[Thanks P Prez]
A music industry business manager has contacted SOHH.com and put Jim Jones’ dire financial situation on blast!
This is what he had to say…..
I read on the allhiphop.com rumor section that Jim Jones is getting sued by a team of producers who he jacked for his “Bad Santa” album. As a Manager for a producer who placed 4 tracks on this project and I can confirm this rumor as true.
I have been trying for months to resolve this situation with Koch, Chris Luck, Yandi Smith, and Jim’s lawyers. I was told by Jim’s team that they were waiting on E1/Koch to open up the budget and that everyone would receive their producer declarations and checks by the end of the January. Once February rolled around I remained very skeptical of the lies from Yandi Smith, Chris Luck, and Jim Jones, and that’s when Jim’s manager Yandi Smith and lawyers at Seldemeyer and Associates in a last ditch lie instructed me to contact E1/Koch in order to receive my producers check.
You’ll be surprised to know that upon contacting the E1/Koch financial department last week the truth was revealed. It turns out that E1/Koch had cut Jim Jones, Byrd Gang Records and Jones Family Productions, the whole lump sum check for the budget for this album months ago, in addition to checks for two future projects. This unidentified employee in the the E1/Koch financial department expressed to me that I am not the first, nor the last manager/lawyer to contact them regarding Jim’s misappropriation of budget checks designated for payments to producers and featured artists.
In fact under sworn secrecy I was divulged information that the IRS in looking into Jim for possible tax evasion due to his embezzling of these funds. This employee of E1/Koch as well as a source at Sony also informed me about Jim Jones’s current financial problems and possibility of bankruptcy resulting from his lack of income due to his debut Sony album being pushed back for a 2 years period, in addition to his extravagant buyout (It was rumored to be $10 million plus) he was forced to pay Cam’Ron in order to be released from his Dip Set contract and retain his Jim Jones Stage name.
I cannot believe that my Jim Jim might be broke! Say it ain’t so Jim…….
If this story is in fact true then I lay this squarely at Damon ‘Bruk Pocket’ Dash’s door. He is the jinx who has been advising Jim on business moves, and Dame’s current state of bruk pocketness has spread over to my Jim.
I just hope and pray that Jim manages to get his financial situation in order, so that we can go on that planned romantic trip to Hawaii.
Categories: Music News