The Saga Continues

Tuesday, December 29, 2015

Ghostface Killah's Collaborative Album With MF DOOM Might Finally Be Dropping Soon

Fans of Ghostface Killah and MF DOOM know that the pair's long-promised collaborative project has always been somewhat of an enigma (it was first announced in 2005). Now, after nearly a decade in the making, it looks like we might finally have a release window for it. In an interview with Let's Link Radio, he suggested that they might be preparing to drop the project this February. "I talked to Doom people. Doom is ready now," he said. "So, he said he wants to drop that in February." 

Last we heard, the collaboration was set to be called DOOMSTARKS. The rappers released the song "Lively Hood" under that name back in September. However, considering all the different statements about the album over the years, it's always possible that things could change. During the interview, he also elaborated on some of his other upcoming work, including a Supreme Clientele sequel and his vaping company Wu-Goo. You can check out all of Ghostface's statements in the video above.

[via COMPLEX and VideoPress]

Monday, December 21, 2015

Feds Could Seize Martin Shkreli's $2 Million Wu Tang Clan Album & Auction It Off

As previously reported, Martin Shkreli was recently arrested and charged by U.S. prosecutors with securities fraud conspiracy, securities fraud and wire fraud conspiracy. If convicted on all charges he could land in prison for 20 years.
After posting $5 million bond, Shkreli, stepped down as CEO of Turing Pharmaceuticals and as of today has been fired as CEO of KaloBios Pharmaceuticals.
He believes his arrest is linked to his decision to have Turing hike up the price of a 60-year-old drug called Daraprimto $750 a tablet from $13.50, overnight.
"Trying to find anything we could to stop him' was the attitude of the government," Shkreli told the Wall Street Journal.
TMZ reports that the funds generated from Shkreli's alleged fraudulent activities could be as much as $65 million. If it's determined that any of his possessions, including the $2 million Wu Tang Clan album, "Once Upon a Time in Shaolin," were purchased with that money, they could be subject to forfeiture by the government.
Even if certain items weren't bought with those funds, Shkreli may be forced to hand them over to pay restitution, which means expensive possessions like the Wu Tang Clan album could be auctioned off.
[via ThisIs50]

Friday, December 18, 2015

Enter the FBI: Here’s What’ll Happen to Martin Shkreli’s Wu-Tang Album

Ever since the news broke Thursday that Turing pharmaceuticals CEO Martin Shkreli had been arrested and charged with fraud, the Internet has been abuzz with the big question his arrest naturally raises: What will happen to the new Wu-Tang Clan album?
If Shkreli is ultimately found guilty, the next stop for the sole copy of the legendary hip-hop group’sOnce Upon a Time in Shaolin is likely the Asset Forfeiture Unit of the U.S. Marshals Service – that is, assuming he hasn’t destroyed or hidden it.
But with Shkreli facing a seven-count indictment for defrauding investors in his hedge fund, the status of the album may soon become a little clearer.
The final element in the 29-page indictment of Shkreli is what’s known as a “criminal forfeiture allegation.” It informs the accused that in the event of a conviction, the government will seek a court order forfeiting “any property, real or personal, which constitutes or is derived from proceeds traceable” to crimes committed by the defendant.
Unless Shkreli can somehow prove that the millions he spent on the money is unconnected to the funds named in the indictment, that property will probably include Once Upon a Time in Shaolin.
Assuming Shkreli is able to make bail, he will probably have time to listen to the album if he wants to. Under federal law, except in special cases, criminal asset forfeiture can only take place after someone is convicted of a crime and a judge declares the property forfeit. In addition, the indictment does not name specific things it means to seize in the event Shkreli is found guilty – something the government will have to do in advance of any action to take his property.
It’s possible that Shkreli’s assets could be frozen in advance of a conviction, but there is no indication in the indictment that the government is seeking an asset freeze.
If Shkreli is convicted, the U.S. Marshals Service would take control of the named property, presumably including the album, and would be put in charge of selling it off, most likely at auction, to the highest bidder. The Marshals Service manages more than $2 billion in seized assets at any given time, conducting auctions all around the country of everything from car to jewelry to furniture.
But Wu-Tang Clan fans hoping that a repentant Shkreli might get out on bail and release the album to generate some goodwill are probably out of luck. The album is only worth what it’s worth because of its rarity, and releasing it at this point would destroy that value.
The forfeiture count in the indictment notes that the government will go after other property, unrelated to the proceeds of criminal activity, if those proceeds are “substantially diminished in value.”
So until Shkreli gets locked up or acquitted, Once Upon a Time in Shaolin will probably remain figuratively locked up in his possession for the foreseeable future.
[via YAHOO]

Thursday, December 17, 2015

The Guy Who Bought the Wu-Tang Clan Album for $2 Million Was Arrested for Fraud

Shkreli, who is the same guy that jacked up the price of an AIDS medication and bought the one-of-a-kind Wu-Tang Clan album for $2 million, was arrested on fraud charges this morning.
He was reportedly charged with illegally taking stock from the biotechnology company Retrophin Inc. and using that money to pay off his own debts. Shkreli was later removed as CEO of the company because of his business dealings. The federal prosecutors are accusing Shkreli of running fake consulting arrangements and making secret payoffs after his hedge fund, MSMB Capital Management, lost millions of dollars.
When it was first announced that Shkreli was the man who purchased the Wu-Tang album, RZA said the group had no knowledge of his past shady business deals. Just yesterday, Shkreli said in an interview that he wanted to bail Shmurda out of jail, but that now seems highly unlikely.


Wu-Art Thursday #176