Kareem “Biggs” Burke and SAINt JHN are accusing founders of HitCo L.A. Reid and Charles Goldstruck of bad business. Speaking to TMZ, Burke stated he and JHN were misled in the sale of their catalog.
Reid and Goldstuck sold HitCo to Concord Music for $75 million in August. Prior to the sale, Burke and SAINt JHN learned about the deal and were interested in buying back their masters. The HitCo duo reportedly stated it was just a rumor, only to turn around and sell the label.
In addition, Burke stated he offered to buy HitCo in a joint deal with another group. After the sale, Burke stated he offered $25 million for the masters to HitCo and Concord, but the deal was rejected.
SAINt JHN was released from his deal, but the catalog remained with Concord. You can hear it from Biggs below.
