I am not selling the entire Reasonable Doubt album as an NFT, I am selling my one-third share which I own through my one-third ownership of Roc a Fella Records.
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You can read Damon Dash’s statement in full below: He also explains that a deal with a potential buyer would see said buyer obtain Dash’s share of Roc-A-Fella Records only, and that “Jay Z will have exclusive administration rights”.ĭash states that this was done “to avoid a buyer from interfering with Jay Z exploitation of the rights”. He calls the Roc-A-Fella lawsuit “meritless” and seeks to clarify that he is not selling the entire album as an NFT, but rather a “one-third share which I own through my one-third ownership of Roc A Fella Records”.ĭash argues that “there is nothing in our agreement between us that prohibits me or Jay Z from selling our share of Roc A Fella Records, Inc., the company which owns Reasonable Doubt“.įurthermore, Dash asserts that that “t his type of transaction takes place every day”.ĭash claims that Jay Z even tried to buy his one-third share in Roc-A-Fella in March this year, but that Dash turned down the offer. Yet in an exclusive statement provided to MBW, Dash has fired back. “There is nothing in our agreement between us that prohibits me or Jay Z from selling our share of Roc A Fella Records, Inc., the company which owns Reasonable Doubt“. Inc seeks to “enjoin” dash from “selling any interest in Reasonable Doubt” and to be awarded damages “in an amount to be determined at trial”. It goes on to accuse Dash of the “brazen theft of RAF, Inc.’s most prized asset”. The wording of the claim, which you can read in full here, then gets more serious, stating that Dash’s “planned auction of Reasonable Doubt would result in irreparable harm”. By attempting such a sale, Dash has converted a corporate asset and has breached his fiduciary duties”.
It adds: “The bottom line is simple: Dash can’t sell what he doesn’t own. The lawsuit claims that Dash’s “status a minority shareholder in RAF, Inc., gives him no right to sell a company asset” (i.e the copyright to Reasonable Doubt).” The sale of this irreplaceable asset must be stopped before it is too late, and Dash must be held accountable for his theft.”Īccording to the claim, RAF, Inc, which was incorporated in New York on January 8, 1996, “owns the copyright and all rights, title, and interests to and in Reasonable Doubt, including, without limitation, right to sell, record, reproduce, broadcast, transmit, exhibit, distribute, advertise, and exploit the album”.Īs explained in the legal document, Jay-Z (Shawn Carter), Dash and fellow Roc-A-Fella co-founder Kareem ‘Biggs’ Burke each own one-third of RAF Inc. But Dash does not even own Reasonable Doubt or its copyright and, therefore, has no right to sell the album or any rights to it. It adds: “It’s not a matter of if, only when. The claim, which only names Roc-A-Fella (RAF Inc) and Dash as plaintiff and defendant respectively, states that the auction was cancelled, and that Dash “is currently frantically scouting for another venue to make the sale”. Roc-A-Fella Records, the label Shawn Carter co-founded in 1994, is suing a fellow co-founder, Damon Dash, for allegedly planning to sell a share of Jay-Z’s debut album Reasonable Doubt as an NFT.Īccording to the lawsuit, filed in New York on Friday (June 18), and first reported by TMZ, Dash was planning to work with NFT platform SuperFarm to host an online auction on Wednesday (June 23) for the copyright to Reasonable Doubt. Jay-Z has been making NFT-related headlines again this week, but for different reasons. In the past three months alone, we’ve seen NFT platforms such as Ditto’s Opulous and Jay-Z-backed Bitski raise multi-million dollar funding rounds.
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