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Jay-Z has filed a legal notice to acquire the master recording of his debut album, Reasonable Doubt by 2031. Roc-A-Fella Records is an American hip-hop record label started by Jay-Z, Damon Dash, and Kareem "Biggs" Burke in 1994. The Brooklyn rapper released his first-ever album Reasonable Doubt through Roc-A-Fella - one of the only substantial assets of the label before it was dissolutioned in 2013.
The rapper recently filed a legal notice against Roc-A-Fella reverting to the agreement which stated that the rights of Reasonable Doubt be returned to him by 2031 - 35 years after the album's release.
While this is good news for Jay-Z, it spells disaster for Damon Dash whose $1.2 million Roc-A-Fella shares are soon to be auctioned off. If Jay-Z acquires ownership of Reasonable Doubt's master recordings in 2031, it will give the soon-to-be owner exactly seven years to enjoy the revenue coming from Roc-A-Fella's most valuable asset.
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According to a report by All Hip Hop, Jay-Z has been accused of sabotaging rapper Damon Dash's auction sale of Roc-A-Fella Records due to the statements he reportedly made to reduce the impact of the auction and bring down the price of Damon Dash's stakes.
Jay-Z accused of deliberately trying to bring down the auction price of Damon Dash's Roc-A-Fella shares
The City of New York, represented by the NYC Department of Social Services (NYCDSS) has requested a stay order for the auction sale of Damon Dash's one-third stake in Rock-A-Fella Records due to the alleged comments recently made by Jay-Z.
Submitted to United States Magistrate Judge Robert W. Lehrburger, the allegations state that the Brooklyn rapper made remarks to devalue the recording label's stocks and deter potential bidders.
The allegations also state that the rapper's notice to demand ownership of Reasonable Doubt's master recordings is false, as explained by Gerald E. Singleton, the attorney representing the City in a letter to the Judge.
“JAY-Z has issued widely publicized statements warning potential bidders that copyright ownership will revert back to him in 2031. Those statements are false and extremely damaging to the City’s interests in ensuring that the auction will generate sufficient funds to satisfy all existing child support arrearages and secure future child support payments,” wrote Singleton in the letter.
According to the attorney, Reasonable Doubt was deemed as a "work made for hire," as allegedly stated in the agreement between the Brooklyn rapper and the recording label. This grants RAF the ownership of the album till 2098.
Additionally, RAF's lawyers have been accused of not providing important royalty information about their assets - information critical for potential bidders to judge the value of the stocks.
Damon Dash lambasted Jay-Z over the Roc-A-Fella fiasco in recent Instagram post
Damon Dash recently lost a legal battle with film producer Josh Webber over the film Dear Frank and was asked by the court to pay $823,000 as settlement. Therefore, the rapper is trying to auction off his stake in Roc-A-Fella to be able to pay that amount.
In a September 23 Instagram post, Dash attacked the Brooklyn rapper and his claims, accusing him of ruining the auction and causing him monetary loss. He wrote:
"The State of NY has stepped in and filed the following to the courts…Jay-Z’s statements to the press have poisoned the environment for the auction. He has claimed that he has a termination right under the Copyright Act and that the rights to Reasonable Doubt will revert to him in six years. In fact, he has no such termination right and RAF is entitled to the renewal term, which is now 67 years,meaning it will own the copyright rights until the year 2098."
Damon Dash continued:
"In other words, the highest possible auction price could be more than ten times higher than is likely now, given Jay-Z’s and RAF actions. RAF is complicit by its inaction in pushing back against such false statements."
The auction was originally set to happen on August 29 with a starting price of $1.2 million and a $240,000 security deposit. However, Judge Lehbruger granted the request to extend the timeline so that the highest possible amount could be obtained.
If the proceeds from the auction exceed $10 million, most of the money will go to the state of New York to settle Damon Dash's $8 million tax bills and other payments.
