Longtime music mogul Jermaine Dupri, the man who helped Atlanta and the South to the forefront in the hip hop and pop music industry, is now reportedly about to lose all his rights to the music label he founded and turned into a music powerhouse in the 1990s, the media has reported.
JD is in jeopardy of losing his rights to the music from his So So Def label after he has repeatedly failed to satisfy the loan massive loan.
Dupri reportedly borrowed $4.8 million from SunTrust Bank back in 2010, tmz.com reports, and he paid more than half of it back. Suddenly, however, the bank stopped getting payments. Therefore So SunTrust is now suing Dupri for nearly $2 million, which is the past due balance plus the interest on the loan.
The man who wrote and produced hits for the likes of Kris Kross, Usher, Mariah Carey, Da Brat and Xcape has an even bigger problem: to procure the loan, Dupri had put up collateral of some of his most prized possessions — mainly the copyrights and royalties to the many songs his label owns. As we’ve seen from examples such as Michael Jackson’s ownership of the Beatles catalog, such ownership is usually very lucrative.
This continues a money-flow problem of the last few years. Dupri satisfied a $3 million tax lien in February and he scarcely staved off foreclosure efforts on his Atlanta mansion twice in the past year.