Bankruptcy Reader

U.S. Bankruptcy Judge Ellen Carroll recently ordered a bankruptcy trustee takeover of Marion "Suge" Knight’s Death Row Records, saying the record label has undergone gross mismanagement. This ruling was part of proceedings initiated when the rap label filed for bankruptcy in April. Foxnews.com reports:

The label and Knight filed for protection under Chapter 11 of federal bankruptcy law. Knight has claimed debts of more than $100 million. The federal filing halted a state court action in which a former couple, who claim they helped found the label, were trying to collect a $107 million judgment from Knight.

Read more: Knight’s Death Row Records