So So Def founder Jermaine “JD” Dupri has stepped forward to clear rumors and speculation which suggest he may be in danger of losing the label responsible for introducing the world to Da Brat, Bow Wow, Xscape and more.
Quick and to the point, JD immediately nixed reports of being under water for an enormous bank loan.
UPDATE: 3:35 PM PT — Dupri tells TMZ … the lawsuit filed by SunTrust is completely BOGUS — telling us, “SunTrust bank is full of s**t.” (TMZ)
Prior to his response, Friday (May 31) reports claimed Dupri owed massive of bucks to SunTrust Bank dating back three years ago.
Jermaine Dupri is in jeopardy of losing his rights to the music from his So So Def label … because he can’t seem to pay off an enormous loan. Dupri borrowed $4.8 mil from SunTrust Bank back in 2010 …. he paid more than half of it back, but then the bank stopped getting payments. So SunTrust is now suing Dupri for nearly $2 mil — the balance due, plus interest. Here’s the BIG problem … In order to get the loan, Dupri had put up collateral, in the form of copyrights and royalties to the many songs his label owns from artists like Xscape, Bow Wow and Da Brat. As far as we can see, Dupri still hasn’t anted up the cash. And it’s not his only trouble with $$$. He paid off a $3 MILLION tax lien in February and dodged the foreclosure of his Atlanta mansion TWICE in the past year. (TMZ)
Back in February, the Atlanta hitmaker celebrated So So Def’s 20th anniversary.
Stars came out heavy on Saturday night (Feb. 24) to Atlanta’s Fox Theater for the So So Def 20th anniversary concert. Mariah Carey, Usher, Jay-Z, Da Brat, Ludacris, Monica, and several others were in attendance to celebrate with the man who started it all, Mr. Jermaine Dupri. At some point during the night, JD joined Jay-Z onstage and they performed couple of songs including “N***as In Paris.” (The Honesty Hour)
He previously took credit for helping shine light on rap mogul Jay-Z when So So Def reached its prime in the mid-1990’s.
“When I made that song nobody knew who Jay-Z was in the South, by the way. People knew who he was up here, (in New York), but when I made that record, people at Columbia Records were like, ‘We should put out the Mariah record first. You’re a successful producer, let’s put out the big star song.’ I said ‘Nah, I’m putting out this rap record. This is what I want to put out.’ It was a big record.” (GG)