Monday, 24 April 2017
Last updated 2 days ago
May 13 2008 | 9:02am ET
New York-based D.B. Zwirn & Co. may wind with an unusually diverse roster of employees next month.
The hedge fund is favored to wind up in control of TVT Records, the rap- and hip-hop-heavy independent record label trying to battle its way out of bankruptcy. D.B. Zwirn could even wind up as the label’s majority owner after a scheduled June 12 auction, which could attract up to 30 bidders.
But D.B. Zwirn, which manages some $4.2 billion, is said to have something of a head start, as the holder of $9.7 million in secured loans to TVT, the New York Post reports. TVT went into Chapter 11 bankruptcy protection in February after losing a $9.1 million court verdict over another record label’s release of early recordings from its top act, rapper Pitbull.
TVT, which was named Billboard Magazine’s top independent label from 2001 through 2006, has at one time or another been the home of such hip-hop icons as Snoop Dogg and Lil’ Jon, as well as reggae superstar Bounty Killer and other top acts, including Jurassic 5, Nine Inch Nails and Sevendust.