Here?s the backstory: Last year, Sony Music Entertainment sued Vincent Hebert, accusing him of screwing them over after they paid him $5 million dollars.
Back in 2013, the parties entered into a deal with his company, Streamline Records, in which he would be paid to bring in new artists.
Sony paid Herbert a $5 million dollar advance against their share of the joint venture future profits, in exchange they would have the right to recoup the advance from payments due to Herbert from Interscope Records. Herbert was to direct Interscope to make the payments directly to Sony and barred him from changing this without their approval.
The deal stated Herbert was to submit 2 new artists per year. The first artist accepted under the new deal was his wife Tamar Braxton, who received a total of $1 million to record her first album. He was also named the Executive Vice President of A&R and was paid $100k salary.
Around October 2015, Herbert allegedly notified Interscope to cease making payments to Sony, which resulted in Herbert being paid monies owed to Sony, to recoup on their advance. The label has only been paid $1,528,315 from the $5 million advance.
Sony filed suit demanding Herbert return the remaining $3,471,685 owed.
UGH! :oof:
Woops
(http://i55.tinypic.com/ixr1bl.jpg)
Damn
Damn will this affect Mar's million dollar eOne deal
Quote from: Marg. on March 23, 2017, 04:40:12 PM
Damn will this affect Mar's million dollar eOne deal
:stressed:
Tamar & Vince are ALWAYS caught up in some financial mess
Vvvbbnnbvvvv
They are into scams
They really are. I can't wait until they crawl back into obscurity
(https://media.giphy.com/media/guDXMeHFy6eSA/giphy.gif)
5% music, 95% BUSINESS
my damn head hurt from trying to understand that
(https://media.giphy.com/media/guDXMeHFy6eSA/giphy.gif)
Where is the link to this?
Damn THINcent
:lopsided: