By: Taren Vaughan
Jermaine Dupri losing rights to So So Def music over loan debt? As head honcho of So So Def, Jermaine Dupri has brought us a number of talented artists, some which include R&B girl group Xscape, Jagged Edge, rappers Bow Wow and Da Brat and 90’s rap group Kris Kross, many still mourning the tragic passing of one half of the group Chris Kelly. And though JD has had his string of success as CEO of the record label, it is being reported that he is on the verge of losing his rights to the label’s music over a bank loan that he took out with SunTrust Bank in 2010. Numerous media outlets are reporting that JD borrowed $4.8 mil from the bank and that though he managed to pay more than half of the money he borrowed back, the bank claims that Jermaine stopped paying them and are now looking to sue him for close to $2 million, remaining balance and interest included. In addition to him getting sued by SunTrust, it is also being said that in order to ensure that he got the loan, JD used copyrights and royalties to the songs his label owns from some of its artists, including Xscape, Bow Wow and Da Brat, to do so.
Clearly Jermaine Dupri was not amused by the story. And being the very vocal person that he is, JD wasted no time addressing the rumor about him being on the verge of losing his rights to the music that So So Def owns as he took to his website Global 14 and let his supporters and everyone else out there know what the real deal was.
Jermaine Dupri writes:
“SO I WAKE UP THIS AFTERNOON WITH TWEETS FROM PEOPLE ASKING ME IF IM OK,JD WHATS GOING ECT….I HAVE NO IDEA WHY IM BEING ASKED THESE QUESTIONS, BUT BEING THE HEAVY SOCIAL MEDIA PERSON THAT I AM, I KNEW SOMETHING CRAZY HAD TO BE ON THE INTERNET,SURE ENOUGH I LOOK AND @VLADTV IS POSTING THIS LIKE CRAZY,IF YOU’RE A FOLLOWER OF WHAT I DO HERE AT GLOBAL14, YOU KNOW THAT GOSSIP,RUMORS AND ALL THAT BULL SH*T WE DONT DO,BUT!!!! ONE OF THE REASONS I DID CREATE GLOBAL14 IS TO MAKE SURE ,THAT WHEN SOMETHING HAPPENS WITH ME, THAT IS WORTH KNOWING, THIS IS WHERE YOU GET THE REAL .WITH THAT BEING SAID SUNTRUST BANK IS FULL OF SH*T !!! AND THIS STORY IS A COMPLETE LIE,ON THE COCKYSIDE 1.9 MILLION FOR ALL MY MUSIC, GTFOH!!!! LOL,I HATE THAT I HAVE TO ADDRESS THIS, BUT I WAS ALWAYS TOLD “ONE CAN ROB YOU OF ALL YOUR MONEY AND THEY GET AWAY WITH NOTHING BUT WHEN THEY ROB YOU OF YOUR NAME THEY HAVE TAKEN IT ALL” F*CK THAT !!!!”