Jay-Z has been hit with a lawsuit by Air Platinum Club for failing to pay for 55 hours of private jet service back in 2009. According to the company’s records, Jay-Z only paid for 37 hours of premium service but hasn’t made an effort to pay for the rest of the 18 hours. Those 18 hours at the rate of $4,500 per-hour (discounted from $6,000 per-hour) total to $81,000.

In addition, there are other various charges such as catering service and international flights that haven’t been paid yet. See how it all breaks down below.

– 18 hours of flight time at $4,500-per-hour (discounted from $6,000-per-hour) … $81,000
– Catering for 17 domestic flights ($500-per-flight) …. $8,500
– Catering for 4 international flights ($750-per-flight) … $3,000
– International fees … $8,500
– Taxes … $12,285
– Luxury trip to England … $24,200

The grand total is $137,485. Air Platinum Club is also requesting an additional $100,000 in damages.

Via E!

Marc Ecko is really struggling through this economic downfall. His financial records have come forth stating his company is nearly $200 million in debt.

In an attempt to begin re-payment on two loans, Ecko has reportedly resorted to refinancing officials.

Ecko has hired investment bank Peter J. Solomon to help refinance at least $170 million in debt. The debts are owed to a couple of important business partners. If he can’t find a willing lender, Ecko may have to sell off some assets. Like many fashion outfits, the Marc Ecko brand took a hit during the past retail season. Sources say the company owes more than $100 million to Li & Fung, a global trading company that helps manufacture Marc Ecko products. He also also defaulted on a term loan of more than $70 million from a syndicate led by commercial-lending giant CIT and although he won forbearance on the loan, CIT will have to be paid by summer. (Luxist)

An Ecko rep has confirmed the allegations and weighed in on the designer’s plans of action.

“We’re pretty confident that this isn’t an issue that’s life-threatening at all,” Michael Golden, chief marketing officer at Marc Ecko Enterprises, said. “In our case, we have more than enough assets to pay off that term loan, and we have more than enough time.” Golden characterizes the $100 million due to Li & Fung as “normal trade payables” that fluctuate with seasonal inventory. And while he admits that “some businesses are doing better than others,” Golden noted strength in the company’s licensing and international units. (New York Post)

Via SOHH

General Motors has decided to put a hold on Pontiac G8 GXP Sport Truck which would have been endorsed by 50 Cent. Pontiac’s Jim Hopson recently spoke out on the cancellation and said his experts predicted that the vehicle wouldn’t sell more than 5,000 units a year.  I can’t blame GM for their decision. In reality,  how much 50 can endorse something in this economic downfall.  Times so aren’t good for Mr.Jackson, his recent reality show got canceled by MTV due to low ratings. I’m sure 50 will bounce back from all this, he usually has something up his sleeves we’ll just have to wait and see.

Shouts to InMyStateOfMind

 

Wyclef Jean is going through some financial problems right now. It was announced earlier today that Wyclef is facing foreclosure on a Miami Beach property if he failed to pay the $2 Million mortgage for the property. 

Through a corporation he owns with friends, the former guitarist of The Fugees borrowed $2 million from Home Equity Mortgage Corp. in 2004.

He wanted to rebuild a canal-front home next door to Kennedy clan stalwart Anthony Shriver, Maria’s little brother.

But a series of construction liens filed since then shows the Pine Tree Drive project was burdened by a heap of financial trouble.

Construction for the property was put on hold when Jean and his partners couldn’t make up the rest of the balance of $177,913 to finish. Jean’s corporation now owes the bank $2.4 million. If Wyclef doesn’t pay off the home it will be sold on December 12 in downtown Miami.

-Source

Kanye West was recently arrested yesterday in the UK after allegedly running into a fight with paparazzi while exiting the Tup Tup nightclub. The photographer claims it all went down when Kanye was leaving the club with 4 girls, upset that he was being captured on film. After getting angry, Kanye allegedly got violent shoving the camera into the snappers face, causing a cut on his nose. According to TMZ, after a short investigation, West was released from police custody without charges.

As if drama couldn’t continue within the members of Danity Kane. Well, it looks like another member has left the very popular girl group Danity Kane and this time it was quite a bit unexpected. The word is that Shannon has quit the group and has stated that on radio station Z100 in New York. Is this what Diddy wanted after all? With on Andrea & Dawn just left could this be the very end of Danity Kane?

 

Update: One of my readers sent in this tip. Supposedly Cassie might be joining the group?

 

Do you think Diddy will try and get the group back together?

 

 

Shout out to Mo & Straight Outta NYC

Kanye wrote a post on his blog today explaining his frustration toward the recently leaked track “Robocop” which is off his upcoming album “808′s & Heartbreak”. Kanye writes,

“I DID NOT LEAK ROBOCOP!!!… THAT’S NOT EVEN THE FINISHED VERSION… I’M PRETTY UPSET ABOUT IT BUT THAT’S THE WAY LIFE IS SOMETIMES!”