Why Couldn’t Camel Make Payments on $52 Million Loan????

Posted on February 4th, 2010 - By Bossip Staff

Categories: Jay-Z, News, When The Checks Stop Coming In

Your boy camel is suing a lender for millions in stacks after a company he owns got a loan and defaulted on payments. What we want to know is, why-TF couldn’t blinged-up Camel make the loan payments?

Shawn Carter, the rap music artist and Rocawear clothing business founder known as Jay-Z, sued the investment firm Highland Capital Management LP in a dispute over loan guarantees.
Carter, in his complaint filed yesterday in federal court in New York, claims Highland and co-defendant NexBank SSB are attempting to “bleed” from him funds in excess of those he and two other men pledged to pay when they guaranteed the non- principal obligations of a company planning to build a hotel in Manhattan’s west side neighborhood of Chelsea
he rap star is seeking a declaratory judgment that he has met those obligations. He’s also seeking damages of more than $3.7 million for the additional interest and other costs incurred while still being held liable under the agreements.
“In August 2007, a company controlled by Mr. Carter borrowed $52 million as a loan to purchase Manhattan property for a future boutique hotel,” Nina Devlin, a Highland spokeswoman, said in an e-mailed statement yesterday.

The loan, held by funds managed by Highland, matured in August and is in default, Devlin said.
“Highland Capital Management believes the claims asserted by Mr. Carter are meritless and will vigorously defend itself and intends to pursue the obligations owed to Highland’s investors,” she said.

We know your boy Nic Cage starting suing folks when he ran into financial trouble but we have faith in Camel that maybe there was a logical reason for not paying. His proven business acumen is “almost” beyond questioning.

Source

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COMMENTS ABOUT THIS ARTICLE:

ladyinblue 2/4/10, 10:32:PM

Jay-Z lookin like “Why yall got me standing next this Uh-Oh oreo. ‘Sup”
ladyinblue 2/4/10, 10:32:PM

FIRST!!!
Hottestchickinthegame 2/4/10, 10:38:PM

Because net worth and liquid assets are completely different things. People with no money, think they are already rich cuz they have a couple/few milli in the bank, or never plan to have any don’t know the difference and that spells trouble.

Your not really considered wealthy in this world unless you are generationally wealthy meaning you’ve done more than sold a couple of albums, had a few endorsements and popped your coochie till the screen fogs up!
nyrebel 2/4/10, 10:38:PM

I am sorry…you can sue the people you owe money? I did not know loans worked that way…
nyrebel 2/4/10, 10:39:PM

He got $52 MM problems and a loan is one. LOL!
Pharoah the Sun God 2/4/10, 10:42:PM

THEY COMING FOR JAY Z NOW!! IT’S HAMMER TIME. IT’S MIKE TYSON TIME, IT’S REDD FOXX TIME, IT’S…IT’S NOT FUNNY ANYMORE, THEY’LL ROB YA GRAVE I TELL YOU. LOOK WHAT THEY DID TO MY FRIEND TUT. THEY EVEN TOOK HIS GOLD TEETH!!
Hottestchickinthegame 2/4/10, 10:43:PM

Not implying that you pay back a loan with your own cash money out of your account, just saying I don’t believe he has a 1/2 billi in the bank like he claims. His “investments” obviously don’t generate the kind of income he claims to have generated.
reggie 2/4/10, 10:50:PM

CEO’s file complaints all the time, it comes with being a business man/woman to have to file claim to things that people try to abuse you for. bossip you guys fail for this.
P'SSED @ BOSSIP!! 2/4/10, 10:55:PM

HATE TO SEE WHAT HE LOOKS LIKE WHEN HE FIRST WAKES UP!! UUUGGGGHHH!!
BEYONCE FANS HAVE MENTAL ISSUES 2/4/10, 10:58:PM

WELL THIS ALL IMMA SAY..

IF YOU DO NOT HAVE GOD IN YOUR LIFE EVERYTHING YOU TRY TO DO WILL FALE….HINT HINT

IN THIS LIFE YOU CAN NOT MAKE IT WITHOUT GOD

JAYZ HAS A BIG EGO AND IT’S ABOUT TIME HE PAY FOR IT….I JUST HOPE THAT BEYONCE WONT BE HELPING HIM PAY OFF HIS BILLS BILLS BILLS
brandimus 2/4/10, 11:00:PM

why does Bossip hate HOV so much?

Are the staffers at Bossip jealous of his wealth and fame?

I suppose…because the Bossip staffers are never gonna be famous.

No, not ever
BEYONCE FANS HAVE MENTAL ISSUES 2/4/10, 11:08:PM

WATCH IN THE DAYZ TO COME YOU’LL SEE MORE FALL OUT’S FROM JAYZ AND BEYONCE…CUZ THEY BOTH HAVE BIG EGO’S

IT AINT BEEN 2 YEARS SINCE THEY GOT MARRIED AND HE’S ALREADY HAVNG MONEY PROBLEMS…NO WONDER HE WAS IN A RUSH TO MARRIED BEYONCE CUZ HE SEEN A DOLLAR IN HER!!!

JAYZ AINT SLICK WE KNOW HE’S DEALING DRUG MONEY
BEYONCE FANS HAVE MENTAL ISSUES 2/4/10, 11:13:PM

I’M TELLIN YALL

JAYZ IS DOING DRUGS AND NOW HE’S TRYINH TO GET BEYONCE HOOK ON THEM

KANYE WEST IS DOING DRUGS NOW SO IS RIHANNA

JAYZ BE HAVING DRUG PARTYS ALL THE TIME…BUT PEOPLE DONT SAY ANTHING ABOUT THAT DO THEY
BEYONCE FANS HAVE MENTAL ISSUES 2/4/10, 11:16:PM

JAYZ IS 40 BUT LOOK LIKE HE’S 50…THAT’S BECAUSE THIS DUDE IS ON DRUGS

IT WANT BE LONG UNTIL BEYONCE BE HOOK ON THEM TOO…
dboy 2/4/10, 11:31:PM

ya man why the fuck Bossip yall hate Jay-z so much> “And I made myseld do easy to love”.
Deez 2/4/10, 11:53:PM

I saw something on TV one time about Dame Dash trying to build a hotel or something of that sort in Manhattan. I wonder is this related. This was a few years ago before the Rocafella beef.
Chickontheside 2/5/10, 12:05:AM

What does ne know about ho-tails.
Michele 2/5/10, 12:18:AM

@P’SSED @ BOSSIP!!
2/4/10, 22:55:pm

Uugh, I would kill myself rather than give him some. That fugly mug face looming over me (didn’t Superhead allude his ugliness during the act?). If I were a man I could never be with Beyonce with his foul residue oozing from her pores.
Voice of Reason 2/5/10, 12:59:AM

Guys trashing Jay, let me school you. In business, borrowing comes with the territory. Trump jump started his empire from heavy borrowing. There is a difference between liquid assets and fixed assets and you need to know how to manage the two. Jay seems to have the right advisors and intelligence to see that which is why he involves financiers when venturing into capital intensive projects like real estate. You haters…hate coz u gat time for that. Jay spends his time making papar. PEACE
FACT 2/5/10, 01:23:AM

Damn that’s one ugly ass dude no woner Bey putting off those kids.

Regarding the money, hell if he doesn’t have it Bey surely does so he is aight, she is his security income.
Joe 2/5/10, 02:06:AM

I didn’t know you could sue people you owed money to either. Nifty.
QUEEN 2/5/10, 02:09:AM

WELL, WHO CARES….. WE ALL KNO HE GOT 400 MILLION! HE CAN BUY 4 OF THOSE!
real black is chocolate f'ck fake azz bullsh't!!!! real nikka aka Gmen 2/5/10, 02:30:AM

both ugly as f’ck
BOSSIP HATIN AS USUAL 2/5/10, 03:27:AM

This article shows Bossip’s lack of knowledge! Loans are a smart thing when making investments, why risk your own money when you have the collateral to get a loan! That’s how the WANT2BEBALLERS go broke spending money they can’t take a loss on, and if the investment falls through their broke. GET A CLUE HATERS! I’m not a fan of Jay Z but he’s worth 400 million, I think he got the financial game down!Sometime I wonder if who ever is writing these articles are racist, always hard on Black celebrities, most the time it’s misplaced! How you think Trump got where he is today he wasn’t dumb enough to invest his own money to make a profit either!
lilrizq 2/5/10, 05:11:AM

everyone thinks jay-z is wealthy… but he’s just rich. and dame dash never was on tv trying to build hotels deez… that was j’s j hotel venture they was talking about. i remember the broadcast.
via 2/5/10, 05:13:AM

Jay is damn near broke. It hit the net a few months ago he took out a lean on one of his properties. Whydo yu think he married Beyonce? for money. His money is not that long. So he had to close the best deal and thats beyonce! Bey thinks she really took him from rihanna. Jay chose Beyonce she works hard for the money.I know he cuffs millys from her.He using the shish out of Bey good for her!
Ron G 2/5/10, 05:22:AM

Some of you are ignorantly mixing issues. I didn’t read anything here about whether borrowing to make money is bad or good. The issue at hand is why Jay-Z defaulted on the $52 million dollar loan. Why don’t some of you Camel and Beyonce stans/fans answer that? If a bank loans you millions and gives the cash to you and your plans don’t work out because the real estate market collapses, you still owe, even if you are Jay Mother-fuc*in Z.
www.naylandhouse.com 2/5/10, 05:48:AM

We’ll have to wait for further developments. Good businessmen don’t lose their skills overnight. If the worse comes to worse than Beyonce pays all the heating bills!
COOKIE DOE 2/5/10, 05:50:AM

Perhapes he dosent have all the money people think he has may we shouldnt believe the Forbes list.
Voice of Reason 2/5/10, 07:35:AM

@Ron G. If YOU had actually read the artical you would have seen that he is suing a lender who apparantly did not meet his obligations therefore resulting in his investment defaulting on a loan. Jay is taking aloan for an investment, backed by another lender without actualy putting his own. He prob did that with an asset as collateral or a really god business plan. That is smart business…take notes y’all!
Alexandre Le Parisien (yeah i'm a french-african...sue me) 2/5/10, 07:38:AM

proven business what? for starters,..the dude founded a clothing company (nice) and then proceed to ignore it till its 10th anniversary (epic fail), he then opened a string of clubs…which he then proceeded to also ignore…now dude took out a loan to build or hotel or sumtin? what? seriously? why doesnt he do like diddy: focus on one thing,..build it to critcally acclaimed status (sean john’s show impressed critics in paris..i was there)…and then move unto something else AFTER that? also..ignoring your businesses and selling off all your stock when the market drops arent signs of “business acumen”..they’re signs of stupidity.
Voice of Reason 2/5/10, 07:38:AM

They are called loan guarantees…..
Alexandre Le Parisien (yeah i'm a french-african...sue me) 2/5/10, 07:39:AM

a-c-u-m-e-m bossip…..your editing software is beyond cr@p!!!!
Sarah 2/5/10, 07:40:AM

OMG!! JAY-Z IS SOO F*CKING!!! BEYONCE IS TOO BEAUTIFUL TO HAVE KIDS WITH A BLACK MAN. HER CREOLE BLOOD WILL GO TO WASTE. SHE SHOULD BREED FOR A WHITE MAN!!! HER BABY WOULD BE GORGEOUS!!
Sarah 2/5/10, 07:50:AM

UGLY*
Voice of Reason 2/5/10, 07:54:AM

@Mr. Frech African-Sue Me, he didn’t become the wealthiest in hip hop by accident. Maybe Diddy should be taking notes too. What exactly do you mean by ‘ignore’? You don’t have to brand every business with your name and image.
When stocks are plummeting what do you do in French Africa?
BritChick 2/5/10, 08:07:AM

Good god that picture is not a pretty sight!!
Why Jay-Z May Be Having “Liquidity Issues”: A Look Back | 2/5/10, 08:13:AM

[...] BOSSIP reported that Camel defaulted on debt payments on a $52 million dollar loan and then sued the lender for [...]
dontmatter 2/5/10, 08:41:AM

You have to look at it as a corporation. It is not Jay Z who is liable for anything, it is the corporate body. If the company loses 1 billion dollar, they can’t touch any of Jay Z’s personal money. That is why people incorporate to avoid putting their own money at risk.
Voice of Reason 2/5/10, 08:46:AM

@dontmatter, fa sho!
T 2/5/10, 09:43:AM

Get off of Camel’s tip.
Why Jay-Z May Be Having “Liquidity Issues”: A Look Back - My 242 2/5/10, 10:15:AM

[...] BOSSIP reported that Camel defaulted on debt payments on a $52 million dollar loan and then sued the lender for [...]
Kool Breeze 2/5/10, 10:50:AM

No doubt Jay has stayed under the radar no Irs liens, no defaults etc, but I hope he remains untouchable because the Irs is always looking for blood.
Kool Breeze 2/5/10, 10:54:AM

Yeah jay needs a makeover his mug is starting to sag and the nose is getting bigger by the minute..he should use some of those stacks he got to do a few things to his face.
dboybiz.com 2/5/10, 11:05:AM

U GUYS ARE IDIOTS U STEADY TALKING SHIT CAUSE U DON’T UNDERSTAND THE CONCEPT OF DOING BUSINESS. HE BORROWS THE MONEY FROM A BANK BUILD A HOTEL, CREATE A HYPE, SELL THE HOTEL AND MAKE A HUGE PROFIT WITHOUT EVER SPENDING A DIME OF HIS OWN. THAT’S HOW THE WEALTHY STAY WEALTHY, THEY CREATE AN APPEARANCE THAT THE POOR TRY TO ATTAIN AND WASTE THEIR MONEY TO DO SO. JAY-Z IS A SMART MAN WHO KNEW HE WAS DOING ALL THESE BUSINESSES AND HOW MANY RAPPER U KNOW GETTING MONEY LIKE HIM.
moneymagnet 2/5/10, 11:20:AM

U GUYS ARE IDIOTS U STEADY TALKING ***** CAUSE U DON’T UNDERSTAND THE CONCEPT OF DOING BUSINESS. HE BORROWS THE MONEY FROM A BANK BUILD A HOTEL, CREATE A HYPE, SELL THE HOTEL AND MAKE A HUGE PROFIT WITHOUT EVER SPENDING A DIME OF HIS OWN. THAT’S HOW THE WEALTHY STAY WEALTHY, THEY CREATE AN APPEARANCE THAT THE POOR TRY TO ATTAIN AND WASTE THEIR MONEY TO DO SO. JAY-Z IS A SMART MAN WHO KNEW HE WAS DOING ALL THESE BUSINESSES AND HOW MANY RAPPER U KNOW GETTING MONEY LIKE HIM.
——————————————————–
First of all, I do understand business, and one thing I KNOW is that YOU DON’T spend $66 million before anything is built, ESPECIALLY in a recession. He’s not going to make that back in five years, let alone ten because NOBODY is BUYING ANYTHING! In order for him to turn a quick profit after spending over $100 million on this venture, he would HAVE to have a CASINO there, if it’s just a luxury hotel, he will have major issues, MOST of the hotels in NY aren’t filling up like they did in the past. This is a GLOBAL RECESSION! This was a silly idea, and obviously not well thought out, ANYONE with COMMON SENSE would’ve advised him NOT to do this NOW, and to probably do it elsewhere where the land is much cheaper.
DAT BOY BROOKLYN 2/5/10, 11:37:AM

SMH…… YOU CAN TELL THERE’S VERY FEW COLLEGE GRADS POSTING COMMENTS FOR THIS PARTICULAR ARTICLE… SMH UNEDUCATED DUMMIES STOP HATING!! IF U DONT KNOW SOMETHING ASK QUESTIONS…. JAY KNOWS EXACTLY WHAT HE IS DOING..DUDE IS FAR FROM BROKE
chrissy 2/5/10, 12:45:PM

P’SSED @ BOSSIP!!
HATE TO SEE WHAT HE LOOKS LIKE WHEN HE FIRST WAKES UP!! UUUGGGGHHH!!

LMAOOOO! Fa real! His lips look ashy sometimes like in this pic… like his breathe stink.
chrissy 2/5/10, 01:30:PM

But for real though… it sounds like he got caught up like millions of other Americans with this housing market/ real estate crisis. The difference is he’s upside down on a $52 milli loan… goes to show no one is exempt. Rich, famous, or otherwise… the same rules apply.
IDONTLIKEU 2/5/10, 02:31:PM

Jay you know your wife don’t go for that richer or poorer shit. Greedy witches like her never do. Looks like you still won’t be giving any money to Haiti.