Saturday, 19 July 2008

Wow Scott Storch Financial Problems Continue

I dont wanna end up like this.
Come on Storch crank out them hits, you can do it bro.
Info below:

A short time ago, Grammy award winning producer Scott Storch was one of the top producers in hip-hop and pop music. The victim of his own success, in three years the multi-platinum producer has watched his empire sink from excess spending, lavish living, high-profile relationships and poor money management.

Storch was one of the most sought after producers in music, crafting hits for Terror Squad (“Lean Back”), 50 Cent (“Candy Shop”), Dr. Dre (“Still D.R.E.”), Beyonce (“Naughty Girl”) and Chris Brown (“Run It”). Nowadays, the 34 year-old Jewish producer known for his notorious keyboard loops can barely be found.

According to an Associated Press report the producer is engrossed in dept that spans from failed property tax payments on his $10.5 million mansion and arrest warrants for several failed appearances in the child-support cases of his two sons.

Storch’s poor decisions have hobbled his music career. In the past the maestro commanded $100,000 per beat. Now, the embattled star has not been able to crack the Top 10 of Billboard Hot 100 since 2005 and has retreated into hiding.

“I think he’s embarrassed,” Vanessa Bellido, the ex-girlfriend and the mother of Storch’s first son, Steven, said in the report. “I don’t think he’s going to be right until he has his money.”

His child support lawyer, Guy Spiegelman, cites mismanagement for Storch’s downfall. The big spender no longer works with his old manager or publicist as he attempts to refinance his waterfront marble mansion and recover from the tumultuous year.

“There was some mismanagement and some other errors,” Spiegelman said. “He got jammed. I don’t think he’s going down, I just think he’s having difficulty. It’s a cash flow problem.”

Many say the money and fame went to his head. In 2004, Rolling Stone reported that he earned $70 million and dubbed him “hip-hop’s Liberace.” From dating movie stars and heiresses like Paris Hilton and Lil’ Kim, Storch’s success impacted his relationship with his sons, Steven and now 2 year-old Jalen Daniel who he birthed with Dalene Jennifer Daniel. Bellido and Daniel say Storch was inconsistent with payments but not a deadbeat dad.

“Once able to get his attention, he stepped up to the plate and did the right thing across the board,” said Jason Setchen, Daniel’s attorney.

“Scott’s not a bad person,” said Bellido. “I know he loves his son. He’s been irresponsible.”

To date, Storch hasn’t shown up for his court cases, but his lawyer has said he will meet his financial obligations. He recently paid the money owed to Daniel’s and the arrest warrant was lifted.

“I’d like to see him do the right thing so we can move on,” Setchen said.