Jermaine Dupri In Danger Of Losing So So Def’s Music
Style Magazine Newswire | 5/31/2013, 4:28 p.m. | Updated on 5/31/2013, 4:28 p.m.
Money is most definitely a thing when it comes to Jermaine Dupri‘s bank account. the music producer and record label executive is in danger of losing the rights to the music and publishing of So So Def Records due to not finishing paying off a loan.
Jermaine Dupri borrowed a massive sum from SunTrust Bank in 2010. The loan was for $4.8 million. Dupri was paying the loan off and even paid more than half of it, but has stopped making payments. Now that Dupri hasn’t been paying off his loan, SunTrust Bank wants their money and is suing to get it. The bank is suing Dupri for $2 million which is the balance he still owes plus interest. The rights to the music of So So Def Records, which includes music by artists like Xscape, Kris Kross, Bow Wow, and Da Brat, comes into play because Dupri put the rights to the songs and publishing up as collateral in order to secure the loan.
Despite numerous warnings and notifications, Jermaine Dupri still hasn’t paid the $2 million loan back. Hopefully, he can pay this debt off like he did the $3 million tax lien back in February. Jermaine Dupri also stopped the bank from foreclosing on his Atlanta mansion twice in the past.
As of now, Jermaine Dupri hasn’t made any comments about his financial situation.