Wayne sued by Ronald Sweeney for 20 million and sold his masters

[slayeroo]

https://www.musicbusinessworldwide.c...2/RonWayne.pdf

Somebody who read this? Im trans I cant read this.

Give me a summary plz

[lilwayne-carter]

https://www.musicbusinessworldwide.c...2/RonWayne.pdf

wow

why can't wayne pay anyone what they are owed. and how were cash money so broke in the early 2010s?

[lilweezyfan]

wow

why can't wayne pay anyone what they are owed. and how were cash money so broke in the early 2010s?

They were broke?

[KnockMeOut]

wow

why can't wayne pay anyone what they are owed. and how were cash money so broke in the early 2010s?

Most likely Birdman funnelling money out of the business to himself or something like that.

But yeah wow. This document basically further confirms what everyone says about Mack & Tez

"20. At the time that Lil Wayne hired Plaintiffs as Defendants’ managers andconfidantes, Lil Wayne’s day to day manager was his childhood friend, Cortez Bryant(“Bryant”), who took care of Lil Wayne’s personal needs. Bryant had no business training,knowledge, or experience as a professional manager, and had no experience in the musicindustry in general.

21. Lil Wayne was also being advised by Jermaine A. Preyan p/k/a Mack Maine(“Maine”), who is also a childhood friend of Lil Wayne. Maine was originally an artist signed tothe Young Money Label, but Lil Wayne ultimately made him president of the company.However, like Bryant, he had no prior business or music industry experience or knowledge.22. In fact, after the Young Money Label was activated in 2008, Sweeney was the onewho managed and handled all of the day-to-day business decisions for the company.

23. During Plaintiffs’ tenure with Lil Wayne, they essentially acted as the managers ofthe managers, acting as Lil Wayne’s overall protector, protecting him from his record company,his other managers, and a vast amount of parasites and others who were trying to take advantageof Lil Wayne; in fact, on more than one occasion, Plaintiffs essentially had to protect Lil Waynefrom Lil Wayne, himself.

24. For nearly 14 years, Plaintiffs brought to their personal management relationshipwith Defendants their many years of business and legal acumen, along with their good name andlong standing reputation in the music industry, all without issue. Defendants paid them theagreed upon 10% of their gross earnings as compensation for Plaintiffs’ virtually limitlessmanagement services during that entire time, without complaint.

39. In or about May of 2018, Lil Wayne asked Plaintiffs to terminate Bryant’smanagement services. Bryant’s company, Aspire Music Group, had claimed a share of theunpaid profits from recordings by Drake, and was (and still is) in litigation with Lil Wayne’srecord label, Cash Money, and Universal Music Group, thus creating a serious conflict ofinterest between Bryant and Lil Wayne.

40. Plaintiffs agreed to do so, and subsequently agreed to take over Bryant’s formerduties, in addition to his own management duties, in exchange for an increase in commissionsfrom 10% to 17%, going forward.

41. After Plaintiffs followed Lil Wayne’s instructions and terminated Bryant’smanagement services, Bryant and Maine (both of whom were childhood friends of Lil Wayne,and thus still had considerable (though misguided) influence over Lil Wayne) conspired togetherto drive a wedge between Lil Wayne and Plaintiffs by, among other things, making false andmisleading statements to Lil Wayne about Plaintiffs.

42. Their ultimate goal appeared to be to provoke Lil Wayne to terminate Plaintiffs sothat Bryant could return as Lil Wayne’s personal manager (notwithstanding his clear conflict ofinterest with Lil Wayne and Cash Money), and both he and Maine could then collect forthemselves the management fees that were being paid to Plaintiffs.

43. Bryant and Maine eventually succeeded in their goal, as, on or about September2018, Lil Wayne terminated his relationship with Plaintiffs"

Wayne trusts the wrong people smh

[Mind`]

Most likely Birdman funnelling money out of the business to himself or something like that.

But yeah wow. This document basically further confirms what everyone says about Mack & Tez

"20. At the time that Lil Wayne hired Plaintiffs as Defendants’ managers andconfidantes, Lil Wayne’s day to day manager was his childhood friend, Cortez Bryant(“Bryant”), who took care of Lil Wayne’s personal needs. Bryant had no business training,knowledge, or experience as a professional manager, and had no experience in the musicindustry in general.

21. Lil Wayne was also being advised by Jermaine A. Preyan p/k/a Mack Maine(“Maine”), who is also a childhood friend of Lil Wayne. Maine was originally an artist signed tothe Young Money Label, but Lil Wayne ultimately made him president of the company.However, like Bryant, he had no prior business or music industry experience or knowledge.22. In fact, after the Young Money Label was activated in 2008, Sweeney was the onewho managed and handled all of the day-to-day business decisions for the company.

23. During Plaintiffs’ tenure with Lil Wayne, they essentially acted as the managers ofthe managers, acting as Lil Wayne’s overall protector, protecting him from his record company,his other managers, and a vast amount of parasites and others who were trying to take advantageof Lil Wayne; in fact, on more than one occasion, Plaintiffs essentially had to protect Lil Waynefrom Lil Wayne, himself.

24. For nearly 14 years, Plaintiffs brought to their personal management relationshipwith Defendants their many years of business and legal acumen, along with their good name andlong standing reputation in the music industry, all without issue. Defendants paid them theagreed upon 10% of their gross earnings as compensation for Plaintiffs’ virtually limitlessmanagement services during that entire time, without complaint.

39. In or about May of 2018, Lil Wayne asked Plaintiffs to terminate Bryant’smanagement services. Bryant’s company, Aspire Music Group, had claimed a share of theunpaid profits from recordings by Drake, and was (and still is) in litigation with Lil Wayne’srecord label, Cash Money, and Universal Music Group, thus creating a serious conflict ofinterest between Bryant and Lil Wayne.

40. Plaintiffs agreed to do so, and subsequently agreed to take over Bryant’s formerduties, in addition to his own management duties, in exchange for an increase in commissionsfrom 10% to 17%, going forward.

41. After Plaintiffs followed Lil Wayne’s instructions and terminated Bryant’smanagement services, Bryant and Maine (both of whom were childhood friends of Lil Wayne,and thus still had considerable (though misguided) influence over Lil Wayne) conspired togetherto drive a wedge between Lil Wayne and Plaintiffs by, among other things, making false andmisleading statements to Lil Wayne about Plaintiffs.

42. Their ultimate goal appeared to be to provoke Lil Wayne to terminate Plaintiffs sothat Bryant could return as Lil Wayne’s personal manager (notwithstanding his clear conflict ofinterest with Lil Wayne and Cash Money), and both he and Maine could then collect forthemselves the management fees that were being paid to Plaintiffs.

43. Bryant and Maine eventually succeeded in their goal, as, on or about September2018, Lil Wayne terminated his relationship with Plaintiffs"

Wayne trusts the wrong people smh

It be your own homies WTF. This shit unbelievable. No wonder they let Wayne keep using drugs and these two fkers don't say shit, i bet they want him dead. Wayne just lost soul smh.

[BrewCityCM]

Article also said Lil Wayne is asset rich but liquid broke. Makes sense.

Jay Z paid his taxes, Wayne played at shitty clubs, he didn’t make the Forbes list for 2 years (probably cause of debt), so he had to sell his masters to make some actual cash. Now his lawyers will take some of it and he had to pay for his attorney for the gun case.

and this is 100% Wayne’s fault. You can blame his managers as much as you want to but he didn’t get rid of them

[KnockMeOut]

Article also said Lil Wayne is asset rich but liquid broke. Makes sense.

Jay Z paid his taxes, Wayne played at shitty clubs, he didn’t make the Forbes list for 2 years (probably cause of debt), so he had to sell his masters to make some actual cash. Now his lawyers will take some of it and he had to pay for his attorney for the gun case.

and this is 100% Wayne’s fault. You can blame his managers as much as you want to but he didn’t get rid of them

Was "cash poor" before he got the money from cash money and sold his masters*
Jay-Z "helped" him with his taxes*

[BrewCityCM]

https://www.revolt.tv/platform/amp/n...atalog-masters

he sold the masters for all of Young Money including himself, Drake and Nicki fr $100 million

- - - Updated - - -

Wayne has got to be the most idiotic businessman I’ve ever seen, ppl gotta stop blaming the ppl around him for his dumb ways. Man can come up with a metaphor for anything but can’t handle normal business correct I’m dead

bruh $100m for all of Young Money’s masters

[BrewCityYM]

Man fuck the bullshit

Did he really sale all of they masters for 100 million. Drake alone right now is at least 500 million. Nicki bout like 250-300 million
Tyga 25-50 million lol but still ...

Wtf is wrong with this dude Wayne

[Tha Mobb]

Man fuck the bullshit

Did he really sale all of they masters for 100 million. Drake alone right now is at least 500 million. Nicki bout like 250-300 million
Tyga 25-50 million lol but still ...

Wtf is wrong with this dude Wayne

We don't know the details. It says 100+ million, but idk it's still probably under 200 mill that he sold it. Some saying its only the ym joint albums but no way they're worth 100 lmao

[BrewCityCM]

Think he owned all of his masters (after the Birdman lawsuit), 1/3 of Drake’s masters, and half of Nicki’s and Tyga’s.

Knowing Wayne, he was probably trying to sell them for $50m total but then they offered $100m and he thought he got a good deal

[Shady4Ever]

Yes plus if there ever happens to be a beef between Wayne and Universal, they can stop him from performing those songs. So basically he can only do NC3 then. Universal now owns that music and they decide everything that has to do with it. Look what is going on with Taylor Swift.
Still dont understand why he did that.