Jay-z has filed a lawsuit in Federal Court New York over claims that Highland Capital Management is attempting to bleed money from the rap star over plans for a hotel which was never built.
The rap star is suing Highland Capital Management over claims that the companies deliberately dragged out negotiations of a $52 Million Dollar loan which cost the rap start $20,000 per day.
Jay-z originally borrowed the sum from Column Financial in 2007, which was supposed to be used to finance his upmarket J Hotel.
Due to the economy, the hotel plans were scrapped, and following the sale of the loan to Highland capital management, the rapper is claiming they deliberately stalled attempts to hand over the deed in lieu of foreclosure.
The filed lawsuit see Jay – z claim that Highland is attempting to ‘bleed’ him of funds above the agreed terms he guaranteed on the non principle obligations of the company building the hotel .
Jay-z is seeking a judgement stating that he has filled his obligations and is furthermore seeking $3.7 Million in damages due to additional interest and costs incurred under the agreement.
“Highland believes the claims asserted by Mr. Carter are meritless, and [the company] will vigorously defend itself and intends to pursue the obligations owed to Highland’s investors by the borrower, Mr. Carter and the other guarantors,” Highland said in a statement.
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