, Dame? Bet you won't have those friends anymore. Maybe people will start snubbing you like you did people.
You all are fools if you beleive that Rachel Roy and Damon Dash are broke, and to all of you sayin that's what he gets, what do you mean?Do you know why him and Jay are no longer partners??Did'nt think so PLEASE get your facts straight. Damon Dash will never be broke he is a very smart man!!! HAPPY FRIDAY!!
I don't feel sorry for him at all. If a person is smart enough and have the resources to make that kind of money, they should be smart enough to never go broke. He need to get back out there and work hard again. When you fall down, you need to get back up because if you don't work for what you want, someone else will get it. The money is still out there legally for him if he want it bad enough.
James 1:9-11 Let the poor brother be glad because God values him. And he will make him great. And let the rich person be glad that he or she will lose everything. He or she will pass away like the wild flowers do. The sun rises and the hot winds dry the wild flowers. They fall and die and lose their beauty. Similarly, while the rich man is busy, he will fall and die like a wild flower.
I CAN'T FEEL TOO BADLY FOR HIM BECAUSE I HAPPEN TO BE BROKE AND HAVE BEEN SO ALL OF MY LIFE AND NO ONE REALLY CARES. BUT I GUESS I FEEL BADLY BECAUSE HE MORE THAN LIKELY HAS A LOT OF STUFF TO PAY FOR. DANG DASH...AT LEAST YOU HAVE YOUR LIFE. "THE CROWN DOES NOT ENDURE TO ALL GENERATIONS" (QUOTED FROM SOMEWHERE IN THE BIBLE)
MSGLEAM,
YOU GOT THAT RIGHT GIRL, DASH HAS NEVER SHOWN A HUMBLE SIDE TO HIMSELF. I PERSONALLY HAVE SEEN HIM AS ALWAYS BEING FLAMBOYANT!
SOME SAY DASH SHOULD ASK JAY FOR A LONE, NOT! DASH WAS BOUGHT OUT BY JAY FOR HIS PART OF ROC A WEAR FOR $20 MILLION.
JAY HAS SOME EXCELLENT ADVISERS. THEY BASICALLY TOLD JAY BUY HIM OUT AND KEEP STEPPING. EVERYONE KNOWS WHO DID ALL THE WORK BETWEEN THEM TWO. MAYBE HE SHOULD ASK ONE OF THOSE GIRLS FROM HIS PREVIOUS VIDEOS OR A PREVIOUS GROUPIE.
Dame Dash is stupid is as stupid does!!! It's funny just last night on BET they were showing the special on the Wu Tang Clan and their manager, Divine, was saying that Dame Dash did some snake stuff getting Ol D' B signed to RocaFella when he just got out of jail. Dame couldn't even be business and call Divine and talk business about it before he did it. Karma is a bitch!!!!
Yeah some celebs are more wealthy on television that in reality. And even if they have money, many of the monies are in the form of advancements and allocated budgets. And remember when you have more money, you spend more money to maintain a certain lifestyle. If money isn't managed wisely, you end up owing and borrowing from Peter to pay Paul.
Regarding Damon Dash, I believe Jay Z's accusations. I believe he's superficial and self-centered. I believe he has delusions of grandeur and is a snake as well. I believe this not only because he insisted on degraded the already-objectified video girls (remember the impromptu champagne showers, anyone?) or because he left his wife (then girlfriend) for Aaliyah BUT because of how he, himself, said he reacted to Aaliyah's macabre misgivings about getting on that plane. "Don't get on it, then!" he said he snapped..just casually said he'd said it that way as if the idea of someone getting on a plane after saying they were afraid to was so idiotic that even in light of what occurred, he couldn't not say it. He's weird and this is his due. I'm sad Rachel's got to go down with him...Her style is great, her designs were great... I hope she does well in her future.
People need to stop letting pride get the best of them. If you KNOW that you are in financial trouble, why don't you just downsize? WTF do 1 family need with 5 and 6 homes or 10 cars anyway? 1300 pairs of shoes!(thats crazy)-ever heard of charity? You have to give in order to continue to get!! Obviously he didn't make wise investment choices with the money from the sales of the businesses! Hell, I personally would NEVER have sold my share of ROCAWEAR! Not something I CREATED! Jigga gonna forever eat off of that!
Give me 20 mil, I'll spend 5 and invest the rest. I would'nt touch the other 15 untill profits from that start rolling in, and I would'nt spend that till it's making money. On 20 mil my house would'nt be over 300,000 with used cars in the driveway, and I would still be byin foodstamps. Get cocky with that bread and you'll be broke. Shoot I'll bankrupt you quick in monopoloy......:P
Never glory in another man's misfortunes.
People need to learn to live under their means and not over them. No matter if you are in enertainment or not. They come for the flashers first.
In this economy, the rich have it worse than the working middle class. I know I'ma get a check every two weeks. They all wheeling and dealing and there is clearly a paper shortage in the US.
@ punchdrunkpretty... I guess damon dash is the only one you saw disrespecting woman in those videos? Jayz did the exact same stuff so please!
Jayz is just as much as a snake as dame is. Just cause hes richer doesnt make him any better. And just like yall said, KARMA IS A BITCH! That goes for Jayz too. His time will come as well. He may not lose his money, but everyones time comes.
Its so funny to me the way some of you "simple" people react to these sittuations. Something bad happens to someone you immediately assume its cause they are a bad person and try to bring them down further...
Then on the other hand if someones doing better (financially ect) you immediately assume they are a better happier person...
Some of yall need to shut up and talk what yall know. Cause I told yall on the last post...
EVERYTHING IS NOT WHAT IT SEEMS! AND ITS THE PEOPLE ON THE TOP THAT ARE USUALLY THE TERRIBLE PEOPLE!
But I guess because they are richer it makes it okay for them to be a "scum bag"?Yall respect them just because they have money right? lol
If yall only knew....
what makes a guy with 20 milllion and property and cars and business ventures go broke. I cant blame the accountant. its his idiotic lifestyle. many black people will go broke just to put on a front of being something they are not, they wont live within their means. I guess Jayz was right seperating himself from dash, he was not a business minded person. the fame got to him.he should sell everything ,payoff his debts and just leave the lifestyle and concentrate on his family, but that girl he got may leave him now lol
Word to the wise watch who you treat like sh!t. Dash has always came off like a spoiled little brat that never got attention until he got some money he tried to hide his insecurities behind it and now he is falling flat on his face. I heard that Jay gave him like 5 mill even after they split. These cats are stupid the minute I made 10 mill 5 of it would be in a off shore account somewere for "rainy day money" these cats got millions of dollars but yet they finance everything. IF YOU CANT OWN IT THEN DONT BUY IT.
YOU ARE RIGHT RASKEL. these idiots dont buy anything because they are always ready to trade it in for something else new. i bet they lease everything. they need to take a business class or something.STOP FRONTING,RAP ISNT WHAT IT USE TO BE. THE INTERNET IS THE FUTURE AND NO ONE KNOWS HOW TO MAKE MONEY OFF IT.
@ ALL OF YOU...
THEY HAVE ALL DISRESPECTED WOMEN!!! DIDDY, JAYZ 50CENT!!! ALL OF THEM ARE ARROGANT AND HAVE DISRESPECTED PEOPLE!
Why are yall acting like Damon is the only person to do these things? Why dont yall talk about Jayz and 50cent when they disrespect woman ect?
Oh, cause they rich right? Do yall realize how IGNAORANT yall are as everday people? This is how/why rich people take advantage of the everyday working man. BECAUSE YOU GUYS ARE ALL DELUSIONAL!!!
They have all been wrong and disrespecfful. But yall give the others a pass because they are rich!!!
Its okay for Jayz to pour champagne on a woman and disrespect them in his music;cause hes Jayz and hes rich?
It was okay for 50cent to disrespect "Rocsi" and Vivica Fox and other women in videos/music... Cause hes 50cent and hes rich?
LISTEN TO YOURSELVES!
This is why our country and government is corrupt. (I hate to make that comparison but its true!)
Yall worship people cause of there wealth; they could piss on jesus christ and it would be okay if there rich. But the moment someone loses everything you people rush to bring them down lower. I guess it makes yall fell better huh?
LISTEN TO YOURSELVES... Your so brainwashed and pathetic. (some of you, there are others who are smart and make more sense and I admire that)
I think alot of yall are confused about what happened between Jay and Dame, I aint gon get into details, but I feel like Jay was the one in the wrong. Yea Jay still making money, BUT what about the other artist on Rocafella??? Memphis Bleek, The Young Gunz, Oschino n Sparks, Freeway, Benie Segal, I could go on. None of these dudes are doing much of anything right now, thanks to the Great Jay-Z. He cant do the job Dame was doing, everybody thinks he was arrogant, yeah, but one hell of a business man. Jay f*cked up all them n*ggas careers, then he couldnt even handle the Def-Jam job!! I wish Dame The best, even tho I kno he aint Broke Broke!!
@I love Camron I agree with you 100% Everytime somebody makes any type of negative comment on this site and MANY MORE, everyone loves to holler so what they rich, they got money, they making dough. etc etc. As if that give you a free pass to do any type of bullshit you want. Rich and powerful people go down on a regular. If this is true about DASH hes just another example.
@ Girlsluvgems...
They dont want me to let it out. It would be a lot of disappointed fans out there. Cause Jayz is the fakest scariest n**** in this buisness. Hes an a** kisser and a d*** rider. Thats how he got to the top. Hes a COMPLETE PHONEY!
But just as I stated before. Thats how you get to the top. But some of these people need to wake up and realize who they are worshipping. Jayz is a snake. Dame is real, he played by all the rules. He got on and put his people on. Jayz is a selfish COWARD who runs away when things get bad and doesnt cant face people hes done wrong.
I wont get into too much detail like the other guy, but let me say this...
JAYS IS JUST LIKE HIS FATHER!!!! HE IS HIS FATHERS SON! HES A COWARD JUST LIKE HIS FATHER HE TALKED SO BAD ABOUT... HE IS JUST LIKE HIM!!!!
Yall can let that marinate...(true story)
Well I know one thing....Wifey is going to be the fcuk out!
That's what the hell he gets for trying to be all hood rich...1300 pairs of shoes??? That's just ignorant....A lot of these clowns in the industry are going to end up the same way because they are too busy flossin' and not smart enough to manage their money.
Artist: Jay-Z f/ Marsha Album: Kingdom Come Song: Lost One
Uh, uh, uh, uh It's not a diss song, it's just a real song Feel me?
I heard [EXPLETIVE] saying they made Hov Made Hov say, "Ok so, make another Hov" [EXPLETIVE] wasn't playing they day role So we parted ways like Ben and J-Lo I shoulda been did it but I been in a daze though I put friends over business end of the day though But when friends, business interests as they go Ain't nothing left to say though I guess we forgot what we came fo' Shoulda stayed in food and beverage Too much flossing Too much Sam Rothstein I ain't a bitch but I gotta divorce them Hov have to get the shallow [EXPLETIVE] up off him And I ain't even want to be famous [EXPLETIVE] is brainless to unnecessarily go through these changes And I ain't even know how it came to this Except that fame is The worst drug known to man It's stronger than, heroin When you could look in the mirror like, "There I am" And still not see, what you've become I know I'm guilty of it too but, not like them You lost one
I saw that BET series on Beanie Sigel's trial in Philly. Dame was acting like an [EXPLETIVE] to all of Beans homies. He even told one of them not to wear his t-shirt(although he had a million of them in that closet). He also told one of them "When you make a million dollars then you can talk to me"... GTFOH Dame you treated other brothas like S-H-I-T... when you were down with the Roc and now you can't anything to anyone and your going broke.
he's been rather very broke for some time now plus it was in this mornings newspaper....must suck to be him right now!!!...That's why when these men in the entertainment biz get to finally be at the top,they need to do their outmost best to stay there..meaning not to live beyond their means by purchasing all these fancy homes,cars,gaudy jewelry etc.,trying to floss, running around making babies with numerous women,make poor business moves among other things!
@Ilovecameron
Yeah...it's alot more to Jay than what's out there...Dame still don't even know why the partnership broke up....and some have reported that when Jay got with Bey..he kinda went soft and crazy...he'd never had a pretty girl really fall for him with his being so ugly...but in any case Dame still should not have mismanged 20 million...I don't care how much of a snake Jay has been
HE'S JUST ANOTHER DUMB BLACK CELEBRITY THAT WASTED HIS MONEY ON FRIVOLOUS DUMB SHYT THAT HE DIDN'T NEED. STUPID IS AS STUPID DOES. PLUS HE WAS PROBABLY TOO LAZY TO KEEP UP WITH HIS OWN BOOKS. BESIDES, TO HELL WITH AN ACCOUNTANT. IM MY OWN DAMN ACCOUNTANT. AND U BEST BELIEVE IF I EVER GET MY HANDS ON THAT MUCH MONEY AINT NOBODY STEALING IT FROM ME. BELIEVE THAT!!
This goes out to all the people that are stating, it is all about (karma.) Meaning, you do people wrong, and wrong will come back at you. WELL if this so called (karma) is a tangible thing, meaning a real thing. Than why is Diddy, not living under an overpass, somewhere in the Bronx. Considering all of the people, he has trampled over. (Think about it.) ALL is random, and ocurances, are all yet as random. The real truth is that, bad things happen to good people everyday. WHILE great things happen to scum, everyday as well. let us get off this (karma) ish people, it doesn't exist. And i sincerely doubt, any of you are Buddhist, or Hindu. I see the brainwashing, is still in full effect ..... (nuff said.) ARTOFWAR.
@ getitright4...
You are 100% RIGHT! (LOL) Camron is very guilty of this as well. And he is the most hated rapper on earth. People always call him out for every little silly thing he says/does.
But the others dont get it as bad, and when you do call them out the same lil silly people on here get mad; call you a hater all cause of that persons money. As if MONEY makes it okay for them to be that way. But someone they THINK doesnt have as much money as say Jayz or 50cent gets ridiculed for doing the same things. So YES, you are right but you have further proved my point.
Simple everyday people WORSHIP WEALTH/FAME cause its what they want, and believe everyone else wants. Whenever someone isnt as wealthy, they dont get respect for doing the same thing and its A FAKE BIAS perpetuated by "silly" people.
All of these celebs are hypocrites and have qualities that arent great. They are human. My point is some shouldnt be treated better or given a "pass" because they are richer. That perpetuates the same corruption that has ruined our government and country. Wrong is WRONG!
And Dame doesnt deserve to lose everything any more than Jayz does. And Jayz is NOT a better person cause hes wealthier. Its NOT always KARMA! We live in a corrupt society where corrupt people are able to manipulate SIMPLE people and become successful.It just so happens, the more corrupt u are the more u have... Why is that?
Its not KARMA causing genocide, aids, poverty, pain ect... ITS CORRUPTION AND MANIPULATION that has caused, started/spread it ALL!
And this corruption proceeds because of IGNORANT EVERYDAY PEOPLE who who accept corruption and dishonesty in there world;simply if it comes from someone who has everything they WISH they have...
Feel me?
@ TROPPER...
What is you point by posting a rap Jayz put out? What does that prove?
DAMON DASH DID HELP MAKE JAYZ! You think Rocafella would have been successful without Damon Dash?
HELLO? The proof is right in your face!!!! ROCAFELLA HAS BEEN A FAILURE since Damon Dash hasnt been apart of it...
"TROPPER" proves my point ladies and gents! Jayz can get on a song, spit a 16 and BRAINWASH THE WORLD all because hes rich!!!
If Jayz only had $100 in his bank account and didnt have a pretty wife; those words would mean NOTHING!!!!
This is NOT KARMA! This is LIFE! Jayz is NOT a great person, neither is 50cent, neither is Diddy! They have all been wrong. ALL OF THE RAPPERS HAVE! They all would deserve the same outcome...
Its obvious to anyone with since Damon Dash very much made Rocafella IT WAS HIS IDEA! Yeah he was cocky, SO WAS JAYZ! Whats your point?
Damon Dash is a bad guy cause hes less rich? If Jayz went broke you would say the same [EXPLETIVE] about him!!! lol
Wow... some of yall really dont realize how brainwashed and silly u are.
(im not trying to sound cocky or arrogant either. But its truth. And NO im not saying this cause I like Camron; cause i sure thats will be your first thought to attack him cause of my SN... But take away your biases and see things for what they are.)
Real men should be able to get past anything. After everything Dame did for Jayz; he shouldnt let him lose everything... Real men should be able to work anything out.
Jaz-o and Dehaven TOLD YALL Jayz was a fake... Yall still dont believe it huh? They all just hating and jealous of him huh?
Jayz the man right? Why?
Oh yeah; causes hes rich. *wink wink* smh
Don't feel bad one bit. With all the money he was making at one point he should've known better to save enough because not many last in his business. There are people barely scraping by on a daily basis and still manage to make it to the next day, he had people waiting on him hand and foot he was too busy living it up instead of making it last.
Fendi Fiend you got a strong point. The same goes for people of color in a general sense. once you've made something of yourself people want to drag you down with their negativity. If you're on the come up and struggling to reach a goal in life there will always be those good-for-nothings wishing bad on you because they know you can go far and they fear being left behind. I say if they didn't help you get where you are when you reach success and have a hand out because it's easier than making an actually effort, F***k all of 'em.
I seriously doubt Dame is broke...He just not collecting them checks like he use to when he and Jay was a union and them business investments he made with Pro-Keds and others was kinda stupid....gotta calm down on the wild spending....Dame was a arrogant dude, but he was the hard hitting force to Roc-A-fella being at the top at one point....Dame still hurt that Jay sh*tted on him...he gotta get over it and move on.....Dude handled business though....
WHAT BURNS ME UP ABOUT THE WHOLE SITUATION IZ REGARDLESS OF WHAT PPL SAY ABOUT DAME DASH HE WAS THERE FROM THE GET WITH JAY-Z AND THEY STARTED BRANCHIN OFF TOGETHER WHEN THEY BROUGHT CHRIS AND NEFF ALONG CAM FREE, ETC ALONG IT WAS STILL THE ROCK THEN WHEN JAY WAS WORTH BILLIONS HE JUST DIPPED SO AS FAR AS DAME TAKIN A CHANCE WITH CAM AND ETC HE TOOK A RISK YEA HE SHOULD OF MANAGED HIS SIDE BETTER BUT A LEAST HE TOOK A RISK, NOW JAY IZ AT THE TOP AND BRUSHED HIS SHOULDERS OFF TO THE PPL THAT WAS THERE WHEN REASONABLE DOUBT CAME OUT... SO WHATS REASONABLE ABOUT LEAVIN YOUR PPLS LIKE HES DROPPED FREE BEANS, PEEDI, CAM, ETC. ROCKA FELLA YEA U MEAN RHIANNA FELLA THATZ ALL IT IZ NOW AND SHE IZ WHITEWASHED NOW, AND TRUST IM FAR FROM A HATER, GET DAT PAPER BUT HEY I FEEL WHEN U LOOK AT IT, ITZ [EXPLETIVE] UP IN A WAY DIG ME
i fuccin hate jays swagger jackin ass tru brooklyn snake ass nicca how do you drain a persons whole sh!t then drop them and leave them to fend for themselves sad sad world but jay working for evil now and when u work for evil evil hold you down he sold his soul. and for those not selling their souls to this is their fate...so sad for dame but thats what u get for being a harlem nicca fuccin wit a BK cat we dont fuccs wit them dame!!!!!! sheesh...its ashame u have to learn the hard way!
A lot of people don't know how to save. I'm working on that myself. They get all this money and let it run through their hands. It's smart to get a financial planner and and trustworthy accountant.
These hip-hop artist come from nothing. To come from nothing to a lot can have an adverse effect on people. They never learned how to manage money and are caught up in the material things of this world with a balance set in place. If you give a man or woman a million dollars whose never had anything before, it most likely isn't gonna work out good. Because their mentality is gonna be of someone who never had anything, who probably only knows to spend, spend, spend. Many of them aren't taught to save for the future, or only live off of 70%-80% of your income.
They also need to surround themselves with good people who know things that they don't. I like Will Smiths analogy that you need to find 5 people who are smarter than you to hang with. You need to surround yourself with good people, read and research information. And like Oprah says, "COUNT YOUR OWN MONEY!"
You have something that many people will never see in a life time. You get on tv and in mags telling people...hey look at me and what I got, im this im that and then your back where u started. I dont feel sorry for people like this. It has nothing to do with hate or envy its just my personal feelings toward this kinds of situations. You rich be humble and dont [EXPLETIVE] it up.....again I DONT FEEL SORRY FOR THIS FOOL.
