Camels around the world have their humps in a bunch because their supreme leader Jay-Z has had a minor setback involving a hotel and some cash. No, we aren't talking about his honeymoon (this time). It's been said that Shawn Camel's hotel venture has gone bust and he's on the hook for millions of bushels of hay..
Shawn Carter, the rap music artist and Rocawear clothing business founder known as Jay-Z, sued the investment firm Highland Capital Management LP in a dispute over loan guarantees.
Carter, in his complaint filed yesterday in federal court in New York, claims Highland and co-defendant NexBank SSB are attempting to “bleed” from him funds in excess of those he and two other men pledged to pay when they guaranteed the non- principal obligations of a company planning to build a hotel in Manhattan’s west side neighborhood of Chelsea
he rap star is seeking a declaratory judgment that he has met those obligations. He’s also seeking damages of more than $3.7 million for the additional interest and other costs incurred while still being held liable under the agreements.
“In August 2007, a company controlled by Mr. Carter borrowed $52 million as a loan to purchase Manhattan property for a future boutique hotel,” Nina Devlin, a Highland spokeswoman, said in an e-mailed statement yesterday.
The loan, held by funds managed by Highland, matured in August and is in default, Devlin said.
“Highland Capital Management believes the claims asserted by Mr. Carter are meritless and will vigorously defend itself and intends to pursue the obligations owed to Highland’s investors,” she said.
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