AEG wants to collect their coins asap. Young Thug's legal battles persist, with an estimated balance of around $16 million. Global sports and entertainment giant AEG is suing the rapper for defaulting on a loan and allegedly breaching the terms of the agreement. The suit claims Thug sold his publishing rights to Kobalt Music in 2021, violating the loan's contractual stipulations.
AEG claims the rapper and his label, YSL finessed the business partnership by misrepresenting their financial capacity. From selling his stake in 400 of his compositions Thug racked in a whopping $16 million. AEG claims Thug has a remaining $5 million left on the unpaid loans along with interest. It’s reported that AEG is seeking to collect earnings linked to the transferred copyrights of Young Thug’s music catalog. The Atlanta rappers catalog was to serve as assets AEG claims were suppose to be collateral. The agreement between Young Thug, YSL and AEG was to also include AEG having exclusive global rights to promote his live shows.
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The entertainment giant is moving forward with the lawsuit now that Young Thug has been released from jail on probation. Jeffery Williams has spent the past two years behind bars, fighting a RICO case. AEG is now prepared to resume its legal efforts, which were put on hold during Thug's trial.
Stay tuned for all the latest in Hip-Hop news. Do you think AEG will succeed in collecting the $16 million from Young Thug in their lawsuit over the alleged loan default?