Jay-Z in 2007 announced he and a couple of investors were planning to an ultra luxurious hotel in Manhattan called The J Hotel. Well due to economic times deal never went through but the Bank still wants there money.
Jay-Z filed a lawsuit in Federal Court in New York claiming that Highland Capital Management is attempting to bleed him over a hotel that was never opened. Jay-Z is suing Highland and NexBank, claiming the companies deliberately dragged on renegotiations of a $52 million loan, which cost the mogul $20,000 per day. Jay-Z seeks a declaratory judgment stating that he has fulfilled his obligations in addition to seeking $3.7 million in damages because of the additional interest and others cost incurred under the agreement.
We don’t know who’s wrong in this situation but both sides want their money.
(Source)
