Tuesday, March 24, 2009

R&N - 03/24/09 - Damon Dash- No Money, Mo' Problems

I guess the money isn't flowing like it used to Damon Dash.

Roc-A-Fella Records and Rocawear co-founder Damon Dash has received yet another depressing issue... divorce papers from his wife Rachel Roy.

Rachel Roy, a fashion designer, filed for divorce from her husband of four years this month in Manhattan Supreme Court due to "non-monetary relief". The couple met when Roy worked for Rocawear. They got married in Mexico in January 2005 and have two daughters. I'm sure that didn't help his growing list of legal problems.

Dash once estimated his empire at "about $50 million" in New York magazine. These days that $50 million has turn into massive debt, bad business deals, and a waiting list of lawsuits.

Dash, who in 2005 sold his stake in Rocawear to Jay-Z for $20 million, owes $2 million in state taxes, and has two Tribeca condos in foreclosure. A Manhattan judge even ordered the city to seize his luxury Chevrolet Tahoe SUV last year when he couldn't make the $714.99 monthly payment. He's also being sued by law firms and landlords for not paying his bills.

"He's broke, he's got nothing left," a source said.

1 comment:

Anonymous said...

LMAO... That was a good title for that article