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Wednesday, December 27, 2017

Birdman Hit With $12 Million Foreclosure Lawsuit

Posted by Unknown on 2:36 PM

Birdman’s legal troubles continue to mount as the Cash Money boss faces a $12 million foreclosure lawsuit in Miami.

The complaint, which also includes CM Spirits LLC and Criteria Operations LLC, was brought on by Ellington Management Group Transfer Agent on Nov. 30, according to The South Florida Business Journal. It targets Baby’s 19,970-square-foot Miami Beach mansion and a 26,040-square foot North Miami office building, which houses Baby’s Hit Factory Criteria Recording Studios.

Chemtov Mortgage Group Corp. initiated the $12 million mortgage back in 2015 with a “full guarantee of $12 million against Williams and a limited guaranty of $3 million with Criteria Operations,” according to the report. The loan has since been signed over to others, most recently to EMG. But financial woes appear to have fallen on Birdman and his companies, which allegedly defaulted on the mortgage in February of this year. Now, they allegedly owe $12 million in principal, plus interest.

The No. 1 Stunna has been trying to sell the lavish mansion, which he acquired in 2012 for $14.5 million, since June. He first listed it for sale at $20 million, but the asking price has since gone down to $16.9 million. Also in 2012, Birdman’s companies acquired the office building in question for $1.7 million.

Recently, Rick Ross used this as ammo in his ongoing feud with the Cash Money boss. “You ain’t have no money in six-seven years, ni**a,” said Rozay. “You should have came and borrowed some from Rozay. Now you want to fuck that old lady life up too. You probably borrowing some money from her. I might go buy that house on the water. Just to keep my boat at it. I won’t even stay there, that shit is too small.”

This is one of several legal issues for the Big Tymer. His Cash Money imprint is also being sued by Lil Wayne for $51 million and earlier this year, Jas Prince sued the label over Drake’s earnings. Last year, Cash Money was sued over uncleared samples and ordered to pay Jay Sean $1.1 million in royalties in a separate case.


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