Cash Money Records boss Birdman is ready to go all the way into Lloyd’s of London’s pockets. The music executive has reportedly sought out legal action against the well-known insurance market.
According to a The Blast report, Baby believes Lloyd’s failed to cover damages of his now-infamous Miami mansion related to a September 2017 hurricane.
According to a lawsuit obtained by The Blast, the music mogul claims his home sustained wind and water damage as a result of Hurricane Irma on September 10, 2017. He believes the damages are covered by his insurance policy with Lloyd’s. Birdman says he requested a copy of his policy from the insurance company in October 2017, but they have failed to hand it over. The rapper claims Lloyd’s “failed and underpaid benefits necessary to repair” the home. (The Blast)
In late December, a report emerged about Baby getting hit with a foreclosure lawsuit surrounding his property.
EMG Transfer Agent filed a foreclosure lawsuit Nov. 30 against CM Spirits LLC, Criteria Operations LLC and Williams, targeting the 19,970-square-foot house at 70 Palm Ave. and the 26,040-square-foot office building at 1755 N.E. 149th St. The office building is the home of Birdman’s Hit Factory Criteria Recording Studios, where artists such as Destiny’s Child, Lil Wayne, Funkmaster Flex and Juvenile have recorded. … The complaint alleges that Williams and his companies defaulted on the mortgage in February 2017 and owe $12 million in principal, plus interest. (Biz Journals)
A few months ago, rap star Rick Ross flamed Baby over an alleged debt.
“You mean you move to Miami, took out a loan on a mansion, then took out another loan on a mansion and you still ain’t paid your little n*gga. You ain’t had no money in six, seven years, n*gga. You should have came and borrowed something from Rozay. Now you wanna f*ck that old lady life up too. You probably borrowing some money from her. I might go buy that f*cking house on the water just to keep my boat there. I ain’t even going to stay there, that sh*t’s too small.”
Recently, a report surfaced about Birdman owing $12 million on a loan or risk losing his Miami home.
According to court documents obtained by The Blast, Birdman borrowed the $12 mil in 2015 from a company called EMG Transfer Agent. The rapper put up his Miami mansion — the one he bought in 2012 for $14.5 million — as collateral for the loan. But Birdman defaulted on the loan and EMG wants the house foreclosed on so they can get their money. They are looking for their $12 mil plus interest and late charges. (The Blast)