STORCH ORDERED TO PAY UP OVER RENEGED LOAN

Last updated: Friday, February 22, 2008

STORCH ORDERED TO PAY UP OVER RENEGED LOAN

Producer SCOTT STORCH has been ordered to pay back more than $500,000 (GBP250,000) to a record label boss after reneging on a loan deal.

SCOTT STORCH

The Lean Back beatmaker is alleged to have borrowed $100,000 (GBP50,000) via his company Tuff Jew Productions from LA Confidential label owner David Menefield in 2003 to prevent the foreclosure of his home.

In return, Menefield claims Storch promised to provide four tracks for LA Confidential artists, worth $100,000 each.

But Storch failed to honour his part of the agreement and Menefield was forced to take legal action against him in May 2007.

A ruling was delivered by a United States California Central District Court judge on 13 February (08), and Storch must pay back a total of $509,717 (GBP254,859). The amount includes the initial $100,000 loan and the cumulative amount of $400,000 (GBP200,000) for the four tracks plus attorney fees.

The news is sure to come as a blow for Storch, who has been plagued by recent reports claiming he is in financial difficulty. It was recently alleged he is in arrears on more than $400,000 (GBP200,000)-worth of tax payments for his Miami, Florida, mansion, while he is also being sued by his ex-girlfriend Dalene Daniel for late child support payments.

Source: WENN

| Friday, February 22, 2008

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STORCH ORDERED TO PAY UP OVER RENEGED LOAN

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