*Lil Wayne is doubling down on his legal dispute with Cash Money Records.
On Wednesday, the rapper filed an amended petition in a New Orleans court, adding Universal Music Group as well as Cash Money co-owners Bryan “Birdman” Williams and Ronald “Slim” Williams to his pending lawsuit that asserts a conspiracy and seeks more than $40 million in actual damages, according to The Hollywood Reporter.
Additionally, Lil Wayne (born Dwayne Carter Jr.) now seeks the appointment of a liquidator for Cash Money assets, a permanent injunction, plus the ability to release the long awaited “Tha Carter V” in any manner he chooses.
Via The Hollywood Reporter:
The contractual relationship dates back to 1998, but it was an agreement in 2003 for the creation of the Young Money imprint as well as later amendments that factor heavily. Young Money’s addition of superstars Drake and Nicki Minaj added both luster and substantial money at stake. Through his agreements, Lil Wayne claimed partial ownership and profits from those artists. There’s also been unhappiness stemming from the years-long delay of the release of Tha Carter V, a logjam that could partly be attributable to some of the financial disputes.
In his suit, Lil Wayne claims that Cash Money has been debt-ridden and persistently undercapitalized, unable to pay him the $8 million advance on Tha Carter V and the huge profits that should be flowing in from the success of Young Money.
He also points to Universal’s role.
According to the amended petition, Young Money and Cash Money agreed in 2009 that net profits earned in connection with solo recordings from Drake would not be cross-collateralized against any advances.
Despite this, Lil Wayne alleges that “Cash Money and Universal colluded to enter into two letter agreements,” one of which “purported to expand Universal’s rights and compensation regarding the distribution and exploitation of Drake recordings in which Plaintiffs have a one-third ownership” and the other which “purported to grant to Universal rights usurping or infringing up Plaintiffs’ rights of management and participation in the Young Money Label.”
Continue reading at The Hollywood Reporter.