(FreshAsFrankie) According to a report by The Blast, Wayne, born Dwayne Carter Jr., is demanding that his Young Money Records label either be handled properly or shut down.
The rapper has allegedly filed legal documents asking a judge to “appoint a receiver to supervise the operations of Young Money Label joint venture or order the termination of Young Money Label joint venture and appoint a liquidator.”
Birdman, real name Bryan Williams, has responded to the filing. He says Wayne is still under contract. Therefore, he has no right to shut the label down.
This latest development stems from Wayne’s complaint that he’s been stiffed out of millions of dollars by Young Money’s parent company, Cash Money Records, which is co-owned by brothers Birdman and Ronald “Slim” Williams.
In January of 2015, Wayne filed a $51 million breach-of-contract lawsuit against Cash Money.
The “She Will” hitmaker claims he was supposed to get an $8 million advance when he began recording “Tha Carter V” in December of 2013 and another $2 million when it was completed a year later.
According to Wayne, he never received a dime of the money. “Tha Carter V” has languished ever since, with no release date in sight.
The joint venture between Young Money and Cash Money was launched in 2003. Under the agreement, Wayne owns 49 percent of the company. Cash Money owns the remaining (majority) 51 percent.
DeRon Beasley is the founder and Editor-in-Chief of FreshAsFrankie.com. After starting out as a musician-producer he went on to study the music business and work in Urban Promotions, followed by artist management. Mr. Beasley entrepreneurial spirit has led him to launch numerous businesses in music and fashion marketing. He’s a huge fan of the ’80s and ’90s Hip Hop and R&B, and he’s a firm believer that Hip Hop Music will never die.