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Dame Dash’s Roc-A-Fella share is no longer up for sale. As previously reported by AFROTECH™, Dame Dash was hit with an $800,000 judgment stemming from a copyright infringement and defamation lawsuit. Soon after, it was announced that his Roc-A-Fella share, valued at $1.2 million, would be put up for auction to cover his debt. The auction generated buzz as the share included partial ownership of Jay-Z’s debut album, “Reasonable Doubt,” and its associated songs. “Based on feedback I have received from interested parties (and I can’t mention names), this auction will likely bring out many household names in the sports and entertainment industries as well as those interested in a piece of a historically significant company, which holds an interest in a timeless debut album,” Dame Dash’s attorney Natraj Bhushan explained to Billboard at the time. The auction attracted attention from artists, including Drake and, unsurprisingly, Jay-Z, who allegedly made public claims that he would obtain...
Restaurants and pop culture have a special relationship with Red Lobster. From the mention of its signature biscuits in songs to being one of the go-to spots for family and friends, Red Lobster has decades of impressions among millions of consumers. Now, the fast-casual restaurant has a new CEO at its helm, 35-year-old Damola Adamolekun. Adamolekun is a Nigerian native who now leads Red Lobster after a successful stint as the top executive and first Black CEO of the Asian-fusion restaurant P.F. Chang’s. According to the National Restaurant Association, Adamolekun helped generate an estimated $1 billion in revenue for the chain. This level of expertise is part of the reason the former Goldman Sachs investment banker was hired to help Red Lobster overcome its looming business performance problems. In May 2024, the seafood chain filed for bankruptcy. CNN noted that years of mismanagement, inflation, and competition led to more than $1 billion in debt and less than $30 million in cash...
Direct payouts from the Biden administration will be allocated to Black farmers who have faced discrimination. ABC News reports Black farmers acknowledge that they have been discriminated against by the U.S. Department of Agriculture (USDA) when it comes to loans. The outlet notes many had been denied loans or received loans that were less than their white counterparts. Some that did receive loans had even reported having their property foreclosed on sooner than was typical when they experienced issues paying. Denial was the case for Wardell Carter, whose family has owned 85 acres of land in Mississippi since 1939. Yet despite their longevity, they have never been able to access a loan application. Instead, they were greeted by USDA loan officers with a slammed door, and if they persisted they were faced with the reality of having a cop called to their home, he says. Due to these challenges, it prevented the family from purchasing a tractor for years. So, they had to rely on a horse...
Fantasia Barrino had to answer to Uncle Sam and almost lost her home in the process. As AFROTECH™ previously reported, the singer had vocalized her financial troubles that followed her “America Idol” win in 2004. She was sued by her father two years later and had difficulties with money management and understanding contracts. “It wasn’t easy,” she told PEOPLE. “I lost a lot. I lost everything.” Barrino’s circumstances almost even cost her the mansion she had been living in with her family in North Carolina, according to Forbes. She was served by the court for the first time due to owing $1 million in taxes, and her home could have been put up for auction as a result. “I had a bunch of people on my team who said ‘hey we’re handling all the business,'” she shared during ForbesBLK Summit 2024. “I look up and I owe a million dollars in taxes. So, because of that my lawyer didn’t show up to court, and then they put my house up for auction.” She continued, “I get a knock at the door, and...
Certain artists produce music that serves as markers in time and culture. Artists like Whitney Houston, Michael Jackson, Jay-Z, and many others have hits that will take people to a specific memory and help define moments. Although his actions may sometimes overshadow his music, Kanye West can be added to that list of artists. West is a Chicago native that entered the music scene, writing and producing music for major artists. He would go on to establish a solo career that had mainstream success with songs like “Flashing Lights,” “Gold Digger,” and “Good Life.” Throughout his career, the 45-year-old has earned several Grammy Awards with four Billboard number-one hits and 20 top-ten hits on the charts. And this success was based on a formula West had in mind for changing the hip-hop landscape. His creativity was beyond limits, even from the start of his career. “Pop music has a lot of instrumentation, and I brought that to hip-hop,” West explained in a 2004 Complex interview. “I want...
Comedian Earthquake fell on hard times while living right beside one of Hollywood’s highest-paid Black actors, Jamie Foxx. The comedian explains that while he was a neighbor to the renowned entertainer, who has an estimated $170 million net worth, he had somehow acquired $3 million in debt. For Earthquake, it’s a difference between “being broke” and “being in debt.” He further explained during an appearance on “Club Shay Shay,” the podcast led by former NFL superstar Shannon Sharpe.
The art of the side hustle is working out in a huge way for this couple. According to Good Morning America (GMA), Anthony and Jhanilka Hartzog managed to pay off $114,151 over the span of two years thanks to those extra streams of income. They set a goal in 2017 with a plan to pay off their debt in whole by Jhanilka’s 30th birthday and the couple delivered.
Have your finances been rocked by the coronavirus? Your credit card issuer might be willing to offer a helping hand, but you’ll likely have to ask for it. As America and the rest of the world wrestle with the COVID-19 pandemic, more daily lives are being upended. Lockdowns, self-quarantines and other drastic measures to stop the spread of the virus are becoming more common here in the U.S., leading to missed paychecks and unpaid time off from work and other hardships. For many Americans, whose financial margin for error is tiny even in the best of economic times, these disruptions can be a really big deal. They can make it hard to pay your mortgage, car loan or credit card bill, for example. The good news is that these disruptions will likely only be temporary, but that doesn’t make things any easier in the short term. Fortunately, you can take steps right now to help your situation: the simplest step is to call your credit card issuer and ask for help. Many credit card issuers have...
The college student loan debt crisis is a serious issue America has been faced with for decades. Americans owe over $1.64 trillion in student loan debt as we’re burdened with the cost of higher education more than ever in 2020. While politicians like Bernie Sanders and Elizabeth Warren have made proposals for free college tuition and forgiveness for the current student loan debt, others are making their own strides to eliminate debt for current college students. Clark Atlanta University alum and female entrepreneurs, Pinky Cole and Stacey Lee have made an effort to put a dent in the student loan debt crisis by helping clear balances for 30 fellow CAU college students. The 30 Clark Atlanta University seniors were surprised with a special gift from these businesswomen as they were originally led to believe they were simply meeting the two alumni. Little did they know these dynamic entrepreneurs were going to give them a clean slate after college by completely wiping their debt. “We...
Let’s be real — some of us might not have made as much financial progress as we would have liked in 2019. Thankfully, it’s a new year, and we have another chance to do better. CompareCards commissioned a survey of almost 800 credit cardholders and found that nearly 1 in 5 cardholders with credit card debt didn’t make any progress towards paying off their debt last year. On top of that, 35 percent of cardholders entered 2020 with more credit card debt than they had in the beginning of 2019. In this article: Key findings Many cardholders started the new year with card debt Nearly 1 in 5 indebted cardholders didn’t make any payoff progress in 2019 The credit card debt gender gap continues How to prioritize paying off credit card debt in 2020 The bottom line Key findings Nearly 1 in 5 cardholders with credit card debt didn’t make any payoff progress this year. 35 percent of cardholders have more credit card debt now than they did on Jan. 1, 2019. On the other hand, 34 percent now have...
Unfortunately, Social Security payments can be garnished if you default on federal student loans , as many retired borrowers find out the hard way. Called an offset, more people than ever are losing out on Social Security benefits due to federal student loan debt. However, there are limits to how much can be garnished for student loans, though these limits don’t go far enough. If you’ve defaulted on your student loan debt, here’s what you need to know about student loans and Social Security benefits, as well as your options for student loan forgiveness at age 65 and above. Can student loan debt threaten your Social Security payments? What’s the Social Security garnishment limit? How many Americans had their Social Security payments garnished? What can people do to save their Social Security payments? What can you do to avoid student loan default? Student loans and Social Security payments: The bottom line Can student loan debt threaten your Social Security payments? Yes — and the...
When your business needs funding, it might be necessary to apply for a loan or other type of financing. But debt has a downside. Once you borrow, getting out of business loan debt could slow growth or prevent you from borrowing again in the future. “Debt can be an integral component to scaling your business, but it’s absolutely critical it’s used for the right reasons and in the right proportions,” said Mike Hennessy, founder of Harbor Crest Wealth Advisors. We’ll help you understand how to responsibly use and repay financing so you can get your business out of debt. How to get out of business debt Reduce your recurring expenses. Look for opportunities to refinance. Increase revenue. How debt can help or hurt your business Preventing a cycle of business loan debt How to get out of business debt Here are a few strategies to follow to get out of — and stay out of — business debt. Reduce your recurring expenses. You may be only spending on necessities if you have small business debt,...