Yesterday, BOSSIP reported that Camel defaulted on debt payments on a $52 million dollar loan and then sued the lender for harassing him and wanting their money back. Well, BOSSIP went digging.
Last year, Camel’s attorney Michael DiMattia sued him for not paying his legal bills. The lawyer was working on behalf of Jay-Z in a federal lawsuit that claimed 400 workers his NYC 40/40 club were not paid minimum wage or overtime.
Back in 2007 before the economic collapse, Camel bragged in “30 Something” that “I got the right stock, I got stockbrokers that’s movin’ it like white tops”.
After this track dropped, the stock market fell by more than 50% and it’s very likely the investment portfolio Jay-Z was bragging about took a big hit and he sold off his investments near the bottom, like many inexperienced investors who didn’t want to lose anymore stacks.
Even with the “seemingly” lucrative $150 million LiveNation deal, with the collapse of music sales, fashion sales, some investments he had in the stock market before it imploded, and considering his “private plane with a bodyguard lifestyle”, it’s very likely Jay-Z is still very rich but is not “liquid” (have access to a lot of his net worth). This is a possible reason why he had trouble making payments on the $52 million loan and why he has to crank out hip-hop albums once every 2 years at 40+.
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Kofi 2/5/10, 06:11:AM
Don’t forget the money he made moving weight before the rap game… lmao . Bet it comes in handy now . Put that on FORBES!
Dineo 2/5/10, 06:13:AM
Wish the asshole would just go bankrupt and will see how Beyonce likes him then
Rihanna's sharp n witchy fingernails took the oath-Mariah'sconcertlastnightwasGREAT! 2/5/10, 06:15:AM
he is so gross!
BEYONCE FANS HAVE MENTAL ISSUES 2/5/10, 06:23:AM
I SEEN THIS COMING LONG AGO…THIS IS WHAT HAPPINS WHEN YOU DONT BELIEVE IN GOD
BOSSIP DONT FORGET ABOUT ALL THE MONEY HE BLOWS ON DRUGS
BEYONCE FANS HAVE MENTAL ISSUES 2/5/10, 06:25:AM
I TOLD YALL SO JAYZ DOES DRUGS
AND NOW HE’S TRYIN TO GET INTO BEYONCE’S POCKETS
kreative 2/5/10, 06:25:AM
damn jay u will bounce back u always do…….
LouLou 2/5/10, 06:30:AM
God sees everything……
BEYONCE FANS HAVE MENTAL ISSUES 2/5/10, 06:39:AM
I BAT BEYONCE DIDNT SEE THIS COMING…
3 MILLION DOLLAR VACATIONS EVERY YEAR FOR HIM AND BEYONCE
2 MILLION DOLLARS BIRTHDAY PARTYS
10 MILLION HE SPENT ON THEIR WEDDING
BEYONCE TALKIN ABOUT HOW SHE NEVER HAD TO BUY ANYTHING FOR HERSELF THAT’S WHY SHE STILL HAVE 80 MILLION IN THE BANK….GOLDIGGING AZZ HOE
EVERYTHING YOU GOT I SPLIT THE BILL… YEAH RIGHT NOT IF YOUR HUSBAND’S GOING BROKE
JAYZ NEEDS TO GET BEYONCE TO SPEND SOME OF THAT 80 MILLION IN HER BANK
BEYONCE FANS HAVE MENTAL ISSUES 2/5/10, 06:43:AM
HE’S JUST TRYING TO GET BEYONCE TO PAY OFF HIS BILLS…AND I BAT SHE FALLS RIGHT FOR IT
JAYZ ALWAYS TRYIN TO GET OVER ON PEOPLE THAT’S ONE REASON WHY A LOT OF RAPPERS DONT LIKE HIM TODAY
DRUGS I TELL IT’S THE DRUGS
Voice of Reason 2/5/10, 06:47:AM
52 mil is a lot of money to have as cash. Businessmen borrow, no matter how rich they are to manage the level of liquidity. Its sensible business. Whe you a re big and succesful you are a bigger target so I can understand some the hate I’m seeing from some not-so-successful individuals in here
gloxx 2/5/10, 07:09:AM
WHAT EVER GOES UP….. MUST COME DONE… THOSE ARE THE RULES OF LIFE
jiangleia 2/5/10, 07:13:AM
Valentine’s Day is approching
Someone told me…
W_e_a_l_t_h_y_R_o_m_a_n_c_e_S.C_o_m.. is where many highly successful people are in search of someone for a quality relationship in their life, the same as me:)
Freeze 2/5/10, 07:17:AM
MAN THE HATE
buzy bee 2/5/10, 07:43:AM
i’m not a jayz fan but gosh..yall some hatin azz m.f.’s up in this. Very jealous and joeing his jock. Get a life
Sarah 2/5/10, 07:57:AM
BEYONCE NEEDS TO GET HER A WHITE MAN LIKE NAOMI CAMPBELL, KELLY ROWLAND AND JESSICA WHITE. BEYONCE GET YOURSELF ONE OF THOSE RUSSIAN BILLIONAIRES GIRL THEY WON’T HAVE YOU SHOWING YOUR COOCHIE AT 40 YEARS OLD LIKE HOW BLACK JAY Z WILL.
bklynlady 2/5/10, 08:00:AM
JAY’S NOT PRESSED. HE GOT THIS….IF NOT, BEY
DOES. NO FAN OF BEYONCE HOWEVER, I WISH THIS
BLACK POWER COUPLE THE BEST!
Nique 2/5/10, 08:05:AM
He still has more than I do so…..
NO COMMENT! LOL
john newton 2/5/10, 08:10:AM
Cats praying on this dude downfall…everybody speculating on how much money he got…he’s been on the forbes list top3 the past 10 years for money being made, so if you really do the math and quit hating you might not really have a case to HATE…lol
I'm Just Me...Keeping It Real Since: 1983....71 Days!!! 2/5/10, 08:12:AM
I am pretty sure he will be alright.
I am with Nique…he got more than me on his worse day, so…
Whatever 2/5/10, 08:19:AM
@ Kofi….you ain’t right! LOL LOL LOL.
lavegan 2/5/10, 08:21:AM
Get them jews out of your pockets. They swindle people out of money. Look at Nicholas Cage, Jay Z and countless others over time.
phillyphil 2/5/10, 08:22:AM
Damn Bossip you’re really reaching with this story!! I guess you guys will write anything to get people on your site
I Am Legend 2/5/10, 08:34:AM
Bossip be tryin hard..and you commentors be tryin even harder…ILLUMINATI !!!!!!!!! LMAO
LP 2/5/10, 08:38:AM
THIS STORY IS ONLY AS RELIABLE AS THE SOURCE!!! “SORRY BOSSIP” YALL BE A LIL SUSPECT ON YOUR REPORTING SOMETIMES.. BUT I LIKE YALL THOUGH!!
moneymagnet 2/5/10, 08:43:AM
All wealthy people go through ups and downs, especially if you are an entrepreneur. Donald Trump was $900 million in the hole at one time. You don’t make money without taking a risk, however, I do feel that $66 million for a plot of land in NYC was OVER THE TOP!
In this recession, investors are very tight with their money and spending $66 million before ANYTHING is built is absolutely LUDiCROUS!
J 2/5/10, 09:04:AM
PEOPLE READ WITH UNDERSTANDING
HE IS NOT BROKE HE HAS LIQUIDITY ISSUES
mena 2/5/10, 09:17:AM
@ Sarah you sholl know what to say!!! Marriage= for better or for worse…then divorce!!!! Ask Tina. Bey aint as dumb as she look
jswang 2/5/10, 09:18:AM
All the hate for a black man! Get out of here! Hov is doing fine financially. Its a lot of people a whole lot richer than Hov that the stockmarket took under.
darealwifey 2/5/10, 09:25:AM
There is a phrase in business. It’s called, “OPM” or Other People’s Money. You NEVER use your own money for business purposes if you can avoid it. Rich people leverage other people’s cash. Not saying that JayZ isn’t having cash flow problems, but business issues are not necessarily indicative of personal ones.
TimeisCoffee 2/5/10, 09:28:AM
I have liquidity issues too. My father sent me $2 million. The money is in Hong Kong and it will be on my account on monday!
Can somebody lend me $2000 so i can pay my rent?
lol!
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Jay Z : this is a real entrepreneurs issues, you need to take risk to make more money.
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Everybody wants to go to paradise no one wants to die!!!!
num1dominicano 2/5/10, 09:28:AM
what people don’t know that it is cheaper to operate via debt than equity….however, if you can’t eventually pay back those debts you are screwed…and for fools in the industry, if your assets aren’t liquid, it’s like not having them at at all since everything they do is for show…you can’t wear stocks and bonds around your neck and wrists..
diane 2/5/10, 09:39:AM
from my understanding he was just one of many investors and he stopped paying because no one else held up there end of the bargain….Just one of many investors not sole, I don’t reaaly care for Jay z like that with the blasphemous lyrics and all but this story is a little off
Darryl Nururdin 2/5/10, 09:54:AM
Let me just break this down about business. First people couldnt wait ot have something to say about this, but the facts are when you do business deals you will almost never put no more than 10% of your own money in it. When you have loans for a deal there a percentage of you rmoeny and other investors. If there is a sizable loan the terms require that you percentage be used as a collateral and will be forfitd to the princpal, this is why you look for low interwest because the interwest is really what people make money from. When you default on a loan as so many business done before that is how you get out of a bad deal or a deal that will not make money, you only forfiet the interest thatyou paid and maybe lawyer fees. You will not lose $52 million plus. It business people All large corporations do it all the time, it how you save face. But you know niggas are ignorant and unforgiving, and look for the worse so to each its own.
flawda 2/5/10, 09:56:AM
LOL how in the fuck would Bossip know what people do or don’t do with their money.Stop talking out yall asses, yall are about as credible as the National Inquirer
flawda 2/5/10, 09:59:AM
Darryl Nururdin
Way to school these fools, successful people don’t invest their money for the most part; they invest the banks money. It’s like the idiots who believed Michael Jackson was really broke.
Sweet DEE 2/5/10, 10:12:AM
Dont hate on Jay-z and Bey. Just because they
have money. Because if it was me I would spend
it to. If you got it spend it. Do the dam thing
Jay. It’s you world. I hope you got God in it.
SlimDigital 2/5/10, 10:16:AM
You folks are the biggest haters. Jay still got more bread than all yall . . . combined lol. I aint on the man nutz but you gotta give bread respect. Funny how yall worshiped this dude for 10 summers straight and now that his cash match his raps its a problem. I guess yall rather hear a man fake like he got money in his raps.
kerry 2/5/10, 10:26:AM
bahahahahahaha
real black is chocolate f'ck fake azz bullsh't!!!! real nikka aka Gmen 2/5/10, 10:27:AM
fugly!
kerry 2/5/10, 10:29:AM
Excuse me Slim not everyone is a Jigga fan. Jay was the shit lyrically. He is still good but not the GOAT. Personally, he was a douche to all the people that held him down for the sake of the Jews that wanted his black face as some sort of bamboozled s-h-i-t bag. When you do dirt you get dirt.
kerry 2/5/10, 10:31:AM
wtf is that yellow stuff on his face? let me guess…bleach cream.
num1dominicano 2/5/10, 10:33:AM
kerry
2/5/10, 10:31:am
wtf is that yellow stuff on his face? let me guess…bleach cream.
———————-
ahhh…sunlight…are you serious…??
Vanessa 2/5/10, 10:35:AM
“This is a possible reason why he had trouble making payments on the $52 million loan and why he has to crank out hip-hop albums once every 2 years at 40+.”
Really Bossip? That’s the dumbest thing I’ve ever heard. I don’t care if he’s broke or not, but why should he stop just rapping because he’s over 40? No one tells Mick Jagger’s, Michael Bolton’s, Tina Turner’s, Patti Labelle’s etc. old azzes to stop making music, but rappers should quit at young age? Why? I could see if Jay-Z was a bad rapper, but I’ll take him over Soulja Boy any day of the week!
Carmen 2/5/10, 10:36:AM
He really looks like a Camel from the side profile…LOL
Carmen 2/5/10, 10:37:AM
LOL @ Sarah comments… Beyonce is to ghetto to mess with a white man.
samech 2/5/10, 10:40:AM
He’ll be fine. I don’t care…
cocoa49 2/5/10, 10:42:AM
every Empire has it down fall….jigga, hov or Jay Z, what ever you want to call him, is no exception. these idiots need to stop bragging on their money.
La Mexican AKA Shamerika 2/5/10, 10:50:AM
Jay-Z wants a baby from Bey sooooo bad to have that money on lock. Bey don’t want no kid cause probably she sees that Hov is going down hill with the bad business he doing. Plain and simple people. Jay-Z defaulted on a $52 milli loan but yet can spend millions on vacation, millions on jets and private places…$52 milli to him should be about $52k to us “normal” people and now can we defaul on that? JAY-Z DOING SOME THANGS and he gon’ get caught up, lose Bey and go into REHAB. So, GET ON AUTo-TUNE BUDDY. IT AINT DEAD AND MAY SAVE YOUR LIFE, YOUR MARRIAGE, YOUR FANS, AND YOUR MONEY!!
moneymagnet 2/5/10, 10:53:AM
Really Bossip? That’s the dumbest thing I’ve ever heard. I don’t care if he’s broke or not, but why should he stop just rapping because he’s over 40? No one tells Mick Jagger’s, Michael Bolton’s, Tina Turner’s, Patti Labelle’s etc. old azzes to stop making music, but rappers should quit at young age? Why? I could see if Jay-Z was a bad rapper, but I’ll take him over Soulja Boy any day of the week!
——————————————————-
Vanessa, He needs to STOP Raping because he SUCKS! He talks ABOUT NOTHING, I feel DUMBER after listening to anything he YAKS about. Notice I said RAPING and not RAPPING because he’s RAPING the youth with NONSENSE! They’re infatuated with fast money, fancy cars, and loose women. oh, and HE’S NOT a LEGEND! Rakim is a LEGEND, RUN DMC are legends, KRS-ONE is a legend, Sugar Hill Gang- LEGENDS, Slick Rick is a LEGEND, DOUG E FRESH is A LEGEND. He’s a loser who got lucky, but he won’t be lucky for long because he has no LOYALTY
kerry 2/5/10, 10:56:AM
@num1dominicano
SUNLIGHT?! He is in a dark club. Does that look like sunlight? Sweet baby Jesus. Please erase your post.