NARM 2009 State Of The media Industry: Michael Masnick

From Billboard.com

The assets of Death Row Records, said to include master recordings of Tupac Shakur, Snoop Dogg and Dr. Dre, were auctioned yesterday (Jan. 15) for $18 million to Canadian development company WIDEawake Entertainment Group.

Because of the less-than-expected acquisition price, the only creditor likely to capture a return after lawyers and other Chapter 11 administrative fees are paid is the Internal Revenue Service.

That means other creditors, including unsecured ones like co-founder Lydia Harris, will be left out in the cold. Harris isn’t content with the verdict.

“This was all a scam from the beginning,” a disgruntled Harris tells Billboard. “Everyone wanted me to bring judgment down, and so I brought on the case. But now I’m not getting paid because I’m an unsecured creditor? Yet, administrators are getting paid and Suge [Knight]’s bills are still getting paid? If it wasn’t for me no one would be getting money. They made sure it happened this way because I was the biggest creditor. There must be some internal thing going on and I’m obviously not in on it.”

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