Damon Dash Speaks On ‘Reasonable Doubt’ NFT Legal Battle With Former Business Partner Jay-Z: Why Doesn’t He Want Me To Sell My Third?
Old friends and co-founders of Roc-A-Fella . Records Damon Dash and Jay-Z will not break bread soon. In a recent interview with Diversity, Damon Dash talked about his NFT legal dispute with Jay-Z51 years old on rapper’s debut album ‘Can I Live’ Reasonable doubt. Damon Dash, 50 years old, is trying to sell a third of his shares in Roc-A-Fella file through an NFT of Jay-Z’s debut album. NFT is a type of digital asset designed to show that someone has ownership of a unique virtual item. Damon Dash is facing opposition over his NFT plans from Jay-Z’s the legal team is claiming that he has no right to sell.
In June, a Manhattan judge weighed in on the important legal issue and declared,
“Dash can’t sell what he doesn’t own. By attempting such a sale, Dash converted a corporate asset and breached its fiduciary duty.”
However, Damon Dash seemed adamant that a third of the shares were his and that he would sell it soon. In his interview, he said,
“My main question forever was, ‘Why doesn’t he want me to sell the third one?’ Then we looked under the hood, and it was ‘Oh, snap’ – there’s this change in the copyright that we know Roc-A-Fella Records holds. We have never seen any changes on our ledger. When he tried to sell me the company before, I asked him to send me the ledger. No rep through Spotify or any streaming service. So where does the money go now? And who authorized any changes to its copyright? I did not. When they send me a book is when they send me their book offer… I just want some answers to a few questions. I am the owner of Roc-A-Fella Inc. Everyone knows I’m the CEO and Jay is an artist. That is our job. It is a known fact”.
Damon Dash then revealed that Jay-Z and Roc-A-Fella’s third founding member, Biggs Burke, allegedly attempted to meet without him on July 16 to try to change the company’s regulations that the group had initially agreed to.
“They cannot change the laws. That’s another thing we’re arguing about. We also objected to that. It was an unauthorized vote. They are making water for me to sell. It will be [take] time to [prove], but they’re looking to change public perception. My attorney is filing paperwork to ask the court to rule that they must abstain from any meeting or vote until the time when the auction can take place. The real proof is that I will enter the auction and no one will stop me.”
When asked what to do? Roc-A-Fella Inc. claim and what it currently holds in total Damon Dash reply,
“Just ‘Real Doubt’, Jay-Z’s first album. We own the rights and everything related to it. No other intellectual property that I know of. Not publishing. I am selling a third of Roc-A-Fella Inc., which owns ‘Reasonable Doubt’. It is the only property”.
The record executive also shared that Jay-Z had tried to buy my third from him before. However, the famous rapper allegedly demeaned him by giving only 1 million dollars. He added that the fair price for his debut album would be $30 million.
“30 million dollars sounds fair. If you want to do business with Jay-Z, if you want a part of that first album, if you want to be a part of all of that, then the money is worth it. Art is based on processing. This is art. This is not about the ego. This is about art.”
Despite the legal battle he’s going through, Damon Dash still plans to sell a third of its shares through NFT. He say,
“It won’t be a secret. You will see it. This is your warning. Everyone is playing dirty. I don’t know who the double agent is. Pricing starts at $10 million. “
What are your thoughts on what Damon Dash shared? Tell us in the comments below.
https://thejasminebrand.com/2021/07/21/damon-dash-speaks-on-reasonable-doubt-nft-legal-battle-with-former-business-partner-jay-z-why-doesnt-he-want-me-to-sell-my-third/ | Damon Dash Speaks on ‘Reasonable Doubt’ NFT Legal Battle With Former Business Partner Jay-Z: Why Doesn’t He Want Me To Sell My Third?