Cash Money Records founder Birdman is accused of owing $20 million dollars relating to his former beachfront mansion.
According to court documents obtained by The Blast, the company EMG Transfer Agent is back in court over the lawsuit they brought against Birdman.
The company says Birdman took out a $12 million, using his home as collateral. They sued accusing him of defaulting on the loan. Birdman was kicked out of his home and had his property seized as part of the ongoing battle.
The case is headed to trial, but EMG Transfer Agent is asking the court to grant a judgment beforehand. They lay out their entire case and accuse Birdman of lying to obtain loans.
The company says Birdman claimed at the time of executing the loan, the $12 million was for a vodka business. They believe he never intended to use the money for business and instead used it for his bills.
EMG says, “As of the close of business on September 13, 2019, Borrowers and Guarantor are indebted, jointly and severally, to Plaintiff at the sum of $20,544,656.49, plus attorney fees, costs, and default interest that continues to accrue.”
The judge has yet to rule.
The court battle in question was filed back in 2017 by a company named EMG Transfer Agent. They accused him of borrowing $12 million and putting his Miami home up as collateral.
EMG accused him of defaulting on the loan and sued him for $12 million plus interest. Birdman denied the allegations and accused them of giving him a sham loan.
The judge appointed a receiver in the case to take possession of Birdman’s home. The appointed person took the home from Birdman and was to handle the property, including repairs and upkeep. They also took ownership of all items inside the home.
Birdman counter-sued EMG Transfer Agent demanding “the return of all money or property given as earnest money or down payment” and for the termination of the loan along with the return of all finance charges and unspecified damages. The legal battle has been ongoing for nearly two years.
The 9-bedroom, 17-bath mansion — which was once owned by producer Scott Storch — has 25-foot ceilings and features a below ground pool, outdoor pool with cabana, a movie theater, gym, spa, an in-house massage room, 100 feet of waterfront and a private dock.
During the battle, Birdman rushed to court at one-point pleading with the judge to help him get back the property that was in storage.
Birdman said the property included old stereo engineering equipment, a pool table, over 70 pairs of shoes, one box of sweatpants, one box of baby pants and 14 sweaters.
He also sought the return of his music awards, including BET Award, MTV Award, and multiple BMI awards Birdman also wants the record plaques of Drake, Nicki Minaj and Lil Wayne handed back to him. The judge denied the request.
Birdman was also hit with a $1 million-dollar default judgment in a separate legal battle.