Update: What Debt? Offset Says AEG Loan Part Of $10 Million Tour Deal

Prince Williams/ATLPics.net

Rapper Speaks Out About Deal With AEG Presents After Our Report

Offset is giving his side of the story following our report that the rapper was in debt to a major music performance company.

Offset called into Atlanta radio DJ Jazzy McBee of Streetz 94.5 Wednesday, and said that he has a $10 million touring deal with AEG Presents, and did not mention owing them money.

“This is real white folks,” he told McBee. “I’m in contracts with them bro. They just called my phone, tripping. That’s how I even saw that. They called me tripping.”

He said that AEG was concerned about the news coming out.

“They’re like, ‘Why is there bad media about us? We never got into an altercation with you any kind of way. We gave y’all what y’all want, and all that. This s**t is causing trouble, with my company and s**t.’”

However, Offset’s explanation doesn’t completely jibe with the UCC Financial Statement AEG Presents filed in Gwinnett County Court regarding the deal.

The document lists Offset, whose real name is Kiari Cephus, as a “debtor,” and AEG Presents LLC as a “secured party” to Offset’s “present and future right, title and interest in and to all of the following property, now owned or hereafter acquired: all accounts, general intangibles (e.g. software, payment intangibles, trademarks and copyrights), documents and contracts and all proceeds, replacements, substitutions, products, accessions, and increases of any thereof, in any form, as those terms are or may hereafter be defined in the California Commercial code from time to time in effect.”