EXCLUSIVE: Jay-Z After Almost $400K In Missing Food Money From M.I.A
(AllHipHop News) Jay-Z's lawyers have been working overtime to defend the rap mogul's lucrative empire.
This week, Jay-Z's lawyers are trying to settle a dispute with a food vendor management and beverage concession business he claims cheated him out of royalties derived by the Made In America Festival
Roc Nation partnered with a Texas-based company called Spectrum Catering, Concessions And Events, which was granted the exclusive rights to manage the food and beverage operations for the M.I.A Festival in 2017 and 2018.
Jay's lawyers claim they caught Spectrum fudging the books by adding numerous unauthorized deductions of expenses, credit card fees, and taxes from Roc Nation’s share of the commissions on the food and drinks sold at the M.I.A Festival.
Roc Nation isn't talking peanuts either.
Spectrum was supposed to give Jay's company 60% of the gross sales from liquor, 42% of the money earned on non-alcoholic beverages, and all of the money made from the food trucks at M.I.A.
Earlier this week, Jay-Z's lawyers moved one step close to ending the "beef" with Spectrum.
"The parties' settlement discussions in this matter have become productive enough to warrant mediation," lawyers for Jay-Z's Roc Nation confirmed. "The parties are currently seeking to schedule a private mediation in a good-faith effort to resolve the parties' dispute."
In total, Roc Nation's accountants say Spectrum owes no less than $367,844.09 plus applicable interest, costs, and fees.