SUGE KNIGHT SAYS HE IS BROKE

(VIDEO) Suge Knight claims he’s dead broke…..

Death Row Records founder Marion “Suge” Knight was in a Los Angeles court for a hearing to allow his creditors to question his finances. Earlier this year, Knight filed for Chapter 11 bankruptcy protection in an effort to avoid losing control of Death Row Records. At the hearing Knight attempted to explain that the Death Row Records suffered financially while he was incarcerated and that he never saw profit and loss statements. Knight has over $100 million in debt including a $107 million judgement against him.

According to Knight, his only assets include a bank account containing $11, clothing worth $1,000, furniture and appliances valued at $2,000, and jewelry worth $25,000. Knight owns publishing/copyrights in the form of the Death Row catalogue worth $4.4 million. However, the Internal Revenue Service had placed a lien on that intellectual property to cover back taxes of $11.3 million.

“We made history back then and we plan to make history this time around and do the same thing but on a different scale which is business. Like we succeeded in being a artist, you know what I’m sayin’, through those years. Now let’s succeed at being an entreprenuer and ownership of what we doing so right now we’re putting our money together to buy this stuff right here. All this right here, he lost it so we gonna try ot buy it all, you know what I’m sayin’, the catalogue.”

While Knight appears to have lost the catalogue, Daz Dilinger, Kurupt and Snoop Dogg are hoping to buy it. Dilinger explained,

During the hearing Knight also denied claims that he has secret funds in foreign countries and an African jewelry company.

The $107 million judgment against Knight stems from a lawsuit brought by Lydia Harris, the ex-wife of convicted drug kingpin Michael “Harry O” Harris. Michael Harris allegedly provided $1.5 million in start-up cash for Death Row Records but was cheated out of his share of the label by Knight. Lydia Harris filed suit against Knight and in March 2005 a judge ordered Knight to pay her $107 million after ruling that Harris was entitled to half of the mogul’s Death Row Records empire.