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Death Row Bankruptcy Continues, Judge Sets A Date For Claims

sugeknight

A Los Angeles

bankruptcy judge has set a deadline for parties to file claims against Death Row

Records and Marion "Suge" Knight as part of a Chapter 11 restructuring

of the legendary West coast label.Death

Row Records and Knight filed for Chapter 11 of the U.S. Bankruptcy Code in April

of 2006, listing debts of $137.4 million and $4.4 million in assets.Those

filing claims must file with the bankruptcy court presiding over the case must

file by Oct. 31 or risk being barred from asserting claims against Death Row Records

or Suge Knight. "We

believe that it is vital that all parties asserting claims come forward and assert

them in a timely manner so that Death Row can come out of Chapter 11 quickly,"

said Todd Neilson, the Death Row chapter 11 trustee.In

March of 2005, Knight was ordered to pay over $100 million to Lydia Harris, who

claims her husband, incarcerated drug kingpin Michael "Harry-O" Harris,

provided $1.5 million in start-up money for Death Row in return for a 50% stake

in the label.Knight

missed several court dates in regards to the Harris’ ownership claims, resulting

in a default judgment. He

filed for Chapter 11 bankruptcy protection, which allows a company to continue

business operations while restructuring. Death Row is currently being operated

by Neilson during the bankruptcy proceedings, while Knight oversees his bankruptcy

estate as a debtor in possession. Among

those listed as unsecured creditors to Death Row include the Harris’, the Internal

Revenue Service ($6,900,000), Koch Records ($3,400,000), Interscope Records ($2,500,000)

and others.Page

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