Producer Teddy Riley Reportedly Broke


Excerpts from: EURweb:

The Virginian-Pilot newspaper is reporting that famed producer Teddy Riley, born Edward Theodore Riley, October 8, 1967 in Harlem, New York, has fallen on hard times and is selling his Virginia Beach recording studio to help get himself out of debt.

According to the newspaper, the architect of New Jack Swing owes $1 million to several creditors and is hoping money from the sale of his Future Records Recording Studio will satisfy the bill. But that's not likely to happen.

The one-story building was considered state-of-the-art when Riley purchased it for $3 million in 1991, but the equipment is now thought to be out of date. The house was reportedly assessed at only $460,000.

During a court hearing on Friday, Feb. 1, 2008, lawyers representing two different creditors to whom Riley reportedly owes money agreed to seek a buyer for the studio. Both attorneys understand that the studio has dated technology, but Richard J. Conrod, Sr., a lawyer for one of the creditors, is hoping to sell the property as a working business instead of just real estate.

Riley has reportedly been in debt since at least 2002, when he filed for Chapter 11 bankruptcy protection. He bounced back a year later, only to have the IRS file a $1 million lien against him for unpaid income taxes in 2004. Two years later he was forced to sell his home in the posh Church Point neighborhood of Virginia Beach for $1.5 million to pay off federal and city taxes, as well as the home's remaining mortgage.

In 2007, the IRS filed another tax lien against him for $196,747 and just this past month the state of Virginia filed a $93,684 income tax lien against the musician.

+Teddy Riley discography: Discogs
+On the Continuing Resonance of "Rump Shaker": Village Voice: Status Ain’t Hood
+Harlem Renaissance: Audio Files
+O'Reilly surprised "there was no difference" between Harlem restaurant and other New York restaurants: Media Matters



U.S. Code Title 17 § 107 permits copyrighted material to be used under the "fair use" doctrine without any permission from the copyright owner. Albeit, as far as these files are concerned, they are clips and/or low quality reproductions of material. Therefore, they should not be used as substitutes for retail copies of the material contained within.
No currency or materials in-lieu of same has changed hands during the download and/or distribution of these files. No monetary reward is expected and/or accepted for the content of these files. No pretense has been, nor will ever be, made that these files and their contents have ever been, or ever will be, of retailable quality.
Nevertheless, any artist or legal copyright owner who would rather not see their music or other creations on this blog, please leave a comment with a valid e-mail address and I will hastily respond accordingly.
If you do download any music or any other copyrighted material(s), please delete download within 24 hrs and purchase the material(s) from a retailer.

Support the artist and buy from legitamate retailers such as:

Dusty Groove, Stones Throw & Hip-O Select
Since Earth Day: 2008/04/22
Never incautious of corporate branding per Adbrite and Google AdSense accordingly, Fulsome does not endorse Ad:Free Blog.
As a consequence all adverts have been perennially demounted.