Damon Dash’s Financial Collapse Reaches MC Hammer Proportions

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This is going to be a problem, isn't it? Photo: Getty Images

Those aren't our words, that's how the Daily News described hip-hop entrepreneur Damon Dash's fiscal woes. But we wish we'd thought of it first! The formerly flush co-founder of Roc-A-Fella Records and Rocawear is in debt by at least $3.1 million, and has been abandoned by lawyers, PR firms, designers, and banks. The News described his fall, from the top of an empire which included Keds and Armadale Vodka, as "dizzying." He owes the state $2.1 million, a bank foreclosed on the mortgages for two of his trendy Tribeca condos when he couldn't pay the bills, and his lawyers from two different cases are pressing him for unpaid legal fees.

All of which sounds really bad. But not as bad as being compared to the most famous money-squanderer of early hip-hop, MC Hammer. The flip side of this, of course, is that he's perfectly poised for a comeback. Remember Hammer's 2005 Super Bowl appearance? That changed everything!

Damon Dash: From record & fashion big shot to has-been mogul [NYDN]