Roc-A-Fella, the label company that owns the rights to Jay-Z’s album “Reasonable Doubt”, was granted a temporary restraining order to prevent Damon Dash, one of the company’s co-founders, to sell the album’s NFT.
The label is jointly owned by Jay-Z, Kareem Burke, and Damon Dash, and Roc-A-Fella made it clear that Dash has no right to sell the company label’s property.
Just this week, New York district judge John P. Cronan approved the company’s request for a restraining order until July 1. Co-founder Dash is then ordered to bring evidence that would prove the legality of his attempted NFT sale and would convince the court to allow the sale from proceeding.
What went before?
Just days ago, NFT and hip hop enthusiasts have rejoiced with the announcement that an NFT art inspired by Jay-Z’s hit 1996 album “Reasonable Doubt” will be placed in an auction.
This NFT debut is also meant to commemorate the album’s 25th anniversary, which is also the rapper’s 25th year in the entertainment industry since it was his first album.
The announcement has caught a lot of attention, including Rock-A-Fella, which owns the rights to the album. The label company said that even with Dash’s co-founder status, he has no rights nor authorized to put any of the company’s assets for sale.
Entangled in legal issues
Dash is now caught in a number of legal issues he has to answer in court. It is clear that Roc-A-Fella is firm in its position and doesn’t give any hints for negotiation and compromise.
Roc-A-Fella also added that with Dash’s attempt to sell one of its assets, he has already executed an effort to convert a corporate asset and directly breach the fiduciary duties given to him.
Image courtesy of Cointelegraph News/YouTube
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Source: https://bitcoinerx.com/blockchain/much-awaited-jay-z-nft-sale-stopped-by-roc-a-fella/
