Lil Wayne’s $51 million lawsuit against Cash Money Records and its head Birdman was a shock to many. What we didn’t know is how far the label’s shady dealings with Weezy, his Young Money Entertainment and artist Drake ran.
According to 21-page suit, posted Mark H. Jaffe, the f***ery and betrayal goes deep, as seen in the following points via Reason4Rhymes.com:
1. Lil Wayne’s Young Money Entertainment is technically not owned by Lil Wayne because his “Pa”, Birdman, owns 51% interest in the label while Weezy owns 49%.
2. Cash Money Records failed to provide Weezy and/or Young Money with accounting statements and payments of net profits for years.
3. Since early 2012, Cash Money has failed to provide monthly accounting statements and/or failed to pay Young Money its share of receipts with regard to Drake’s recordings, who is signed to Young Money.
4. Cash Money has failed to provide a single accounting in respect of the exploitation of the Drake recordings, despite Drake being one of the best selling recording artists in recent years.
5. Cash Money has failed to pay Young Money any royalties for recordings owned and commercially exploited by Young Money.
6. Cash Money failed to properly register the copyright in the Young Money Label recordings as jointly owned by Cash Money and Carter/Young Money LLC.
Read more of this story at http://blackamericaweb.com/2015/02/23/lil-waynes-51-million-lawsuit-opens-up-cash-moneys-shady-business/
