Jay-Z Legal Team Files Notice To Claim Ownership of ‘Reasonable Doubt’ in 2031
The legal moves comes after news of Dame Dash’s one-third sake in Roc-A-Fella Records is set to be auctioned later this month.
Words by FP Team
WRISTCHECK
Jay-Z is making headlines with the announcement that he will be regaining ownership of the master recordings of his debut album, Reasonable Doubt, in 2031. According to TMZ, Jay-Z's legal team has officially filed a notice stating that the rights to the 1996 record will be returned to the artist in 2031. This move is part of a stipulation confirming that the master recordings of Reasonable Doubt will revert to Jay-Z 35 years after the album's initial release.
While this development signals a positive turn of events for the artist himself, it raises concerns for the potential buyer of Damon Dash's 1.2 million USD Roc-A-Fella shares. The upcoming auction, will see the label's only significant asset, Jay-Z's iconic 1996 album "Reasonable Doubt", up for grabs. The new owner of the shares will have the opportunity to enjoy a portion of the album's revenue for approximately seven years before the rights are returned to Jay-Z.
Damon Dash's 33.3 percent stake in the record label is set to be auctioned off in New York City on August 29, with the proceeds intended to settle the $823,000 debt he owes to movie producer Josh Weber due to copyright infringement and defamation related to the 2016 film Dear Frank.
Earlier this year, despite objections from JAY-Z and fellow Roc-A-Fella co-founder Kareem “Biggs” Burke, a judge ruled that Dash's one-third ownership in Roc-A-Fella could be seized to cover the outstanding debt, which is considered his personal property. This decision came after disagreements over company bylaws that require the board of directors' approval for the sale of any stakes in the label.
The judge criticized JAY-Z and Biggs for implementing a no-sell-off clause during a board meeting that Dash did not attend or vote on. The court ordered Roc-A-Fella to hand over Dash’s stock certificate to the U.S. Marshals Service for auction within 180 days. Concerns were raised by JAY-Z and Biggs about the outside acquisition of Roc-A-Fella's intellectual rights, but the judge stated that they could participate in the auction and place a bid to address this issue.
The minimum bid for Dash’s shares is set at $1.2 million, a sum that would cover his significant debt. It remains uncertain whether JAY-Z and Biggs will take part in the upcoming auction. With the expiration of the rights set for 2031, potential bidders may need to factor in the limited shelf life of the revenue from "Reasonable Doubt" in their bidding decisions.
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Aug 13, 2024 – Updated Aug 15, 2024
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