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.