Last year, mortgage holder EMG Transfer Agent sued Birdman for borrowing $12.5 million with his Miami mansion as collateral and then defaulting on the loan.
They want $20 million in total from Baby and a judge has foreclosed on the 20,000 sq ft estate and put it in the hands of a court-appointed official who is preparing to turn it over to EMG.
EMG also claims all the property in the home, which they argue includes all the profits from the music Birdman made in a recording studio that had been in the mansion.
In new filings, the Cash Money boss is asking a judge not allow EMG to come after such profits because his recording studio was never put up as collateral for the $12 million loan and because the studio would make money at any location.
“Plaintiff may argue that the property and recording studio are the same, but that would be simply wrong. The recording studio business is not the property and could move to another location while the “Property stays.”
In addition to this pressure from EMG, Birdman allegedly closed out all of his Citibank accounts last month to avoid paying a $1,069,876 judgment awarded to a former employee who had sued him for unpaid wages when Birdman didn't show up to court.
Do you think Baby can keep this financial and legal tightrope act going?
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