Jermaine Dupri has slammed reports that he’s on the verge of losing the rights to the music from his So So Def label because he’s unable to pay back a loan, RumorFix has learned.
The talk stems from a lawsuit that SunTrust bank filed against the music mogul over a $4.8 million loan he took out back in 2010. The bank acknowledges that JD paid back over half the loan, but claims they are still owed a $2 million balance, plus interest.
JD reportedly put up the copyrights and royalties for the songs in the So So Def catalog as collateral for the loan, but in a blog post on his Global 14 website, the 40-year-old said the whole story is a “complete lie”:
“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**K THAT !!!!”
Reporting by Mara The Hip Hop Socialite