A New York judge on Tuesday (August 27) postponed the auction of Dame Dash’s stake in Roc-A-Fella Records. The auction was originally scheduled to take place on Thursday (August 29).
Dash owes funds to multiple parties, who are asking for more time to conduct the auction. Judge Robert Lehbruger granted the request, according to court documents obtained by AllHipHop. The judge extended the deadline to September 21.
The Roc-A-Fella auction stems from a lawsuit Dash lost to director Josh Webber. Dash owes Weber more than $800,000. The City of New York, the New York State Department of Taxation and Finance, and photographer Monique Bunn joined Webber in pursuing Dash for debt collection.
On Monday (August 26), Weber, his attorney Christopher Brown and other parties reached an agreement on the distribution of funds for Dash’s Roc-A-Fella shares. They also set a new minimum bid of $3 million.
“All of Plaintiff’s expenses related to the auction will be deducted first and reimbursed first, including all rescheduling fees… Previous expenses associated with the auction are expected to be $15,000.00,” the agreement reads. “The U.S. Marshal’s commission will also be on top of the list.”
It continued, “New York City will receive first place an estimated $193, or $877.57. New York State will receive second place back taxes of $1,702,626.34; Webb and Muddy Waters will receive second place judgment plus interest of approximately $823,000 Third; Intervenor Brown will receive approximately $70,000 plus interest on the fourth position; Intervenor Bunn will receive $12,000.00 plus interest on the fifth position; New York State will receive what is owed by Damon Dash, who ranked sixth The total tax bill is approximately $7 million.
Dash will collect the remaining funds from the auction after paying back taxes and interest. Billboard first reported the delay in the auction and the increase in the minimum bid.
