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Posts Tagged ‘JAY-Z BROKE?’
DOES JAY-Z NEED TO HOLLA AT WEFIXMONEY.COM?
Call us crazy, but if you’re going to take out a $52 million loan, you better be able to pay it back. We’re looking in your direction, Jay-Z. This whole report is filled with a bunch of business jargon. We can’t understand it very well – if we could we’d be millionaires – so here’s the version we had dumbed down for us: Jay’s company took out a $52 million loan from Highland Capital Management LP in order to fund a hotel that’s to be built in Manhattan. When the loan was signed, both parties agreed to a payment plan. Highland claims that Jay defaulted on the loan. Jay says he didn’t default and filed a complaint last week claiming that Highland is “bleeding” funds from him in excess of what was originally agreed. And on top of that, Jay wants $3.7 million in damages.