Bank One sues Master P
The Associated Press is reporting that a Louisiana bank has sued No Limit Records CEO Master P, claiming he owes $739,000 on a line of credit. The lawsuit, which was filed in October by Bank One, claims that P has fallen behind on repaying a promissory note made by the bank in 1999. Bank One spokesman Chris Spencer said the bank could not comment on the lawsuit. New Orleans-based No Limit is a multimillion-dollar business that includes the record company, a fashion line, real estate and sports management. According to the report, Master P began restructuring No Limit in 1999 due to financial problems. No one at the label could be reached for comment. Master P's next album, Ghetto Postage, is scheduled to drop Nov. 28.
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