10 Facts from the Lil Wayne v Cash Money complaint

1. Lil Wayne signed to Cash Money in 1998
2. Including the Carter V Wayne still has three albums left on his current contract
3. Lil Wayne receives one/third of Drake’s net profits
4. Cash Money has failed to pay Lil Wayne a negotiated $8M advance on royalties per album
5. Cash Money has failed to maintain in escrow $1M for Young Money overhead costs
6. Lil Wayne owns a minority stake in Young Money (49%)
7. Cash Money has failed to account for millions of dollars in marketing fees for Young Money
8. Lil Wayne alleges $25M in damages for anticipatory breach
9. Drake and Nicki are the only artists signed to Young Money (speculative)
10. Cash money has refused to be audited by Young Money (industry standard is once per year)

In reading the complaint, a lot of the contract terms don’t make sense because they are conflicting. In most cases they will default to industry standards and if that is the case, Wayne will be the one holding the bag. View the full complaint here.

Comments

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s