Jermaine Dupri's So So Def catalog is reportedly at risk of slipping through his fingers. Music from the label, which recently celebrated its 20th anniversary, could be lost to pay off an outstanding loan.
In 2010 Dupri adjusted the terms on $4.8 million borrowed from SunTrust Bank. According to court papers, he needed the money to cover delinquent taxes, but defaulted on the loan after paying back more than half of the debt. SunTrust filed a $1.9 million lawsuit against the Atlanta native, seeking the balance due plus interest.
So So Def comes into play because Dupri used his copyrights and royalties as collateral to get the loan.
Unfortunately the music executive is no stranger to money troubles, but usually comes out on top. He's avoided foreclosure on his northwest Atlanta home twice, and paid off a $3 million tax lien in February.
If So So Def were to get lost to a bank, an extensive song library is at stake. The imprint was home to the likes of Xscape, Da Brat, Kris Kross, Bow Wow and other major R&B and rap acts.
Dupri's rep did not return our request for comment.
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