United States

Martin Shkreli’s Albums Could be Disposed by U.S. Government

Martin Shkreli’s Albums Could be Disposed by U.S. Government

According to a ruling issued by United States District Judge Kiyo Matsumoto, Martin Shkreli will have to forfeit assets that total at $7.3 million. Among the assets are albums ‘Once Upon a Time in Shaolin’ by the Wu-Tang Clan that values at around $2 million, as well as ‘Tha Carter V’ by Lil Wayne, which will be used to cover the fine. Earlier in March, on account of charges related to securities fraud, Shkreli otherwise known as ‘Pharma Bro’, was sentenced to seven years in prison.

Earlier this week, the United States Attorney General was given the rights, in whatever manner appropriate, to dispose of the property which was forfeited. This power was given by a ruling issued by the government and gave the public, a period of 60 days to claim interest in the property, before it was scrapped.

A representative of the government was contacted by a popular global magazine, who said that the U.S. Attorney’s office for the Eastern District of New York, will look to their civil division in determining the fate of the albums. However, Jeff Session who’s the head of the Justice Department, will be indirectly responsible for the crucial decision of the forfeit.

According to Peter Scoolidge, the Wu-Tang Clan album is yet to be seized, which complicates matters from a legal standpoint, in an already complex case. Scoolidge is the attorney for Tarik ‘Cilvaringz’ Azzougarh, who’s the producer for ‘Once Upon a Time in Shaolin’. The lawyer recently said in a statement, that the same terms on which the album was originally sold under, will be required by Shkreli to bind the new acquirer, as it is mentioned in its contract. He added that restrictions could be imposed by his client on the album’s use, by filing papers in the forfeiture procedure, whenever the sale of the set takes place.

The Wu-Tang Clan album, which was purchased for $2 million by Shkreli, cannot be sold again for the next 88 years according to the ruling of the court. 50 percent of the share in the master recording of that album is held by Cilvaringz and Robert Fitzgerald Diggs, known by his stage name RZA. RZA is a famous figure in hip hop, having produced Wu-Tang Clan’s album, with two members of the band being his cousins. However, the final decision has not yet been made regarding the state of the two albums, with a ruling expected in the coming months.

 

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