On The Fast Track to Bankruptcy

Posted on June 10th, 2008 - By Bossip Staff

Categories: Lil Wayne, News, When The Checks Stop Coming In

Posted by Bossip Staff

Lil Wayne is being sued by businessman LeMarck de Andre for defaulting on payments for his 1999 Bentley Arnage:

“My direct observation and experience with Dwayne M. Carter’s financial and personal irresponsibility over the years has taught and demonstrated to me that he has become the new symbol of financial illiteracy and slavery in the 21st century.

For a little over 5 years, I have been involved with…Dwayne M. Carter’s high-level of financial illiteracy, lack of liquidity, leveraged acquisition liability accumulation and below zero net-worth; as well as lack of business communication, character, and integrity- all learned behaviors- and the primary reasons for non-payment. Unless and until [he] transforms his personal, business, and financial attitude and adopts new behaviors, these unfortunate behavioral components will equate to future lawsuits, defaults, repossessions, foreclosures, and the making of a great candidate for bankruptcy.”

Damn, that’s about a mouthful right there. LeMarck de Andre and his Silicon Valley law firm are shaking Lil Wayne down for $123,800 plus $200 per day for the damages. And as for Weezy Baby and knuckleheads such as he: When will these fools learn how to manage their stacks??? Pathetic.

Source

  • http://en.gravatar.com/avatar/522ae813d0291146b3c70cd56c2834f3?s=80&r=any NIKKI UNDERWOOD

    W. F. Baby

  • http://en.gravatar.com/avatar/522ae813d0291146b3c70cd56c2834f3?s=80&r=any NIKKI UNDERWOOD

    Pawn the cup…

  • lala

    Don’t believe it

  • http://en.gravatar.com/avatar/522ae813d0291146b3c70cd56c2834f3?s=80&r=any NIKKI UNDERWOOD

    Ask ya Pa…

  • lil latte

    He is so stupid looking…I don’t understand why people feel the need to tattoo up their face

  • Celebrity CSI

    Although I do agree with the ..a-hem financial illiteracy of many people in general, de Andre’s wayward use of the encyclopedia was unnecessary. lol Just tell Little Wayne that you are reporting him to experian, transunion & equifax OR pressing charges on the pharmacist supplying all that promethazine. I bet he’ll pay den. lol

  • num1dominicano

    hood rich…

  • Mo_Mo

    Everytime a mf start makin in life, there is always a mf who try to bring u down, my heart for him,my luv for him,i’m not worrying bout the rest of them.Miss me with that one!!!!!{lol]

  • num1dominicano

    when will these fools learn..

  • innocent bystander

    Goes to show even with all the money he and others CLAIM to have, they still haven’t bought common sense. They would rather buy diamonds and 5,000 pairs of shoes. DUMB DE DUMB DUMB DUUUUMMMB!!!

  • Wenzel Dashington

    SMH @ “21st Century slavery”

    Weez, call Jigga before we see you on Behind the Music with Hammer’s ass.

  • Earth Sign

    Im not suprised

  • Could be true

    I saw lil man on BET yesterday he’s smaller than Roxy yall the only thing Lil Wee could do for me is take out the trash when my son is not around. Wondering when he started using drugs because they stunt your growth and if that’s the case Wee started using about 11. He needs to get his grown man on and pick up a Schwab account teach him how to invest those funds.

  • vgeezy

    ^num1dominicano

    Baby u can being my number one anytime….LOL

  • bree is an OBAMA supporter.. YES WE CAN!

    well when you’re high all the time you’re not thinking about paying bills, you’re thinking about copping drugs

  • I’m Just Me

    DAXN!! That shyt is real…is he spending all the money on sizzurp?

  • Paint it Red

    Of course…this doesn’t just apply to Wayne or celebrities. It goes for most Americans living beyond their means just to appear financially stable to their peers. You know…the ones driving the Mercedes that’s 3 payments behind or have the 50″ flat screen, yet the house is in forecloure. The simpletons who charge groceries to a credit card and can’t pay the entire balance at the end of the month (who wants to pay interest on groceries?!) Yes, America is RIPE with these folks. Most of the country is deep in debt and have no plans to repair their awful credit – we prefer to buy outfits and shoes for the club.

  • num1dominicano

    @ vgeezy

    where you from?

  • Detroiter4Life

    What a dummy!! I bet you he know how much that drug of choice cost though…….;p

    Ain’t to many things worse than watching someone with that much money waste it all away…….

  • Detroiter4Life

    @ Paint it Red

    Preach!!

  • pm

    See that when you fire your manager for making you look bad in public. What star @ Waynes level pays thier own bills

  • $m♥K.E.Y.

    “…he has become the new symbol of financial illiteracy and slavery in the 21st century…”

    WOW that is very cold but accurate, applaud this standing ovation.

  • Doagae

    DAMN…but this man has even said this out of his own mouth that he mis-uses his fortunes. He is aware that he has no control of himself when it comes to money. And lets not forget that asshole Baby for saying “I got 50 whips now I’m trying have 50 houses!” I hope that ignorant muthafuca was talking about rental properties….dumbasses!

  • K-ten

    wow..rehab, bankruptcy, tattoos on the face, old man fingers, short, ugly…wow, could it get any worse?

  • K-ten

    wait…i thought he was getting/got his degree in business when he went back to school???

  • BLUNTBLAZER

    GOTTA COP THAT NEW LIL WAYNE N KEAK DA SNEAK CD TODAY

    KEEP IT GHETTO

    http://www.myspace.com/thagrindaholic

  • Madame Enigma

    yup@Badd Brown…

  • Madame Enigma

    wow..rehab, bankruptcy, tattoos on the face, old man fingers, short, ugly…wow, could it get any worse

    _____________

    LOL!

  • Brooklyn, Stand UP!

    True meaning of “Hood Rich” Wheezey Baby!!

  • Al-Anon

    The question is, why does he thinks that he NEEDS all that sh*t for! Buying a Bently will not make him any taller, smarter, sexier or better looking. It’s not even going to improve his talent.

    My dad used to always ask me “what would you buy if no one in the world could see it except for you”?

    If you buy something because you really love it and appreciate the aesthetics of it, then get it, but if you’re buying it so somebody can think that you’re cool, then you’re an idiot.

    You can’t buy status and you can’t buy class. No matter how much money he has and makes, he just looks a gangsta thug from the ghetto.

    When his money dries up, what is he going to do?

  • Chaka

    number1dominico

    Who cares about these fools. Lets talk about you…

  • num1dominicano

    @ Chaka

    talk…..what up….waitin’ for 5 o’clock to hit so I can fight this heat we got here in DC on my way home..

  • Marquis de Sade

    “The question is, why does he thinks that he NEEDS all that sh*t for! Buying a Bently will not make him any taller, smarter, sexier or better looking.”

    It’s called “CONSPICUOUS CONSUMPTION”

  • Chaka

    @num1dominicano

    We have the true heat here in Miami. It’s about to rain though. Ever come down this way?

  • Al-Anon

    There was some statistic that I was reading about savings rate and on of them was that 40% of African Americans who make over a $100,000 per year have less than $5,000 in savings.

    Almost 65% of African Americans who have car notes, the notes are more than $500 per month.

    I’m not saying that blacks are the only guilty ones of money mismanagement, but we tend to be more glaring.

  • pm

    I don’t knock anyone for using their God given talent to make money, just be smart with it or make sure the people that work for you are.

  • Paint it Red

    I realized none of the ghetto birds flew in here to comment on this story. I guess they really do know when to shut up.

  • The World Is Mine…..

    Shocking! Like who really thought (maybe prayed) just ONE of these dudes would be financially savy…sad.

  • Al-Anon

    It would be nice to talk to Lil Wayne ten years from now and he said, “Well I took all that money I made and invested it and I don’t have to work for the next ten years or so”.

    But, instead we’ll probably hear, “I had a good time, smoked some good dope, drank some good liquor, drove a nice car, had some good p*ssy and pissed all my money away and can I come cut your grass for a few dollars. You already got somebody to cut your grass, well….then let me borrow a few.”

  • I’m Just Me

    Al-Anon said:

    It would be nice to talk to Lil Wayne ten years from now and he said, “Well I took all that money I made and invested it and I don’t have to work for the next ten years or so”.

    But, instead we’ll probably hear, “I had a good time, smoked some good dope, drank some good liquor, drove a nice car, had some good p*ssy and pissed all my money away and can I come cut your grass for a few dollars. You already got somebody to cut your grass, well….then let me borrow a few.”

    ***************************************************

    AMEN…ISN’T THIS THE TRUTH!

  • always knew

    HAHAHAHAHAHAHAHAHAHAHAHAHAAAAAAAAAAAAAA!

  • K-ten

    Al-Anon :and can I come cut your grass for a few dollars. You already got somebody to cut your grass, well….then let me borrow a few.”

    ___________________________________

    LOL!!!!

  • veronica

    Baby taking all that money,ain’t no more cash money millionairs,just weezy so he’s taking all of weezys money.

  • Earth Sign

    I hope this dude dont go out like Jimmy Hendrix

  • I am Ned Flanders’ Buss it Baby

    And just think of all the people in his crew that are living off of him….

    You have to be smart w/the money you make today because otherwise it is all gone tomorrow:

    Bobby Brown

    Teddy Riley

    Numerous former NBA and NFL Ballers

    S A D

  • kigali aka Weaves R4 Trannies

    @Al Anon,

    “My dad used to always ask me “what would you buy if no one in the world could see it except for you”?”

    Strawberry cheese cake. Everyone needs a crash course on financial literacy. Stop being all indignant about it.

  • claroliza

    let this be an example to all of you that it’s not about how much money you make, but how you manage what you’ve got. if you make $30,000 a year, know how to spend, budget, save and invest that. don’t be talking nonsense saying that once you make a six-figure income you will really get a handle on your finances. WRONG! look at lil wayne. making all that money and has a negative net worth. assets minus liabilies euqal net worth. not bentleys, clothes and jewlery.

    here’s some free advice that worked well for me. go the public library, ask for the pesonal finance section and check out some books. read them, study them and apply the advice given.

  • And…..(with 5 dots)

    My god! Can he make himself any uglier? I love how this “LeMarck de Andre” (that name sounds rather drag queenish and suspect) character “explains” the situation at hand. LOL.

  • veronica

    They said he’s behind on payments on a 99 bentley arnage, i bet baby got a 2008 bentley arnage if there is one.

  • jerishere

    Yeah it’s a mouthful but i see that problem reflected in our society in general today…BUY, GET, BUY, OWN, WANT… with little to no awareness of consequence, responsibility or the bigger picture.

    It’s pretty sad…one very good example? – Our National Debt…this country is going to hell in a hand-basket.

  • mrslaadee

    Do these people have any idea how many cars Lil Wayne owns? If they don’t, somebody needs to tell them that he owns many cars that he has been buying since he got in the game. I seriously doubt that he is worried about one little car…that was brought in 1999 at that.

  • tracey

    Now this is sad. Little wayne is on almost every collaboration and on the air waves 24/7. He needs to stop taking all of these drugs and wake up.

    Stop spending all of your money on jewelry and cars you can’t afford. If he can’t come up with $123,000, then he needs to give up on the entertainment business. It is insanity that he has a below zero net worth as the man stated. prior to this lawsuit a jeweler was suing him for non payment as well. He needs to get hs priorities in order for his daughter’s sake.

  • RICBLEU34

    Nas should have named his album Weezy.

  • RICBLEU34

    B/c he is a Stupid nicca.

  • Nurse GiGi

    ^^^^for real

  • CodyCole

    If all the other Cash Money artist left because of monkey business over their money, why would Lil Wayne think Baby is being honest with him? I think Baby and his brother is pocketing all his funds and taking advantage of him. I suspect his main income is from doing shows, not royalties or publishing. He won’t realize it until he’s not hot anymore and the shows start slowing down. Then he’ll need some dough and be like “what the fck happen to all my money.”

  • yep

    @ melissa…loookin rich and bveing rich are two differnts things…..out yo money ta propa use …i guess he thinkin he gunna pond his CUP if something haps

  • Jaycee

    >>let this be an example to all of you that it’s not about how much money you make, but how you manage what you’ve got. if you make $30,000 a year, know how to spend, budget, save and invest that. don’t be talking nonsense saying that once you make a six-figure income you will really get a handle on your finances. WRONG! look at lil wayne. making all that money and has a negative net worth. assets minus liabilies euqal net worth. not bentleys, clothes and jewlery.

    here’s some free advice that worked well for me. go the public library, ask for the pesonal finance section and check out some books. read them, study them and apply the advice given.<<

    Cosign. I cringe everytime I hear about one of these people mismanaging their money when they have an opportunity to secure their family’s future.

  • 2cute4u

    I hope lil Wayne doesn’t make the same mistakes a lot of entertainers make. Lately his judgement seems to be impaired by something of the illegal persuasion!

  • t

    great marketing. lead us to belive that you are broke so we can buy your cd…….smart!

  • Cool in Cali

    I will always LLUV my PA hometown and East Coast family! Ya’ll stay out of the HEAT best you can while doin what you DO! Momma and nem (Hbg PA); S. Nelson (Detroit); J. Ross, Lamont & Latina (in Cleveland OH); L. Nelson (Atl)

  • Southerntech

    He even made a comment a few years ago that he doesn’t control his funds and that he has been under paid.It’s like damn do something about it, get sober and call Jay-Z or someone who knows how to handle there money.

  • Sharie

    Lil Wayne don’t really care… He just wanna get high & rap… That’s about it…. I think he has some sort of death wish…

  • Ieshia

    HE IS SO UGLY OR AM I THE ONLY ONE THINKING THIS ?

    HE NEEDS TO LEARN HOW TO HANDLE HIS MONEY

  • Negrodamus Believes

    Negrodamus Believes if Lil Wayne is killed he will be looked at as a martyr to all the uneducated, low wage earning,no significant job training having, bus-pass yielding, negroes that classify him in the same breath as Pac, Biggie, Nas, Jay-Z…Hell Lil Wayne ain’t even Big Pun or Big L…Get that hip-hop dictionary out…See I know none of his fans have a high school diploma and G.E.D’s don’t count!

  • Cage

    @ Negrodam…. : That was excellently stated lol… Pun and L would’ve bodied him easily on the mic…

  • kai

    he said it all but call him a “nig that cant count”

  • kai

    @ claroliza, you are absolutley correct. I know people making twice as much as me who do not have the investments that I have. More than likely because they dont have the time. Its all about how driven you are to create something for yourself or have OWNERSHIP. Some people continue life working for others because that is where they feel they fit in and would give them the upmost wealth and retirement. Whereas, others put their nose to the grain with what little they have and turn dreams into an empire. Black people are those that should put more emphasis on ownership than anyone else. Hell, the Hispanics do it.

  • kai

    @T-Bird when the money stops coming in, NOone is your friend lol…

  • Jahpson

    This is absolutely ridiculous.

    **ATTENTION**

    Rich or poor, young or old. PAY YOUR BILLS ONTIME!!!

    there should be no reason why ANYONE is late.

    Don’t have the payment? put in a $1, $5…something!!

    You can be a worth billions and STILL file for bankrupcy. Want to know why? Lack of financial responsibility.

    Just because your income increases doesnt mean your on top of the world.

    be responsible and you wont have to deal with letters like this!

  • Raquel

    This is typical of many of the so-called artists. They are more concerned about trying to buy the most expensive things to show off and dont know how to manage their money. Which is why they end up broke and owe the IRS for something. Hence, Wesley Snipes. Its funny because these people have more than enough money to pay their bills, pay their mortgage, etc…..but yet in still they seem to not want to take care of their business that will ultimately keep them financially stable in the future. Do you know how many people would want to have the money that they do? I’m saying…….come trade with me and try to work a full-time job, plus a part-time job and have to pay bills PLUS try to afford gas and food. They have it easy. I dont feel sorry for any of them. If he goes broke, good. Learn how to manage your money instead of acting like you’re going to have it forever.

  • Raquel

    LOL @ T-Bird! Hey…..that Entertainment law sounds like a GREAT career move! Very true though. They are happy with the dumb things in life. So simple.

  • brooklyn

    PAUSE… BACK UP! is that a ‘tumbler’ made out of diamonds with Blow Pops!!!!

    Stupid Negro… why.. dump ass..

    He is really living up to the ‘song’ negroism…

  • spinner 22

    Well looks like lil wayne is not going to have any problems with money His album is set to come close to the million mark in sales in just a week congrats lil wayne!!

  • Farmer Brown

    This has nothing to do with him. When your making that type of money you pay people to handle your finances. I am sure he probably knows he has some money but dont really care as to exactly how much because his financial people and businessman keeps him in tact. So this is a stupid article and I dont believe it.

  • Just Sayin

    Here goes dis lil Ratatouille lookin MF again!

    Didn’t I catch yo ass in a sticky trap last week! Huh.

    I refuse to support any MF dat look like they will:

    Break into a church or my house

    Steal my car, gps, rims, stereo, umbrella from da back seat, etc

    Try to rob an ole lady, ole man, homeless person or cripple

    They don’t wash day ass, brush day teeth, comb day hair or change day drawers

    Sell drug to school kids or anyone else for that matter

    Rob a pharmacy, snow ball stand, carry out, jiffy

    lube or church

    Jump bail, be in jail in a week or so, be wanted my the po po or featured on America’s Most Wanted

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