Faith Evans is reportedly being sued by Voletta Wallace‘s estate for allegedly hoarding the proceeds from a $100 million sale of Notorious B.I.G.‘s catalog.
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More Details On Faith Evans Reportedly Being Sued By Voletta Wallace’s Estate
On Wednesday, July 9, Billboard published a report asserting that a court petition was filed against her in Delaware on July 2, and the petition was unsealed on Tuesday, July 8. The petition was reportedly filed by Wayne Barrow, a record executive and executor of Voletta Wallace’s estate. Furthermore, the petition states that Wallace “managed an LLC holding Biggie’s assets” after his death in 1997. Then, before her passing in February, she negotiated a “‘transformative’ sale of half the portfolio to Primary Wave.”
The deal was reportedly worth $100 million. In addition, it reportedly gave Primary Wave a stake in the late rapper’s catalog, name, image, and likeness rights.
More Details On The Alleged Hoarding Of Proceeds From The $100M Sale Of Notorious B.I.G.’s Catalogue
Per Billboard, Evans became the sole manager of “Biggie LLC” after Wallace’s death. Therefore, she was responsible for giving Wallace’s estate “its cut of the profits from the catalog sale.”
“Ms. Evans has distributed sale proceeds to Ty’anna, CJ, and presumably to herself,” Barrow reportedly wrote in the lawsuit, referring to Biggie’s two children. “She, however, has wrongfully withheld the Trust’s [redacted] share of the proceeds, in the amount of [redacted].”
In addition, the suit accuses Evans of refusing to recognize “the Voletta Wallace trust as a 50% member of the holding company.” Furthermore, Evans has reportedly kept the trust “entirely in the dark about the business and affairs of the LLC.”
“Ms. Evans’s actions are particularly troubling given that, unlike Mr. Barrow, she has never previously been involved in the LLC’s management,” the suit adds.
According to Billboard, Wallace’s estate is asking a court “to provide the trust with its share of the Primary Wave sale proceeds.” The share will then reportedly be donated to the Christopher Wallace Memorial Foundation. In addition, the suit is asking for Evans to be removed from his position as the sole manager of Biggie LLC. In turn, Barrow reportedly would like to be appointed sole manager.
At this time, neither Evans nor Primary Wave has publicly commented on the matter.
Before The Lawsuit, Faith Evans Paid Tribute to Voletta Wallace, The Notorious B.I.G.’s Mom, After Her Passing
As The Shade Room previously reported, Voletta Wallace passed away on February 21. At the time, it was reported that she was under hospice care and passed from natural causes. Furthermore, in early March, Faith Evans took to social media to share a touching tribute to Wallace.
RELATED: Faith Evans Honors Notorious B.I.G.’s Mom Voletta Wallace With Tribute Days After Her Passing (PHOTOS)
What Do You Think Roomies?
Great Job Jadriena Solomon & the Team @ The Shade Room Source link for sharing this story.
