Producer Teddy Riley In Financial Trouble, Puts Studio On The Market

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damn I thought he had more money than that



In light of recent troubles with several creditors, legendary hit maker Teddy Riley - the "King of New Jack Swing" - is putting his Virginia Beach recording studio up for sale.

According to the Virginian-Pilot, the producer who has crafted hits for such stars as like Michael and Janet Jackson, Mary J. Blige and Keith Sweat as well as his own group, BLACKstreet, has amassed a $1 million tab to several creditors and is selling the studio to pay for the large debt.

The man, who VH1 recently attributed during last year's Hip Hop Honors ceremony, opened his Future Records Recording Studio in 1991. The one-story building was a state of the art facility valued at $3 million back then, but is now thought to be out of date. It is unlikely that the sale of the studio will relieve Riley of the debt, as it has been assessed at only $460,000.

During a court hearing this past Friday (Feb. 1) lawyers representing two different creditors that Riley reportedly owes money to, agreed to seek a buyer for the studio.

Though both attorneys recognize that the studio is not necessarily up to date, Richard J. Conrod, Sr., a lawyer for one of the creditors, is hoping to sell the property as a working business instead of just real estate.

"I'm trying to save this iconic studio for the cultural heritage it represents," Conrod said. "It would be a shame for it to be mowed down or become anything but a recording studio."

The producer has apparently been buried in a sea of debt for the past several years.

In 2002, Riley filed for Chapter 11 bankruptcy protection. While he emerged a year later, the IRS filed a $1 million lien against him for unpaid income taxes in 2004.

Two years later Riley was forced to sell his home in the affluent Church Point neighborhood of Virginia Beach for $1.5 million to pay off federal and city taxes, as well as the home's remaining mortgage.

Riley's financial problems don't end there.

Last year the IRS filed another tax lien against him for $196,747 and just this past month the state of Virginia filed a $93,684 income tax lien against him

The studio, which Riley is hoping to sell, has also seen it's share of financial controversy.

In 2005, Riley borrowed $700,000 against the studio from Equitable Relocation Services Inc. Defaulting on that loan, ERS won a $700,000 judgment against him the following year.

The company has reportedly been attempting to collect the money ever since, filing 22 garnishments against Riley's various bank accounts and assets. So far they have only received $261,000.


LINK: http://www.sohh.com/articles/article.php/13632
 
Nothing to really laugh at. The man is a legend. Not to sound synical, but im glad he's going threw that. It serves as an example for us young up and coming producers, singers and rappers. Spend less and pay taxes.
 
Just a sign of the financial times we are in. A lot more people from all walks of life are gonna fall victim too. Banks are struggling to stay afloat amidst these economic struggles. America as a whole is in big trouble.
 
1005 said:
which is great for us europeans.. sorry, but that's how it is. :cheers:

American Companies are going to the highest bidders. We have recently sold large institutions to China, wealthy arabs etc... Everytime that happens, America loses thousands of jobs and its economic power. The small companies of the future realize its a global market now. Even Dipset realized this with Dipset Europe. To get back on topic, Maybe Teddy should leave the states and set up shop somewhere else like back in the day when Jazz musicians used to move to France. Sorry to get off topic but I have many interests like Gordon Parks. He produced Shaft the movie. He was a photographer, musician, poet, novelist, journalist, activist and film director.
 
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He needs to stop buying nekos and software

Haha! Man you a fool for that, but seriously, I thought a producer of his caliber that basically invented a whole genre would be the last person to ever have money problems. You could honestly put his catalogue against Scott Storch, Swizz Beats, hell even the Neptunes, and look at how those cats are living. I don't know if ya'll young cats remember, but he easily ran sh*t in the 90's with his revolutionary sound. Dude's songs were everywhere, and now to see homie livin like this..... Guess I better crack open my book "Confessions of A Record Producer" by Moses Avalon to make sure my business is on the up and up!
 
Almost every entertainer is dam near on broke status. Don’t let the videos fool you. GET REAL JOB and stop buying into the music biz fantasy…
 
1005 said:
which is great for us europeans.. sorry, but that's how it is. :cheers:

No it isn't

If America goes into a recession then foreign import and export dries up and will hurt both the pound and the euro significantly. Yes, it helps Euro money in the short term, and makes it look like you are gonna make a killin and live good for a short short minute (4-6 months max after service slows down below the key economic indicator of 50% in USA) but only in the very very short term and only for a minute before the lack of currency balance begins to ripple. If the US goes into recession, most mainstream economists agree that the impending inflation ripple that would result would cripple Europe even worse than the US. The signs are starting to point to a domino effect that would actually only benefit Asia, specifically China

Now if you are Chineese then.....................

(welcome to the goodlife, now throw ya hands up in the skiiiiie)

If you are not a Chineese exporter of a pruducts - then i wouldn't go clinking glassesand popping Crystal champagne and doin shots of Patron just yet homie.

Sorry for the bad news.
 
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Sparrow said:
No it isn't

If America goes into a recession then foreign import and export dries up and will hurt both the pound and the euro significantly.


that would result would cripple Europe even worse than the US.

hmm, i'd like to see some bacup for the fact that it would hurt euro that much? it'll hurt both pund and euro a bit offcourse, but what ya think will happen if china decides to change the transactions it does into euro, instead of dollar which it does now...? yeah, USD will crubmle down like rubel did way back. Oil is the biggest thing which is brought into US, and you need it in the future too.. nothing significant imports really.
 
Several years ago when he first started having some financial trouble she sold some equipment out of hsi studio then and a buddy of mine bought some of that stuff. The studio has basically been overlooked for years now. We all know there are smaller studios out there that most people are using with lower prices for studio time. I would think he could sell his catalog and try o tget back on his feet buiness wise and recreate himself again. I'm sure the skill and talent is still there but maybe the desire has left to make new music.

I remember being in college down there inthe 90's and he would roll through campus on this Midnight Blue Porsche 911 with custom wheels that were going for about 8-10K a set back then. He was hot when he was hot but i guess the problem with him and Chauncey nd the other members of Blackstreet saying the money wasnt being paid out was the truth.
 
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There is a serious risk of worldwide inflation, its not contained to the USD, although the USD is the biggest sh!thole of them all.

Central banks will be under pressure to lower interest rates to stimulate faltering economies, and commodities will continue to rise.

Sorry to my international friends, but much of the world economy is built on overleveraged US consumers with negative savings rates. That will change but it will be a painful transition. Especially the longer our central bank prints excess money to keep the ponzi scheme alive everytime we get in a crisis.
 
P.Bateman said:
There is a serious risk of worldwide inflation, its not contained to the USD, although the USD is the biggest sh!thole of them all.

Central banks will be under pressure to lower interest rates to stimulate faltering economies, and commodities will continue to rise.

Sorry to my international friends, but much of the world economy is built on overleveraged US consumers with negative savings rates. That will change but it will be a painful transition. Especially the longer our central bank prints excess money to keep the ponzi scheme alive everytime we get in a crisis.

excellent post and spot on.

China is the only country ina position of power in this situation. They basically own our leveraged import worth.

1005 said:
hmm, i'd like to see some bacup for the fact that it would hurt euro that much? it'll hurt both pund and euro a bit offcourse, but what ya think will happen if china decides to change the transactions it does into euro, instead of dollar which it does now...? yeah, USD will crubmle down like rubel did way back. Oil is the biggest thing which is brought into US, and you need it in the future too.. nothing significant imports really.

Oil is only one peice of the puzzle and as far as that goes Opec has a substantial reason to do business with the USA.

As for China converting to Euro's, unless they would be doing it simply for spite it would be dumb, because that would cost them trillions of dollars to do that. It would destabalize the central bank because it would force them to tell second tier industrialized nations to use the euro and most of the those countries (overwhelmingly in fact) have an export business that relies on USA and not Europe which is more of a conglomerate currency due to the seperate nations and not a singular use currency like the dollar. The central banks would never allow that, and China would be stupid to do it because they would be cutting off their nose to spite their faces. They would essentially kill the global tarriffs and shut down global exports and cause inflation to make EVERY currency except gold worthless (this is a doomsday worst case obviously)


needless to say no ones going to risk that. Teh Euro banks especially. They are making money the way it is. If the Euro becomes the world currency then pressure shifts to the Euro and they do not have a centralized buying center that can accomodate it.

It wont happen.
 
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There are only some outside pics which you can get by searching with Teddy Riley and Studio but the inside at one time had All White Carpet and he would make everyone take their shoes off when going in but that was several years ago when it was still well known. Its pretty much hidden behind someother buildings now ans the outside needs work done to it also.
 
While its doubtful the Chinese would convert to euros because that would seriously depreciate their own assets, their dollar and especially treasury bill holdings are definately leverage they have over us. They could make our currency next to worthless overnight if they wanted to (if we were in a cold war situation). Don't expect them to do so unless in a malicious act however. They would lose too much money in the act of doing it. It wouldn't be profitable for them.

Now...actually a declining dollar HURTS chinese exporters because it means when they convert back to yuan they don't get as much. A weak dollar helps US exporters by giving them the luxury of their goods being worth more overseas. Now this only is true up to a point because if you have everything depreciating, like what we could witness, it would be like trying to climb the smoke stack of the Titanic. Nobody's safe. gloom and doom.

Its a good time to be shorting. :)
 
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