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Tuesday, November 5, 2013

DMX Promises to Play Nice in Bankruptcy

Per the Wall Street Journal Bankruptcy Beat:

November 4, 2013, 3:34 PM


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DMX
After the Justice Department called out DMX on some problems with his bankruptcy filing, the rapper said he’ll do what it takes to successfully reorganize his financial affairs.
DMX’s attorney is urging the Manhattan bankruptcy court to let the rapper exercise his right to reorganize in Chapter 11, which is currently under threat from a bankruptcy watchdog from the Department of Justice. That watchdog, U.S. Trustee Tracy Hope Davis, has asked the court to convert the rapper’s Chapter 11 restructuring to a Chapter 7 liquidation or throw out the case entirely, citing inconsistent information about the rapper’s financial status and his failure to show up at a meeting of his creditors.
In court papers filed Friday, DMX lawyer Joel Shafferman said the rapper “is committed to fulfilling his obligations as a debtor in possession and successfully reorganizing under Chapter 11.”
Mr. Shafferman said that includes attending a rescheduled meeting of DMX’s creditors and turning over financial information to clear up the inconsistencies in the rapper’s prior court filings, like one filing listing $0 worth of clothing among his assets while another said he spends $1,000 per month on clothes.
DMX, whose real name is Earl Simmons, is known for the late ‘90s hit “Party Up (Up in Here)” and has also appeared in such movies as “Romeo Must Die.” He filed for bankruptcy in July to address debts including more than $1.2 million in child-support obligations.
Write to Jacqueline Palank at jacqueline.palank@wsj.com. Follow her on Twitter at@PalankJ.

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