Thursday, November 6, 2008

Who Says Bankruptcy Law Isn't Cool? (subtitled: Suge Knight Is A Clown)

From today's Daily Bankruptcy Review Small-Cap (Dow Jones):
Death Row Records founder Marion “Suge”Knight is fighting a bid to sell the record label’s assets as long as his personal belongings, including a motorcycle, an electric massage chair and more than 40 pairs of shoes, are up for grabs.

Knight says he doesn’t mind that the official running Death Row’s bankruptcy estate is seeking to sell the label’s assets more than two years after both he and the label sought Chapter 11 protection. He does mind, however, that among the inventory headed to the block are nearly 350 items he claims are his personal property.

“It is obvious that many of the assets are not business assets of Death Row and that they instead belong to me,” Knight said in a sworn statement Tuesday filed with the U.S. Bankruptcy Court in Los Angeles. “The Death Row trustee has no authority to sell those assets.” Knight said “for many years” he maintained a personal office, a fitness room and a personal suite at Death Row’s former headquarters. When the label’s assets were moved to a storage facility in 2005, Knight said he believes the items in his personal rooms were also moved and have been in storage ever since.

Among the items Knight claim to be his are several humidors, a motorcycle, more than 135 pieces of clothing, a Winnie-the-Pooh teddy bear, nearly 60 pieces of fitness equipment and several pairs of alligator shoes. There are also about 40 pieces of electronic equipment Knight says he owns, including cameras, an iPod and a radio-controlled flying saucer. If the bankruptcy court doesn’t stop Death Row from selling those assets, Knight says he’s entitled to the sale proceeds those items generate.

Apparently it's hard out there -- in Bankruptcy Court -- for a pimp.


Open Bar said...

Why would an alligator need shoes? And where are all these missing shoeless alligators? Isn't that a big concern?

Side Bar said...

Not the Bankruptcy Court's problem . . . unless the alligators go bankrupt.

ChuckJerry said...

Don't front on my Winnie the Pooh teddy bear, son.

Open Bar said...

Ain't nuthin' but hunny thang, baaaaaby.

Anonymous said...

side bar-how can I go about bidding for some of those alligator shoes or the radio controlled ufo? -winit