Lil Wayne has broken silence on the current status of Tha Carter V, telling Rolling Stone‘s Simon Vozick-Levinson: “It’s super-done. Cake baked, icing on top, name on top, candles lit. I would have released it yesterday if I could. But it’s a dead subject right now. It’s a jewel in the safe. It’s that stash-house money.” In reference to the tweet he sent in December claiming to be a “prisoner,” he jokes: “I love being a prisoner in some pussy. That’s what I meant.” Then explains he’s been thinking about the situation, but “it’s nothing that a good blunt can’t cure.”
In a bold move, Lil Wayne recently filed a lawsuit against Cash Money Records, the label run by his longtime friend and business partner Birdman. The lawsuit asks for $51 million and revealed some surprising elements of the dynamic between Wayne & Birdman. Following Wayne filing suit, fellow Young Money cohorts Tyga and Jas Prince have both spoken out about Cash Money missing payments, with Tyga going to the media and Jas Prince filing documents of his own alleging shady practices. All of this is happening extremely fast, and you might be wondering exactly what the hell is going on in the mighty YMCMB empire. We’re here to explain.
When Young Money signed Drake, both labels (Young Money and Cash Money) set up the “2009 Drake Letter Agreement,” which stipulated that “Young Money LLC [Lil Wayne]’s share of the net profits earned in connection with any solo recordings released by Drake would not be cross collateralized against any advances or other payments paid to Young Money LLC [Wayne]”.
What this means is when Lil Wayne gets paid an advance from the label, he has to recoup it — he has to earn back that same amount of money to the label through selling records before he can start to see his share of the money. By uncrossing Drake, Wayne can start to see money off Drake before having to pay back his own advances. Drake’s earnings are not crossed with Wayne’s debts.
This “2009 Drake Letter Agreement” also set up that Wayne was to see ⅓ of Young Money’s net profits off Drake.
What the lawsuit says:
Wayne’s (allegedly) not seeing those profits. In one of the starkest statements in the suit, Wayne’s lawyers say “Cash Money has failed to provide a single accounting in respect of the exploitation of the Drake recordings, despite Drake being one of the bestselling recording artists in recent years.”
It’s hard to say without knowing both sides of the story and without seeing all of Wayne’s agreements with Cash Money. Wayne’s lawyers do a great job of laying out the facts in the lawsuit, but until Cash Money is given a chance to respond, we don’t really know enough to paint a full picture. It will certainly be interesting to see how this plays out for Wayne and Birdman both, especially with Drake and Tyga seemingly caught in the middle. All we can do now is wait to see how the lawsuit shakes out – but it doesn’t seem like any relationship (even between these two) could survive this one.