All results
Dame Dash’s Roc-A-Fella share is no longer up for sale. As previously reported by AFROTECH™, Dame Dash was hit with an $800,000 judgment stemming from a copyright infringement and defamation lawsuit. Soon after, it was announced that his Roc-A-Fella share, valued at $1.2 million, would be put up for auction to cover his debt. The auction generated buzz as the share included partial ownership of Jay-Z’s debut album, “Reasonable Doubt,” and its associated songs. “Based on feedback I have received from interested parties (and I can’t mention names), this auction will likely bring out many household names in the sports and entertainment industries as well as those interested in a piece of a historically significant company, which holds an interest in a timeless debut album,” Dame Dash’s attorney Natraj Bhushan explained to Billboard at the time. The auction attracted attention from artists, including Drake and, unsurprisingly, Jay-Z, who allegedly made public claims that he would obtain...
Restaurants and pop culture have a special relationship with Red Lobster. From the mention of its signature biscuits in songs to being one of the go-to spots for family and friends, Red Lobster has decades of impressions among millions of consumers. Now, the fast-casual restaurant has a new CEO at its helm, 35-year-old Damola Adamolekun. Adamolekun is a Nigerian native who now leads Red Lobster after a successful stint as the top executive and first Black CEO of the Asian-fusion restaurant P.F. Chang’s. According to the National Restaurant Association, Adamolekun helped generate an estimated $1 billion in revenue for the chain. This level of expertise is part of the reason the former Goldman Sachs investment banker was hired to help Red Lobster overcome its looming business performance problems. In May 2024, the seafood chain filed for bankruptcy. CNN noted that years of mismanagement, inflation, and competition led to more than $1 billion in debt and less than $30 million in cash...
Direct payouts from the Biden administration will be allocated to Black farmers who have faced discrimination. ABC News reports Black farmers acknowledge that they have been discriminated against by the U.S. Department of Agriculture (USDA) when it comes to loans. The outlet notes many had been denied loans or received loans that were less than their white counterparts. Some that did receive loans had even reported having their property foreclosed on sooner than was typical when they experienced issues paying. Denial was the case for Wardell Carter, whose family has owned 85 acres of land in Mississippi since 1939. Yet despite their longevity, they have never been able to access a loan application. Instead, they were greeted by USDA loan officers with a slammed door, and if they persisted they were faced with the reality of having a cop called to their home, he says. Due to these challenges, it prevented the family from purchasing a tractor for years. So, they had to rely on a horse...
Fantasia Barrino had to answer to Uncle Sam and almost lost her home in the process. As AFROTECH™ previously reported, the singer had vocalized her financial troubles that followed her “America Idol” win in 2004. She was sued by her father two years later and had difficulties with money management and understanding contracts. “It wasn’t easy,” she told PEOPLE. “I lost a lot. I lost everything.” Barrino’s circumstances almost even cost her the mansion she had been living in with her family in North Carolina, according to Forbes. She was served by the court for the first time due to owing $1 million in taxes, and her home could have been put up for auction as a result. “I had a bunch of people on my team who said ‘hey we’re handling all the business,'” she shared during ForbesBLK Summit 2024. “I look up and I owe a million dollars in taxes. So, because of that my lawyer didn’t show up to court, and then they put my house up for auction.” She continued, “I get a knock at the door, and...
Certain artists produce music that serves as markers in time and culture. Artists like Whitney Houston, Michael Jackson, Jay-Z, and many others have hits that will take people to a specific memory and help define moments. Although his actions may sometimes overshadow his music, Kanye West can be added to that list of artists. West is a Chicago native that entered the music scene, writing and producing music for major artists. He would go on to establish a solo career that had mainstream success with songs like “Flashing Lights,” “Gold Digger,” and “Good Life.” Throughout his career, the 45-year-old has earned several Grammy Awards with four Billboard number-one hits and 20 top-ten hits on the charts. And this success was based on a formula West had in mind for changing the hip-hop landscape. His creativity was beyond limits, even from the start of his career. “Pop music has a lot of instrumentation, and I brought that to hip-hop,” West explained in a 2004 Complex interview. “I want...
Five NAACP students will be leaving college debt-free, thanks to Pharell Williams. The iconic record producer and philanthropist kicked off his Something In the Water Festival in Washington D.C. on Friday, June 17. Just hours before the musical event began, Williams surprised the student leaders with the groundbreaking news during a panel pertaining to the Black student debt crisis at the St. Regis hotel in D.C, ABC 7 News reports. “For all of you on the stage, we are clearing your current student loan debt,” said a moderator during the event. Breaking: #SomethingInTheWater just announced they’re paying the student debt of all 6 panelists/NAACP members! #CancelStudentDebt pic.twitter.com/BqBS9AqIoc — NAACP (@NAACP) June 17, 2022
Comedian Earthquake fell on hard times while living right beside one of Hollywood’s highest-paid Black actors, Jamie Foxx. The comedian explains that while he was a neighbor to the renowned entertainer, who has an estimated $170 million net worth, he had somehow acquired $3 million in debt. For Earthquake, it’s a difference between “being broke” and “being in debt.” He further explained during an appearance on “Club Shay Shay,” the podcast led by former NFL superstar Shannon Sharpe.
Lowe’s is seeking to remain a trailblazer in employee retention. Imagine a world where employers equipped their teams with the resources needed to eliminate debt! Lowe’s just might have laid the foundation for a model that others may want to adapt when it comes to keeping the people that keep the ship running happy! According to PR Newswire the retailer has announced a new education program that allows its associates to grow and develop in their careers. Not only will employees gain access to 100 percent debt-free programs, but they will also have the chance to unveil new opportunities to pursue not only their career aspirations, but educational dreams too. “At Lowe’s, we believe greater access to education leads to more opportunities, and our success is intertwined with our associates’ success and their ability to continuously learn,” said Janice Dupré, Lowe’s executive vice president of human resources. “We actively listen to our associates to identify how we can help them in the...
Black Americans were short-changed amidst a promising time for refinancing home loans. According to Bloomberg’s analysis of federal mortgage data, Wells Fargo rejected nearly half of Black applicants who were looking to refinance their homes. Worsening matters, the banking giant approved applications for more lower-income white applications than the highest-earning Black applicants. Engineer Mauise Ricard III experienced Wells Fargo’s rejection firsthand after paying $560.43 to refinance his home in the suburbs of Atlanta. Richard was married to a doctor and had a credit score boasting over 800. The loan officer affirmed he could qualify for a fast-track appraisal. Yet, what should have been a clear green light turned into a string of issues. Bloomberg reports, Richard’s former home was in a predominantly Black neighborhood and he was told by the loan officer “perhaps the area is not eligible” for fast-track appraisal. Later, the loan officer told Richard his rate would increase by...
Being debt-free is an ultimate goal for many, but it’s a journey that some struggle to find out how to achieve. For Brandyn Rodriguez, a mother of two, two methods were her saving grace to clearing off $137,000 in debt. Rodriguez revealed to Good Morning America that after several failed attempts at getting out of debt, she started following the debt snowball method and a zero-based budget. She describes the debt snowball method as listing your debts from smallest to largest and then focusing on the smallest first while submitting payments on the other debts. The ultimate goal is for you to “repeat the process and continue building the ‘snowball’ until you finish paying off the largest debt last.” Along with her methods, Rodriguez balanced working as a restaurant server and at the United Way of San Antonio and Bexar County. “Every single time I opened up that billfold to give a customer their receipt or to write an order like, hey, you’re here for this. This is not the sexiest, fun...
The art of the side hustle is working out in a huge way for this couple. According to Good Morning America (GMA), Anthony and Jhanilka Hartzog managed to pay off $114,151 over the span of two years thanks to those extra streams of income. They set a goal in 2017 with a plan to pay off their debt in whole by Jhanilka’s 30th birthday and the couple delivered.