News: Mack 10 Hit W/ $229K Court-Ordered Debt Payment, "[It] Includes Interest That's Totally Illegal"
Sunday, Jan 22, 2012 9:46AM
Former Westside Connection member Mack 10 has made headlines this weekend with reports claiming he owes over $229,000 in a creditor debt court case.
According to reports, Mack's hefty sum stems from a loan dating back two years ago.
Rapper Mack 10 has been victimized by the courts ... a judge is requiring him to pay a creditor a debt which includes interest that is totally illegal. Mr. Mack borrowed $35,000 from Tadayuki Ito back on April 24, 2010. Under the terms of the deal, Mack was required to pay Ito $70,000 by August 31, 2010 -- in other words, 100% interest for a 3-month loan. That squarely violates California law, which prohibits "usury" -- i.e., excessive interest on loans. On April 28 -- 4 days after getting the first loan -- Mack borrowed $65,000 from Ito, and agreed to pay back $130,000 by September 30, 2010 -- again, squarely violating the usury law. (TMZ)
Mack was later sued and his decision to become a no-show in court forced a $229,000-plus judgement.
Under California law, a creditor who charges interest that violates the usury law is entitled to NO interest from the debtor. But here's what happened. Ito sued Mack, and Mack did not show up in court. The judge entered a default judgment -- presumably after looking at the 2 contracts -- in the amount of $229,668.86 -- which includes the exorbitant paybacks, as well as additional interest and attorney's fees. It's baffling the judge enforced what is clearly an illegal agreement. (TMZ)
Last spring, the rapper caught heat over $2,165 in unpaid studio time, however, his rep shortly after said all matters were addressed.
A rep for Mack told XXLMag.com that this suit is from a while back and has since been resolved. "Everything has been good with me and Mack 10," plaintiff Rodger Carter said. "Matter of fact, he has been at work in my studio for over a month now. There are no issues between us." (XXL Mag)
Aside from legal woes, Mack opened up about his estranged relationship with Ice Cube in 2010.
"Basically, I didn't do anything to him and he didn't do anything to me," Mack said in an interview. "We had an argument and I guess it was taken the wrong way because his wife was present. If she wasn't there, we would probably still be doing records. His brother-in-law was disrespectful in a certain way. I don't know what kind of dude he is now, but back then he was disrespectful. It was brought to Cube about 3 or 4 times before the bullsh*t happened. If I bring something to you 3 or 4 times and you don't do anything about it - I mean just because a kid is your kid doesn't mean he has the right to go spitting about anybody. The argument and the brother-in-law wasn't worth throwing away The Westside Connection over in my opinion. When I heard the 'kiss the ring' comment I just had to laugh because that's comedy. That's where I'm at with it. I don't know what he's tripping off of." (All Hip Hop)
Check out some recent Mack 10 footage below:
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