At this point, we’ve shared several pieces about Vince Herbert’s financial woes. And while it’s been years since he’s been in financial trouble, it doesn’t mean that the end is near.
In fact, according to The Blast, Sony Music still has their hands out.
In court documents obtained by The Blast, Herbert has yet to pay the $4 million he owes Sony Music, even after a judge ruled that he needed to pay the debt.
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As we reported earlier, the label gave Herbert the $4 million advance in order for him to find new talent. They lent the money with the expectation that it would eventually be recouped. But they claimed he failed to pay back the advance as he promised. Herbert ignored the lawsuit and a default judgement of $3,738,515.93, was set against him.
In new documents, Sony claims, “No portion of the Judgment has been satisfied and the judgment continues to accrue interest. Defendant Herbert instead has evaded enforcement through a series of shell transactions using an ever expanding list of closely held corporate entities as a means to fund and thrive upon a lavish lifestyle at the expense of his creditors, including Sony Music.”
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They list Herbert’s assets as a justification of the money he could have began paying back. They also claim that Herbert went through extraordinary measures to prevent Sony from serving him documents. When Herbert sold his Calabasas home, the $9.8 million profit went to pay his debts but none of the money was applied to his $4 Sony balance.
The label alleges that Herbert created a company called GloJoe in order to collect funds. Thus far, he’s collected $472,000. They also believe over 1 million dollars was collected at another point. They’re asking a judge to step in and order Herbert to pay his debt.
We’re sure there will be more news. We’ll keep you updated.
This story was originally published on MadameNoire.com.
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