Birdman is reportedly facing a $20 million judgement for unpaid loan.
It looks like Birdman is having another run in with the courts again. This time around, the Cash Money founder is accused of owing $20 million dollars on his former Miami mansion.
The Blast reports that the company EMG Transfer Agent is back in court over the lawsuit they originally brought against Birdman in 2017. The company says Birdman defaulted on the $12 million loan. As a result, Birdman, who used his house as collateral, was kicked out of his home and had his property seized as part of the ongoing battle.
The case is still heading to trial, but EMG Transfer Agent wants the court to grant a judgment beforehand. They accuse Birdman of lying to obtain wrongful loans.
The company says Birdman claimed at the time the $12 million was for a vodka business, but he was just lying. They believe he never intended to use the money for business at all and instead used it for his personal bills. EMG says, “As of the close of business on September 13, 2019, Borrowers and Guarantor are indebted, jointly and severally, to Plaintiff at the sum of $20,544,656.49, plus attorney fees, costs, and default interest that continues to accrue.”
The judge has yet to rule on the matter, but we’ll be sure to keep you posted. Read more about the story right here.